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Loans

Here’s how they work1:

  • Apply for a loan one time
  • Get the exact amount of money you need
  • Pay it back on a set schedule that works for your budget

Tip: You can get a preferred interest rate when you secure it with a personal asset.2

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What can I use a loan for?

Debt consolidation

Get rid of your debt faster (and spend less money) by using a loan to pay off high interest debts, like credit cards.

Big-ticket item

Have your eye on something special? A loan can help you cover larger one-time purchases.

Travel

You don’t need to wait a lifetime to take the trip of a lifetime. A loan can help you pack your bags sooner.

Browse your loan options

Flexible, most popular

Personal Loan

Our most popular loan can help cover almost any borrowing need. You can borrow a lump sum and have a set plan to pay it back.1

The details:

  • Starts at $2,0001
  • Pay it back within 5 years2
  • Defer up to one month's payment twice a year3, 4

Great for: Virtually anything you need

Learn More
Larger purchases and projects

Turn your home's equity into cash for largerpurchases and projects. Borrow up to 80% of your home's value. 1, 5

The details:

  • Starts at $10,0001
  • Pay it back within 25 years3
  • Defer up to one month's payment twice a year3, 4

Great for: A large purchase, like a vacation home or rental property

Retirement

Have unused contribution room in your RRSP? Catch up and maximize your RRSP with this one-time loan.

The details:

  • Starts at $7,5001
  • Pay it back within 15 years3
  • Use your tax refund to pay it back faster with no prepayment charges

Great for: Your retirement

Let’s find out what your loan payments could look like

Already know how much you want to borrow? Let’s get started.*

Enter the total amount you want to borrow.
Enter an interest rate.
How often would you like to make payments?
Select the number of years you’ll need to pay back your loan.
Your estimated monthly loan payment
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Loans frequently asked questions

  • When you get a loan, you can choose between a fixed or variable interest rate.

    A fixed rate means the interest rate you pay stays the same for the length of your term, so your payments remain the same from month to month.
    A variable rate can go up and down depending on what the current BMO Prime Rate is. This means the amount of interest you pay each month could increase or decrease. If the rate decreases, you may be able to pay down your loan earlier than scheduled. If the rates go up, your payment may have to increase so you can pay off your loan as scheduled.
  • The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here

  • When you secure a loan, you’re offering security that your loan will be repaid.

    You can secure a loan by using a personal asset as collateral, such as your home. This may let you be approved for a higher amount or get a lower interest rate.

    If you’re not offering any collateral, then your loan is known as unsecured.

  • It’s easy! Try our Personal Loan Calculator to get an idea of how much your payments will be.

  • Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.

  • You can get a copy of your credit history from:
    Trans-Union Canadawww.transunion.ca1-877-713-3393 (Quebec only)1-800-663-9980 (All other provinces)
  • Nope. While both can help you get a loan, there are different roles and responsibilities for each:

    A co-borrower is a person who applies for a loan with you. Their income, credit score, etc. is taken into consideration, just as yours is. And both of you are responsible for paying back the loan. Think of them as your loan partner.

    A co-signer isn’t your partner but your backup. It’s not expected they make any regular payments on your loan. Their role is to take over your loan repayments in case you can’t keep up with the responsibility.

Helpful lending tips and advice

    Have more questions?

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      1-877-225-5266