Looking for a quick loan to take care of your immediate needs will have you searching for a personal loan online. Personal loans are the fastest and easiest way to get some quick cash. Typically, a personal loan can take up to 48 hours to reach you after completing an application.
If you live in Canada, one of the banks on your radar is the Bank of Montreal (BMO). This is a good bank for personal loans and they can sometimes give you a loan for a specific need such as a car or consolidation.
Secure Banking with BMO
In 2018, CBC reported that more than 50,000 BMO customers had been placed at risk due to their information being hacked.
When this data breach was reported, the bank immediately took important steps and measures to protect their customer’s information and returned 100% of all the money that had been lost by their customers as a result.
When you apply for their loans, you will receive a 100% electronic banking guarantee that ensures reimbursement of any unauthorized withdrawals. They now offer a strong encryption technology, an automatic log out from the online portal within 10 minutes of inactivity, and firewall protection.
Why You Should Consider BMO's Personal Loan
Take a look below for the benefits of getting a personal loan with BMO.
Their Award-Winning Service
This bank has been recognized numerous times for their excellent commitment to customer service and they have even gone on to win awards for this. When dealing with them, customer care will not be an issue.
Convenience
BMO gives you online access to your account at all times, or you can always pop into one of their 900 plus branches across Canada.
This is why they are considered to be extremely convenient to do banking with.
Negotiable Rates
You have the option to negotiate for a better interest rate if you have good credit. This is one of the main reasons why you should keep your credit score great at all times because lenders are more than willing to negotiate with you when it comes to interest rates.
Keep on Top of Your Payments
The bank will create a payment plan that best suits your needs. You can choose to pay weekly, monthly, bi-monthly, or semi-monthly.
Deferred Payment
If you ever face financial difficulty, you can defer your payment twice a year.
Fees & Interest Rates
The typical APRs range from 7.64% to 23.92%.
The bank insists on visiting their branches in order to have a look at the rates they have on offer. Additionally, this also depends on your credit status.
How to Apply
To apply, you can visit a branch nearest to you, or book an appointment online.
Make sure you have your government-issued ID, a letter from your employer, all of your recent payslips, your most recent RL1 if you are a resident of Quebec, a T4/T4A slip, or a T1 income tax return.
If you are applying for consolidation, you will need to provide your debt information.
Eligibility
To qualify for a personal loan with BMO, you must be a Canadian citizen or hold residential status. You must be above 19 years of age.
You should have a monthly income and if you are self-employed, you must have operated your business for at least three years.
You also must not have been declined credit in the last 6 months.
Please log on to the BMO company website in order to book an appointment and find out more about their personal loans.
Contact Information
You can contact BMO at 416-867-3996 from within Canada, or toll-free at 1-866-298-8385. Their mailing address is BMO Financial Group, Corporate Communications, 100 King Street West, 28th Floor, Toronto, ON M5X 1A1.
Conclusion
Get a loan quickly with BMO's personal loans. As with every loan application decision, you must be willing to meet the company’s terms and conditions. Have a look at the terms of the BMO bank attached below. Feel free to shop around before making a final decision.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
