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BMO personal loan review

Choose between BMO secured and unsecured personal loans with flexibility on loan terms.

Please note: All information about BMO personal loan has been collected independently by Finder and this product is not available through this site.
If you’re looking for a flexible personal loan option, you might want to consider BMO. Offering both secured and unsecured loan options, BMO provides access to funds that can help you finance a variety of different expenses.

30-second take

Whether you need a large sum of cash to renovate your home, consolidate your debts or pay for other expenses, a BMO personal loan is a viable option to help you with your financial needs. Here’s a closer look at the product’s highlights:

  • Think of a BMO personal loan if you’re looking for a flexible personal loan, with secured and unsecured options, variable or fixed interest rates, and up to 5 years for loan terms.
  • Pick something else if you’re looking for a smaller personal loan. BMO personal loans start at $5,000.
  • Keep in mind that existing BMO customers can apply online or over the phone to get pre-approved for a personal loan, but new customers will have to book an appointment to visit a local branch.

What makes BMO personal loans unique?

Flexibility is what stands out about a BMO personal loan. It’s a safe bet for borrowers with a variety of options to customise your personal loan to suit your needs.

You can choose loan amounts starting from $5,000, with loan terms ranging from 1 - 5 years, or longer if required. BMO will also let you decide on whether you’d like a secured or unsecured loan, and if you’d like to make your loan repayments on a weekly, fortnightly or monthly schedule.

If you have a great credit score and you’re an existing BMO customer, securing a personal loan at a competitive APR should be a straightforward process you can get done online via your online banking account or over the phone. New customers will need to book an appointment at a local branch and provide documentation to verify their identity and income, though. If you decide to secure your loan with an asset, such as your home, you can be sure to get a lower interest rate, too.

Regardless, if you opt for a BMO personal loan and keep up with your loan repayments, it’s a great way to build up your credit history and establish good standing with the big bank.

What are the benefits of a BMO personal loan?

Taking out a personal loan with one of the Big 5 banks comes with its perks. Here are some of the key features of a BMO personal loan:

  • Flexible options. Borrowers can choose between both secured and unsecured loans, as well as variable and fixed interest rates, depending on their preferences. Keep in mind, you may secure a lower interest rate if you opt to provide collateral to secure your home.
  • Competitive interest rates. While it doesn’t disclose its interest rates online, you can count on securing a lower interest rate on your loan compared to what’s on offer by online lenders, especially if you have a great credit score and established relationship with the bank.
  • Flexible repayment period. Choose between 1 - 5 years for your loan term, with some loans offering longer terms if you need it.
  • Choose your repayment schedule. Choose to make repayments weekly, fortnightly or monthly depending on your pay schedule and your budget.
  • Use funds for a range of purposes. You can use your loan funds for almost any purpose, as long as it’s legitimate. This means you can use a personal loan to consolidate debt, pay for a new car or finance home renovations.
  • Option to set up automatic payments. You don’t have to worry about missing a payment by setting up automatic withdrawals from your bank account.
  • Repay your loan early without facing additional fees. BMO doesn’t charge any early prepayment fees, which means you can pay off your loan as early as you’d like without incurring any penalty charges.
  • Easy, convenient banking. While some lenders are only in the online space, you can turn to BMO for banking and customer service over the phone, in person or online. You can even download an app to manage your loan and accounts.

What to look out for

On the flipside, borrowers need to tread carefully each time they decide to take on more debt. Here are some red flags to watch out for with a BMO personal loan:

  • High minimum borrowing amount. You must borrow at least $5,000 with a BMO personal loan.
  • APRs are not listed online. You’ll have to apply for a loan to learn what interest rate you’ll receive because BMO does not list its interest rates and fees online.
  • Defer a payment option. There are restrictions around the defer a payment option. It’s also worth noting that your loan will be more expensive if you defer a payment because you’re accruing more interest on the unpaid balance.
  • You’ll need a good credit score to qualify. Unlike online lenders, major banks aren’t as lenient with providing loans to borrowers with bad credit. If your credit isn’t in great shape or you don’t have any credit history at all, it may be harder to secure a BMO personal loan.
  • Optional insurance. While insurance can help you out of some sticky situations, personal loan insurance can be a pricey add-on, driving up the cost of your loan. Consider your financial situation before you opt for insurance.

Personal loan alternatives to a bank


Finder Rating: 4.6 / 5

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6.99% - 46.96%

Loan term

3 - 120 months

Loan amount

$100 – $50,000

Min. credit score


Eligibility Requirements

Currents debts must total less than 60% of income


Finder Rating: 4.5 / 5

Go to site


5.4% - 46.96%

Loan term

4 - 60 months

Loan amount

$300 – $50,000

Min. credit score


Eligibility Requirements

Steady source of income

What are the BMO personal loan rates?

BMO doesn’t disclose its rates for personal loans online. If you want to find out about possible rates you may be eligible for, it’s best to contact BMO by phone or visit a branch in person. If you’re an existing customer, you can apply online via your online or mobile banking account to receive your loan quote too.

Your interest rate will be determined by a variety of factors, including your credit score, your current financial situation such as your income and existing debt, and the type of loan and interest rate you choose.

For example, secured loans usually come with more competitive interest rates. Loans with variable rates can start out cheaper than a fixed rate, but run the risk of rising over the life of the loan.

Am I eligible?

To be eligible for a BMO personal loan, you need to:

  • Be a Canadian citizen or permanent resident
  • Be at least 18 years of age, or the age of majority in your province or territory
  • Meet any minimum income requirements
  • Meet any minimum credit score requirements

You’ll also need to gather additional information before applying or attending an appointment in person, such as:

  • Your name, contact information, Social Insurance Number and date of birth
  • 2 pieces of valid government-issued photo ID
  • Proof of employment and income, such as a letter from your employer, recent paystubs, recent T4 slips or RL1 if you’re a resident of Quebec
  • How much you want to borrow and the purpose of the loan

If the loan is for debt consolidation, bring monthly credit card statements and loan balances for the different accounts you would like to pay off.

How do I apply for a BMO personal loan?

If you’re ready to apply for a BMO personal loan, follow these steps:

  • If you’re an existing customer, you can apply for a loan online by signing into your mobile or online banking portal. You can also apply for a loan over the phone or in person.
  • If you’re a new customer, you’ll need to book an appointment at a local branch, which you can do in person or online:
    • Simply head to the BMO home page, click on “Personal” on the top left hand corner, click on “Lines & Lines of Credit”, then click on “Make an in-branch appointment”.
    • On the next page, you will be asked if you’re an existing customer that’s registered for online banking. Click “No”.
    • Select your appointment location by plugging in your postal code, then choose which branch you’d like to head to and click “Continue”.
    • Choose “Personal loan” as your discussion topic, select the date and time for your appointment, and click “Continue”.
    • Provide your personal information, such as your full name, date of birth, home address, and contact details, including your email and phone number. Click “Submit”.
    • Make sure you have your documents ready for your appointment so your application is all set for pre-approval.

Once you’ve submitted your loan application in person, over the phone or online, you will be given a pre-approval decision. If approved, it’s important to review the terms and conditions of the loan before signing and returning the loan contract.

Is a BMO personal loan legit?

It absolutely is. BMO, also known as Bank of Montreal, is a reputable multinational bank based in Canada. It has over 900 branches across the country and provides banking services to more than 12 million customers. It’s the eighth largest bank, by assets, in North America, and is considered one of the “Big 5” major banks in Canada alongside CIBC, TD, Scotiabank and RBC.

It has also received a slate of accolades over the years, including Best Private Bank and Best Commercial Bank in Canada, according to World Finance Magazine.

You won’t have to worry about illegitimate charges or faulty claims with this big bank.

I got the BMO personal loan. Now what?

With a BMO personal loan under your belt, make sure you have your financial ducks in a row with your loan repayments. You can make the most out of your personal loan by keeping up with your repayment schedule, building up your credit history and establishing a good rapport with the bank. Doing so may set you up for better interest rates in the future if you plan on securing a mortgage or a car loan. Your aim is to show the big banks that you’re a responsible borrower who is low-risk when it comes to lending you money.

Mark your payment due dates on your calendar, set up automatic withdrawals and make sure you have the cash in your account to make payments.

If you need help with your loan, from making changes to your due dates or extending the term, contact BMO in person, over the phone or online for assistance.

Bottom line

Borrowers with good credit should flock to the big banks first to apply for a personal loan. If your personal finances are in order, you should be able to receive lower interest rates and better terms compared to what’s on offer with online lenders.

Before you apply for a loan, make sure you’re putting your best financial foot forward. Doing so will set you up for success in securing the lowest interest rate that’s on offer to you, which will save you money in the long run.

BMO personal loans are flexible, so use that to your advantage and set up your loan according to your preferences.

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