BMO Personal Loan

This loan allows for amounts between CAD 2,000 and CAD 35,000 with terms from 12 to 60 months. While it provides flexibility in payment schedules, the higher APR could be a hurdle for some borrowers. If you need a quick approval, expect a timeline of same day to 3 business days.

The option for a preferred interest rate is available if you secure the loan with personal assets, potentially lowering your rate. This could be beneficial if you have a home or other valuable assets. Keep in mind that if you're planning to defer payments, you can do so up to twice a year, which adds a layer of convenience.

While BMO offers solid customer support, the potential for high rates means that those with lower credit scores may struggle to get favorable terms. In contrast, other lenders like Tangerine or Motive Financial might provide better rates for those with lower credit histories. Always compare the specific terms offered across lenders to ensure you're making the best financial decision.