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BMO Harris Bank Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

BMO Harris Bank logo

BMO Harris Bank started out as N.W. Harris & Co. in 1882. In 1984, it was purchased by the BMO Financial Group. Today, BMO Harris Bank is the second-largest Chicago-area bank by market share.

How much can you borrow from BMO Harris? With the BMO Harris Bank personal loans calculator, you can figure out what your monthly repayments would look like or how long you have to repay the loan. Learn more about their loan features, rates, and fees.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

BMO Harris Bank personal loans overview

Got major purchases you’ve been holding off on? Are there emergency expenses that need to be dealt with right away? Want to take control of your finances? Get a personal loan from BMO Harris Bank and a competitive rate.

Features of a BMO Harris Bank personal loan

These are all the details you need to know about BMO Harris Bank personal loans:

  • Loan amounts: From $5,000 to $9,999,999
  • Loan terms: From 1 year to 25 years
  • Repayment frequency: Weekly, bi-weekly, semi-monthly, monthly
  • Loan flexibility: Same day approval and same day funding for most customers
  • Interest rates: APR starts at 7.99%

Loan requirements from BMO Harris Bank

BMO Harris does not specify any application requirements. However, your credit score and financial situation will determine your approval chances.

The higher your credit score, the better your chances of approval. Make sure to work on improving it before applying.

Apply for a BMO Harris personal loan by:

  • Calling 1-888-340-2265
  • Requesting a contact
  • Making an appointment
  • Visiting a branch

These are the following documents you have to prepare for taking out a BMO loan:

  • Proof of identity (driver’s license, social security number, other state-issuedIDs)
  • Proof of US residential address
  • Proof of employment (paystubs, W-2s and 1099s, employer statement)
  • Income verification (tax returns, bank statements, annuity statements)

 

BMO Harris Bank personal loan calculator

Loan Amount

$20,000

Term

3 months

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.


Pros and cons of BMO Harris loans

Pros

  • Low borrowing amounts available
  • Wide range of repayment periods
  • Rate discount available
  • No prepayment penalties

Cons

  • No website information on eligibility requirements
  • Application fee applies
  • Requires excellent credit for lowest rates
  • Funds cannot be disbursed to other banks

Frequently asked questions

What are the minimum and maximum loan amounts available for BMO loans?

You can borrow as little as $1,500 or as much as $35,000.

Will the BMO loan proceeds be subject to application or origination fees?

Yes, you will be charged a one-time application fee of $75.

What conditions must be met in order to apply for a BMO Harris loan?

To apply for a BMO Harris loan, you need to provide proof of steady income, a good credit history alongside other personal documents.

What can I use the BMO Harris personal loan for?

A BMO Harris loan is good for anything you need. It is good for debt consolidation, purchasing a new car, or paying for a wedding. The money can even be used for home renovations, medical bills, or relocating expenses.

If I return the money early, will I be charged?

BMO Harris doesn’t deduct prepayment fees if you repay the loan in full ahead of schedule.

What is the possible APR of a BMO Harris Bank personal loan?

BMO Harris loan rates can be as low as 7.99%.

How long will it take to get approved for a BMO Harris loan?

It will take up to a week for BMO Harris to approve or reject a loan application.


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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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