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.
Why you'll like it
Use it for whatever you need
Tell us what you’re planning – renovating your home, consolidating debt, investing, etc. – and we’ll set you up with a loan to help make it happen.1
Get a preferred interest rate4
Let’s find out what your loan payments could look like
Already know how much you want to borrow? Let’s get started.*
How to apply for a Personal Loan
Book an appointment at a BMO branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a loan amount and repayment plan.
Complete the application process and move the money to your account.
Let’s do this! What do I need before I apply?
Government-issued photo ID- Proof of employment such as:
- a letter from your employer
- recent paystubs
- recent T4/T4A slips or RL1 if you’re a resident of Quebec, or T1 income tax return or Revenue Quebec TP1 with corresponding notice of assessment
- If the loan is for debt consolidation, bring monthly credit card statements, loan balances, etc. for the different accounts you’d like to pay off
For full details on what to bring, check out What to bring to a borrowing appointment.
Personal Loan 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:
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.
Have more questions?
Find a branch
Locate a BMO branch near you.
Come talk to us
Visit a branch to get expert insight and discuss your options.
Call us
Give us a call, 24 hours a day, 7 days a week.
Footnote star details These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch. Amortization can only be entered in full years (not months or partial years). Loan amount is rounded to the nearest $1,000.
footnote 1 details Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
footnote 2 details Conditions apply.
Foonote 3 details You may be eligible to defer equivalent to one month’s payment two times per calendar year (four weekly payments, two bi-weekly or semi-monthly payments, one monthly payment). You cannot skip two monthly payments (or the equivalent of two monthly payments) concurrently even if the two months are in different calendar years (January/December).
Footnote 4 details Security may be required as a part of BMO’s credit evaluation.