Pros No origination fee A wide range of loan terms available Credit-builder loan program available Cons Online applications are not accepted Rate quotes are available only in eight states The essential information you need about a BMO Harris personal Loan BMO Harris, a large commercial bank with full-services located in Chicago, is owned by Bank […]
Pros
- No origination fee
- A wide range of loan terms available
- Credit-builder loan program available
Cons
- Online applications are not accepted
- Rate quotes are available only in eight states
The essential information you need about a BMO Harris personal Loan
BMO Harris, a large commercial bank with full-services located in Chicago, is owned by Bank of Montreal. With more than 500 branches in Arizona, Florida and Illinois, as well as Minnesota, Minnesota, Missouri, Missouri, Wisconsin, and Kansas, the bank’s business is concentrated within the Midwest.
The bank offers a wide range of personal banking products including checking accounts and savings accounts, certificates, deposits, mortgages, retirement accounts, and certificates of deposit. The bank also offers personal loans with fixed interest rates.
Online applications are not accepted
Online applications are common with personal loan lenders. This allows you to apply online and receive loan offers in a matter of minutes. There are two options to apply for personal loans with BMO Harris: in person at a branch of BMO Harris or by phone.
A relatively small amount of loans, but a wide range of terms
Personal loans from BMO Harris can be as low as $1,500 up to $35,000. This is significantly lower than other lenders.
BMO Harris also offers small personal loans. A loan term can be as short as 12 month or as long as six year. This will allow you to have more control over your monthly payments.
Credit-builder loan available
BMO Harris has a loan that can help you build your savings and improve your credit score if you aren’t eligible for a personal loan. The bank’s Credit Builder Loan Program allows you to borrow money to purchase a certificate deposit. Your credit score may improve if you pay your bills on time. You get the amount you have saved in the CD and the interest at the end of your loan term.
Take a closer look at the personal loan from BMO Harris
- It is difficult to find rates online If you are in the states that BMO Harris has branches, you will only be able to see your potential minimum rate. To find out the rate you might receive if you reside in another state, you will need to call.
- All rates quoted include autopay discounts — All rates you are quoted will include a 0.5% discount if you use autopay. Automatic payments must be made from a BMO Harris checking or savings account to qualify for the discount.
- You have two options: you can either get the loan money deposited directly into your bank account or you can receive a check.
- Fast funding — BMO Harris does not promise next-day or same-day loan funding. Instead, the bank promises that you will have your money within a few days.
What is a BMO Harris Loan good for?
BMO Harris might be a good choice if you are a BMO bank customer and have a checking account. It may be possible to apply for a personal loans while you are already working at the bank. This will also give you an advantage as you will need a BMO checking to receive the autopay discount.
A BMO Harris credit-builder loans may be an option for you if your credit score is improving. To improve your credit score enough to be eligible for a personal loan, you may be eligible to apply for the bank’s Credit Builder Loan Program. To qualify for this loan, you don’t need to have a minimum credit score.
How to Apply with BMO Harris
You will need to apply for a personal loan from BMO Harris by visiting a branch or calling the bank. BMO Harris recommends that you have valid identification and your current address.
BMO Harris requires that you have a “positive credit record” to be eligible. This is determined by the bank pulling your credit reports. You may be eligible for the credit builder loan program if you do not meet the requirements for personal loans.
Are you unsure if BMO Harris is the right fit for you? These are some alternatives.
- SoFi If an online application for a personal loan is what you are looking for, SoFi might be a good option.
- Wells Fargo : If you are attracted to the security and stability of a large bank, Wells Fargo might be for you. However, to apply, you will need to be a Wells Fargo client.