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National Bank personal loans review
National Bank offers personal loans with interest rates starting at 7.45%.
You can apply if you are the age of majority, have established credit, are a citizen or permanent resident, and have a source of employment or pension income.
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7.45% - 11.30%
Interest Rate
Please note: All information about National Bank personal loans has been collected independently by Finder and this product is not available through this site.
National Bank is one of the 10 largest banks in Canada. Competitive rates and term lengths, with options for variable loans and fixed loans, give customers ample choices when applying online.- Consider a National Bank personal loan if you’re looking for flexibility. Loan terms can be anywhere from 6 to 60 months, and you can choose between a variable and fixed rate.
- Customers who have been declined credit in the past 6 months, are unemployed, or do not have established credit should look elsewhere.
What makes National Bank personal loans unique?
National Bank has been in operation since being founded in 1859 by Montreal businessmen. Today, National Bank personal loans come with an interest rate starting at 7.45% and term lengths between 6 and 60 months, making them a good option for those in the market for a personal loan. Customers can choose between fixed and variable loans with several different interest rates and terms based on their credit history and the amount of capital needed.Fixed rate personal loans vary by loan amount and term length:
| Term (months) | Fixed rate (%) >$10,000 | Fixed rate (%) <$10,000 |
|---|---|---|
| 6-12 | 10.900 | 9.650 |
| 13-24 | 11.000 | 9.750 |
| 25-36 | 11.000 | 9.850 |
| 37-48 | 11.200 | 10.000 |
| 49-60 | 11.300 | 10.150 |
Rates for variable rate personal loans vary by loan amount:
- Less than $10,000: 8.95%
- More than $10,000r: 7.45%
See a complete breakdown of National Bank’s loan rates.
What are the benefits of a National Bank personal loan?
- Upfront interest rates. National Bank lists its interest rates for loan sizes and term lengths online, letting users check what they can expect to pay before applying for a loan.
- Plethora of options. When applying for a National Bank personal loan, you may pick from the number of term lengths, each of which have their own interest rate depending on the size of the loan.
- Defer payments. If needed, you can defer a payment by contacting a National Bank representative. However, to be eligible, you must have made regular payments for the last 6 months and the interest portion is still charged as scheduled.
- Early payment. If you have the means, you are able to pay off your personal loan with National Bank at any time without penalty.
- Additional payments. National Bank allows you to make additional payments to your loan, allowing you to pay your loan off faster.
What to watch out for
- Loans after a divorce. If you take out a loan from National Bank with your spouse and get divorced, you are both still responsible for the loan. You can remove a co-borrower from the loan, but you will have to renegotiate the terms of the loan with an National Bank representative.
- Death. A co-borrower will become responsible for the loan payments if the main borrower dies during the loan term.
- 2-day waiting period. It could take up to 48 hours to hear from a representative about your application process. If you need funds right away, this could delay the process.
- Some things are exclusively in person or over the phone. Some perks, such as early payments, are only able to be done by visiting a branch or calling a representative.
Am I eligible?
To be eligible for a personal loan from National Bank, you must:
- Be a Canadian citizen or permanent resident
- Not been denied credit in the last 6 months
- Have already had credit at some point
- Have reached the age of majority in your area
- Have a source of employment or pension income
Compare personal loans
How do I apply for a National Bank personal loan?
To apply for a National Bank personal loan, you can head to its website and begin the application process. The application should take no more than 15 minutes to complete.
You will have to:
- Fill in your personal information, including date of birth and the province you live in
- Fill in some financial history information, including credit card or loan history, if you have ever been refused credit or declared bankruptcy
- Answer if you are applying for a joint application, and if so, who you are applying with
You will also need to have some documents on hand including:
- Contact information for your employer
- Finances such as income, liabilities, bank accounts or credit cards
After applying, you should receive a confirmation email shortly after and receive an email or phone call from a representative within 24 to 48 hours for their decision.
Is a National Bank personal loan legit?
Yes, National Bank personal loans are legit. National Bank is one of the largest banks in Canada, serving more than 2.4 million clients across the country since 1859.
I got a National Bank personal loan. Now what?
After getting a National Bank personal loan, be sure to make payments on time. The timing and amount of your payment could vary based on if you have a fixed or variable rate. One of the benefits of National Bank is that you can make additional payments early, which can help pay off your loan faster. If you have the means to make an early payment, you should consider contacting a National Bank advisor.
Bottom line
National Bank offers upfront information about interest rates and loan terms, so deciding if it is the right fit for you can be quick. If you are in the market for a loan from a reputable organization and do not need the funds in your account by the end of the day, this could be a good choice.For more information on personal loans, be sure to check out our personal loan comparison guide.