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Pros
- No origination fee
- Wide range of loan terms
- Credit-builder loan program available
Cons
- No online application
- Rate quotes are only available in eight states
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What you need to know about a BMO Harris personal loan
BMO Harris is a large, full-service commercial bank based in Chicago owned by the Bank of Montreal. The bank’s business is concentrated in the Midwest, with more than 500 branches across Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.
The bank offers a full range of personal banking products, including checking accounts, savings accounts, certificates of deposit, mortgages and retirement accounts. It also offers personal loans at fixed interest rates.
No online application
Many personal loan lenders allow you to complete an application online, potentially allowing you to receive loan offers within a few minutes without the need to speak to a human. But with BMO Harris, there are only two ways to apply for a personal loan: In person at a BMO Harris bank branch or over the phone.
Relatively small loan amounts, but wide range of loan terms
BMO Harris personal loans can range from $1,500 to $35,000. This is lower what than some other lenders offer.
Along with small personal loans, BMO Harris offers a wide array of loan terms. You can select a loan term as short as 12 months or as long as six years. This can give you more control over your monthly payment.
Credit-builder loan available
If you can’t qualify for a personal loan, BMO Harris offers a different type of loan designed to help you improve your credit score while building up your savings at the same time. With the bank’s Credit Builder Loan Program, you borrow money to buy a certificate of deposit. As you make your payments on time, your credit may improve. At the end of the loan term, you get the money you saved in the CD, plus the interest.
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A closer look at a BMO Harris personal loan
- Difficult to find rates online — On the BMO Harris website, you can only see your potential minimum interest rate if you live in the states where BMO has branches. If you live in any other state, you’ll have to call to find out what rate you may receive.
- Quoted rates include discounts for autopay — Any rate you’re quoted will include a 0.5% discount, assuming you’ll use autopay. To qualify for the discount, automatic payments must come from a BMO Harris checking account.
- Option to receive loan money by check — When you’re approved for a BMO Harris personal loan, you can opt to have the proceeds deposited into your bank account, or you can get a check.
- Funding in a few days — BMO Harris doesn’t promise same-day or next-business-day loan funding. Instead, the bank says you’ll have your money in a few days.
Who is a BMO Harris loan good for?
BMO Harris may be a good option if you’re already a BMO banking customer with a checking account and regularly visit a bank branch. You may be able to apply for a personal loan while you’re already at the bank for other business. You’ll also be at an advantage since you need a BMO checking account to get the autopay rate discount.
And a BMO Harris credit-builder loan may also be a good option if you’re working on improving your credit score. You may be able to use the bank’s Credit Builder Loan Program to increase your score high enough to qualify for a personal loan in the future. This loan doesn’t have a minimum credit score to qualify.
How to apply with BMO Harris
To apply for a BMO Harris personal loan, you’ll need to visit a branch in person or call the bank. BMO Harris recommends you bring valid personal identification with your current address.
To qualify, BMO Harris says you must demonstrate a “positive credit history,” which the bank determines by pulling your credit report. If you don’t have meet the requirements for a personal loan, you may be eligible for the bank’s Credit Builder Loan Program.
Not sure if BMO Harris is right for you? Consider these alternatives.
- SoFi: If you prefer an online personal loan application, you might consider SoFi.
- Wells Fargo: If you’re drawn to the security of a big bank, you might look at Wells Fargo, but you’ll need to be a Wells Fargo customer to apply.
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About the author: Andrew Dunn is a veteran journalist with more than a decade of experience as a reporter and editor at North Carolina news organizations, including the Charlotte Observer and the StarNews in Wilmington. In those roles,… Read more.
FAQs
Relatively small loan amounts, but wide range of loan terms
Is it hard to get a small personal loan from bank? ›
It's not hard to get a personal loan from a bank if you have a good credit score and enough income to repay the loan. The bank will require some basic information from you and will consider factors such as your credit score, income, and existing debts to determine your eligibility for approval.
How long does it take for a bank to approve a small loan? ›
It typically takes anywhere from a few hours to a few weeks to get a personal loan, depending on various factors including the lender's processing time and the applicant's preparedness. Recognizing the timeline for obtaining a personal loan can help you plan your finances and ensure a smooth borrowing experience.
What is the easiest loan to get approved for? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Before you apply for an emergency loan to obtain funds quickly, make sure you read the fine print so you know exactly what your costs will be.
What bank is easiest to get a personal loan? ›
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
Which bank gives a loan easily? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
What credit score do you need to get a $30,000 loan? ›
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
How long is a loan under review? ›
If approved, funding generally takes two to five business days. Some online lenders promise same-day or next-day funding.
Why can't i get approved for a small loan? ›
Credit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.
Are small loans bad for your credit? ›
And much like with any other loan, mortgage, or credit card application, applying for a personal loan can cause a slight dip in your credit score. This is because lenders will run a hard inquiry on your credit, and every time a hard inquiry is pulled, it shows up on your credit report and your score drops a bit.
- Upgrade. : Easiest personal loan to get.
- Prosper. : Best for peer-to-peer lending.
- LendingClub. : Best for debt consolidation.
- SoFi. : Best for member perks.
- LendingPoint. : Best for holistic eligibility requirements.
- Upstart. : Best for borrowers with bad credit.
- Rocket Loans. : Best for autopay discount.
- PenFed Credit Union.
- Key takeaways.
- What are the easiest bank accounts to open online?
- Discover: Best for getting cash back on purchases.
- SoFi Checking and Savings: Best for high APY.
- U.S. Bank: Best mobile app.
- Truist: Best for no overdraft fees.
- Bank of America: Best for flexible banking.
- Chime®: Best for bad credit.
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
Is it easy to get approved for a small personal loan? ›
According to the credit bureau Experian, It's possible to get a personal loan with a lower credit score, but a FICO® Score☉ that falls in the good range (670-739) or higher will give you access to a broader array of lenders and better interest rates.
How can I increase my chances of getting a personal loan? ›
How to boost your personal loan approval odds: 5 tips
- Give your credit a little boost.
- Determine how much you need.
- Add a cosigner.
- Don't settle for the first lender.
- Double and triple check your application.
As personal loans are often unsecured, there tends to be stricter credit requirements to offset the risk of giving out a loan without collateral. Higher interest rates and fees: Banks tend to charge higher interest rates and more fees compared to their credit union and online lender counterparts.
What credit score do I need for a bank personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, the required credit score for a personal loan is at least 580. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800 and a high income.
What's the smallest loan I can get from a bank? ›
Minimum loan amounts are set by individual lenders, so the smallest loan you can get from some lenders may be more than you need. But there are lenders that offer small personal loans, including loans of $1,000 or less.
Is it easy to get a $5,000 personal loan? ›
A personal loan for $5,000 can be relatively easy to find since they often range from $1,000 to $100,000 or more. Loans in this range, like with all personal loans, can be used for just about anything from covering emergency expenses, consolidating high-interest credit card debt or even funding home improvements.
How hard is it to get a $1,000 personal loan? ›
If you have a low credit score, a history of missing payments, and existing debt, it will be a challenge to qualify for a loan. You will often still be able to find a personal loan with a low credit score, but the APR will often be very high, and you might not qualify for $1,000, but for a lesser amount.
