BMO Harris offers relatively small loan amounts with a wide range of repayment terms, including options as short as 12 months. But there’s no online application — you’ll need to visit a branch or call to apply.
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Pros
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No origination fee
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Wide range of loan terms
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Credit-builder loan program available
Cons
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No online application
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Rate quotes are only available in eight states
What you need to know about a BMO Harris personal loan
BMO Harris is a full-service commercial bank based in Chicago and owned by the Bank of Montreal. Its footprint is concentrated in the Midwest, with more than 500 branches across Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin.
The bank offers a complete lineup of personal banking products, including checking and savings accounts, CDs, mortgages, retirement accounts, and personal loans with fixed interest rates.
No online application
Unlike many personal loan providers, BMO Harris doesn’t allow you to apply online. To apply, you must either call the bank or visit one of its physical branches. This could be inconvenient if you’re looking for a fast, fully digital experience.
Relatively small loan amounts, but flexible terms
Loan amounts through BMO Harris range from $1,500 to $35,000 — which is on the lower end compared to other lenders. However, the bank offers flexible repayment terms between 12 months and six years, giving you options to manage your monthly payments more comfortably.
Credit-builder loan available
If you don’t qualify for a standard personal loan, BMO Harris offers a Credit Builder Loan Program designed to help improve your credit while building savings. In this program, you borrow funds to purchase a certificate of deposit (CD). As you repay the loan, your credit may improve. Once the term ends, you’ll receive the money saved in the CD — plus any earned interest.
A closer look at a BMO Harris personal loan
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Difficult to find rates online: You can only view potential minimum rates on the BMO Harris website if you live in one of the eight states where the bank operates. If you live elsewhere, you’ll have to call for rate information.
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Rates include autopay discount: Quoted interest rates include a 0.5% discount for setting up automatic payments from a BMO Harris checking account.
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Option to receive funds by check: After approval, you can have your loan funds deposited into your account or receive them as a physical check.
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Funds available in a few days: Same-day or next-business-day funding isn’t guaranteed. BMO Harris typically delivers loan proceeds within a few days.
Who is a BMO Harris loan good for?
BMO Harris could be a good option if you’re already a customer and live near a branch. If you frequently visit the bank, applying in person might be convenient. You’ll also be in a better position to take advantage of the autopay discount, which requires a BMO Harris checking account.
The bank’s Credit Builder Loan Program may be beneficial if you’re looking to improve your credit score and establish a financial track record. There’s no minimum credit score required to qualify for this option.
How to apply with BMO Harris
To apply for a personal loan, you must either call BMO Harris or visit a branch in person. Make sure to bring valid identification showing your current address.
Approval depends on your credit profile — the bank reviews your credit report and requires a history of positive credit behavior. If you don’t qualify for a personal loan, you might still be eligible for the Credit Builder Loan Program.
Not sure if BMO Harris is right for you? Consider these alternatives:
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SoFi: A good option if you want a fully digital application and fast funding.
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Wells Fargo: A traditional bank offering personal loans, though you must be an existing customer to apply.
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