CIBC Personal Loans

Choose your term length, type of interest rate and how often you want to make repayments on your CIBC personal loan.

CIBC offer flexibility and choice when it comes to personal loans: choose between secured and unsecured loans, variable or fixed-rate interest payments and a term length of one to five years. What’s more, you decide how often you make your loan repayments, whether that’s once a week, bi-weekly, monthly or anywhere in-between.

You can apply for a CIBC personal loan online, over the phone or in-person at a branch, making it quick and convenient to get the financing you need.

Do I qualify?

To qualify for a loan through CIBC, you must:

• Be a Canadian citizen or a permanent resident.
• Be at least 18 years of age, or the age of majority in your province or territory.
• Earn a minimum of $17,000 annually.
• Meet CIBC credit lending criteria.
• Have not claimed bankruptcy within the last 7 years.
• Haven’t been declined for any CIBC credit in the past 6 months.

How does borrowing through CIBC work?

You’ll need to decide on the type of loan you’d like (secured vs. unsecured), the interest rate (variable vs. fixed-rate) and how often you’d like to make repayments on your loan. You can then begin the loan application process online, in-person at a branch or on the phone with a CIBC representative.

Applying online for a personal loan with CIBC is usually the quickest way to get your hands on your funds.

Once you have the funds, you can make repayments directly from your bank account.

What are the benefits of a CIBC personal loan?

You’ll enjoy the following features and benefits with a CIBC personal loan:

• Flexibility. Choose between secured or unsecured loans and variable or fixed-rate interest charges.
• Varying loan terms. Personal loans come with terms between one to five years. With no early repayment fees, you can payoff your loan early without incurring additional charges.
• 3 ways to apply. Apply for your personal loan online, in-person at a branch or on the phone with a CIBC representative.
• Use funds for a range of purposes. You can apply for a personal loan through CIBC to help you finance a home renovation, consolidate your debt or cover a large purchase.
• Automatic payments. You can set up automatic payments by setting up an electronic funds transfer (EFT), where your account will be debited on the specified due date.
• No fees for repayments from CIBC accounts. Making a loan repayment from your CIBC banking account via EFT will incur no extra fees. This can help you save money on the total cost of your loan.
• No early repayment fees. CIBC doesn’t charge any early repayment fees, so you can save on interest by paying off your loan early.
• High borrowing amounts. Access up to $200,000 worth of funding with an unsecured loan, and the possibility of higher amounts with a secured loan.

What to look out for

• High minimum borrowing amount. You must borrow a minimum of $3,000 with a CIBC personal loan.
• Rates and fees not listed. CIBC do not list their interest rates or fees for personal loans online.
• Nonsufficient funds (NSF) fee. Should you have a shortage of funds in your bank account when your loan repayment is due, you will face an NSF fee of $45.

What will the loan cost?

CIBC do not list interest rates or fees online. In order to learn what APR you might be eligible for, you will need to either start the loan application process, call CIBC and speak to a representative or visit a branch in-person. Your interest rate will be based on a variety of factors such as your credit score, your current financial situation and the type of loan (secured vs. unsecured) and interest rate you choose (fixed-rate vs. variable-rate).

CIBC do not charge any early repayment fees, which means you can pay off your loan partially or fully at any time without incurring a fee.

Compare CIBC to other personal loan options

How to apply for a personal loan through CIBC

If you’re interested in learning more about CIBC loans or you’re ready to apply, click the “Go to Site” button. Before submitting your loan application, make sure you meet the following eligibility criteria:

• Be a Canadian citizen or a permanent resident.
• Be at least 18 years of age, or the age of majority in your province or territory.
• Earn a minimum of $17,000 annually.
• Meet CIBC credit lending criteria.
• Have not claimed bankruptcy within the last 7 years.
• Haven’t been declined for any CIBC credit in the past 6 months.

You’ll also need to gather additional information before applying, such as:

• Your name, contact information, Social Insurance Number and date of birth.
• How much you want to borrow, the type of loan you’d like and the purpose of the loan.
• Your monthly income and employment details.
• Your banking details (if you’re currently not a CIBC customer).

Once you’ve submitted your loan application, you will be given a pre-approval decision. If you’re approved for a loan, remember to review the terms and conditions of the contract before signing and accepting the offer. Take some time to compare other loan providers to ensure you’re getting the most competitive offer out there.

Frequently asked questions

• Do I have to accept the loan offer once I've applied?

  No, you are not obligated to accept a pre-approved loan offer. Once you sign and return the loan contract to the lender, you are responsible for paying the funds back plus interest and fees.

• What's the difference between a secured loan and an unsecured loan?

  A secured loan requires you to put up collateral in order to “secure” the loan. Collateral can include equity in your home or expensive items such as a car or jewelry. You can typically receive lower interest rates on secured loans since they’re less risky for the lender.

  An unsecured personal loan does not require collateral, however the rates will likely be higher since it’s a riskier form of lending for the provider.

• What's the difference between a variable interest rate and a fixed interest rate?

  A fixed interest rate does not change for the life of your loan. If you make weekly, bi-weekly or monthly repayments, your repayments will always be the same with a fixed-rate.

  A variable interest rate can fluctuate throughout the life of your loan due to the market. This means your loan repayments can change throughout the repayment period. A variable-rate is typically expressed as a percentage plus the prime rate.

• Can I qualify for a loan through CIBC if I'm self-employed?

  Yes. You’re still eligible to apply for a personal loan with CIBC if you’re self-employed. You’ll need to provide details such as your income, job title and sector of work.

• Can I borrow secured and unsecured personal loans from CIBC?

  Yes, CIBC offer both secured personal loans and unsecured personal loans. Secured personal loans come with lower interest rates, however you must put up collateral, such as equity in your home, in order to get a lower rate. Should you fail to pay back your loan, your collateral can be taken to cover the costs. Unsecured personal loans are less risky for the borrower, however you’ll be looking at paying a higher interest rate.

• Can I cancel my application?

  Yes, you can cancel your application by calling CIBC or visiting a branch in-person. If you’ve already received your loan, you can payoff your loan early without facing any penalties. However, if any interest has accrued on your loan, you will have to pay it plus the principal amount.