BMO Harris Bank Personal Loans Review

(June 2024)

How to Get a Loan From BMO

In This Article

Our Verdict

BMO Harris Bank is a subsidiary of BMO Financial Group, one of the largest banks in North America. BMO Harris Bank offers a variety of banking services, including personal and business banking, loans, mortgages, and investment services.

The bank is headquartered in Chicago, Illinois, and operates in nine states, including Arizona, Florida, Indiana, Kansas, Minnesota, Missouri, Illinois, and Wisconsin. BMO Harris Bank has over 500 branches and 1,600 ATMs in these states.

If you have any questions or concerns about BMO Harris Bank’s services, you can contact their customer service at 1-888-340-2265. You can also visit their website at to learn more about their products and services or to find a branch near you.


  • No origination fee
  • Various personal loan products offered, including secured and unsecured loans, lines of credit, and credit-builder loans
  • Branches and ATMs available in several states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona, and Florida
  • Online and mobile banking services available
  • Multiple customer service channels, including phone, email, and live chat


  • Poor customer reviews and ratings
  • Limited availability in some states
  • Strict credit requirements
  • Lack of transparency on interest rates and loan amounts

Who This Product Is Best For

Consider BMO Harris Bank for a personal loan if you:

  • Already have a BMO checking account and prefer to do all your banking in one place
  • Live in one of the states where BMO Harris Bank operates
  • Need a smaller loan amount
  • Want a loan that is processed relatively quickly by a regional bank.
  • Seek to improve your credit score through the Credit Builder Loan Program

Who This Product Isn't Right For

Consider other options if a BMO Harris personal loan doesn’t align with your needs. This loan may not be the best fit if you:

  • Prefer to complete loan applications online
  • Place a high priority on exceptional customer service during and after the loan process
  • Need a lender with an extremely fast loan closing process.
  • Require a significant amount of financing (e.g. a large loan amount)

What This Product Offers

Explore BMO Harris Bank for your personal loan needs. Here are the loan products they offer:

Personal Loans: Get a lump sum of cash for your personal needs and repay it over a specific period at a fixed interest rate.

Home Equity Loans and Lines of Credit: Tap into the equity in your home to fund your large expenses, such as home renovations or debt consolidation.

Auto Loans: Finance your new or used car purchase with BMO Harris Bank’s auto loan options.

Credit-builder Loans: Improve your credit score with this loan by making regular payments over a set period of time. You may be able to borrow a small amount and repay it over several months.

Product Details

Personal Loans

BMO Harris Bank offers personal loans for a lump sum of cash that you can use for any personal needs such as debt consolidation, home repairs, or other unexpected expenses. The loan amount varies from $5,000 to $35,000, with repayment terms ranging from 12 to 72 months. The interest rate is fixed, and APR varies depending on factors such as creditworthiness and the loan term.

Loan Amounts

$5,000 to $35,000


12 to 72 months


7.74% to 20.24%



Home Equity Loans and Lines of Credit

Tap into BMO’s home equity to fund large expenses such as home renovations, debt consolidation, or other personal expenses. The loan amount can be up to 85% of the equity in your home. The interest rate is fixed for home equity loans, and variable for lines of credit. Keep in mind that repayment term for home equity loans is up to 20 years, while lines of credit have a draw period of up to 10 years, followed by a repayment period of up to 20 years.

Auto Loans

To get an auto loan from BMO Harris Bank, you need to provide information about your state of residence, loan amount, term, vehicle model year, and creditworthiness. You can get a 0.50% discount on your rate by authorizing BMO to withdraw your auto loan payment from an eligible checking account. To qualify for the lowest rate of 7.68% APR, your vehicle must be a model year 2024-2023, meet other requirements, and you must set up Auto Pay from an eligible BMO checking account. Keep in mind that you can make repayments over 12 to 72 months, and the actual payment amount may vary based on your loan amount and repayment terms.

Credit-builder Loans

  • Maintain good credit by making payments on time and avoiding loan default.
  • Meet the loan amount, loan-to-value, term length, credit history, and Auto Pay requirements to get the lowest APR of 11.63%.
  • Note that your APR can range from 11.63% to 12.84%, and includes a $75 processing fee.
  • Repay your loan over 24 to 60 months.
  • Calculate your actual monthly payment based on your loan amount and repayment terms. For instance, if you borrow $2,000 at an 8.99% interest rate and 11.63% APR for a 36-month term, you will make 36 monthly principal and interest payments of around $63.60 each.

Where This Product Stands Out

BMO Harris Bank personal loans stand out in the following ways:

Flexible loan options

BMO Harris Bank offers a range of personal loans to suit different needs, including secured and unsecured loans, as well as personal lines of credit. This means you can choose the loan that works best for you.

Competitive interest rates

With BMO Harris Bank personal loans, you can get competitive interest rates, starting as low as 5.99% APR. The actual rate you receive will depend on factors such as your credit score, loan amount, and repayment term.

Discount with Autopay

Just like with their business loans, BMO Harris Bank offers a 0.50% discount on personal loan interest rates if you enroll in Autopay and make payments from your BMO Harris checking account.

Convenient application process

You can apply for a BMO Harris Bank personal loan online, by phone, or in person at one of their branches. The process is quick and easy, with loan decisions often made within minutes.

Flexible repayment terms

BMO Harris Bank personal loans offer flexible repayment terms ranging from 12 to 72 months. This means you can choose a repayment plan that fits your budget and helps you pay off your loan on time.

Where This Product Falls Short

Limited loan amounts

If you need a large personal loan, BMO Harris Bank may not be the right fit for you. The bank offers personal loans up to $35,000, which may not be enough to cover all of your financing needs.

Limited geographical availability

Similar to its business loan offering, BMO Harris Bank’s personal loans are only available in select states. If you don’t live in one of the 9 states where the bank has branches, you won’t be able to apply for a personal loan.

Potentially high interest rates

BMO Harris Bank’s personal loan APR can range from 5.99% to 20.99%, which may be higher than other lenders in the market. Depending on your creditworthiness, you may end up with a higher interest rate, which could make your loan more expensive over time.

How to Qualify for This Product

To qualify for a personal loan from BMO Harris Bank, you need to have a good credit score and a stable income. BMO Harris Bank may also consider other factors such as your debt-to-income ratio, employment history, and credit history. You should also have a valid ID, such as a driver’s license or passport, and be a U.S. citizen or a permanent resident. Keep in mind that BMO Harris Bank may require additional documentation or information to assess your eligibility for a personal loan.

How to Apply for This Product

BMO does not publicly disclose the application process for its personal loan, so it is advisable to speak with a BMO banker directly to obtain comprehensive information about personal financing at the bank. To apply for a BMO Harris Bank personal loan, follow these steps:

  • Visit the BMO Harris Bank website or go to the nearest branch in person.
  • Fill out the online application form or schedule a meeting with a loan officer.
  • Provide personal identification, such as a valid driver’s license, state-issued identification card, or passport.
  • Provide proof of income, such as recent pay stubs, W-2 forms, or tax returns.
  • Provide information about your employment status and history.
  • Provide information about the loan you want, such as the loan amount, term, and purpose.
  • Submit your application and wait for a decision.

Keep in mind that meeting the eligibility requirements does not guarantee approval of your loan application. Your credit history, income, debt-to-income ratio, and other factors will also be considered.

Alternative to This Product

Chase Bank

Consider Chase Bank if you need a larger bank with a national presence and a broad range of personal loan products. Chase offers personal loans for various purposes, including debt consolidation, home improvement, and major purchases. You can also get personal lines of credit and credit cards from Chase.

Discover Bank

If you’re looking for a bank that specializes in personal loans, then Discover Bank may be a good choice. Discover Bank offers personal loans for various purposes, including debt consolidation, home improvement, and major purchases, with competitive rates and flexible terms. Discover also offer a rewards program that allows you to earn cashback for on-time loan payments.

Customer Reviews

BMO Harris Bank has a low rating of 1.14 out of 5 on its Better Business Bureau profile, primarily due to complaints from customers regarding poor customer service and slow issue resolution. However, it is important to note that this rating is common for traditional banks, as many local banks also receive relatively low ratings.


We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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