Loans
Here’s how they work footnote 1:
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. footnote 2
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
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. footnote 1
The details:
- Starts at $2,000 footnote 1
- Pay it back within 5 years footnote 2
- Defer up to one month's payment twice a year footnote 3.4
Great for: Virtually anything you need
Turn your home's equity into cash for largerpurchases and projects. Borrow up to 80% of your home's value. footnote 1,5
The details:
- Starts at $10,000 footnote 1
- Pay it back within 25 years footnote 3
- Defer up to one month's payment twice a year footnote 3,4
Great for: A large purchase, like a vacation home or rental property
Have unused contribution room in your RRSP? Catch up and maximize your RRSP with this one-time loan.
The details:
- Starts at $7,500 footnote 1
- Pay it back within 15 years footnote 3
- 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. footnote star
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:
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
Your must-have guide to applying for a loan
Thinking of getting a loan or line of credit? Here’s what you need to know before you apply.
How to improve your credit score
It may not always feel like you have the power to improve your credit score, but you can do it with the help of these tips.
How to get approved for a personal loan or line of credit
Looking to make a large purchase or consolidate debt? Increase your chances of getting approved.
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 Security may be required as a part of BMO’s credit evaluation
- Footnote 3 details Conditions apply.
- Footnote 4 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 5 details The combined line of credit limit under any prior mortgage and a Home Equity Loan Plan cannot exceed 80% of the value of your property.