Personal Line of Credit

An unsecured personal line of credit gives established customers² ongoing access to a line of credit that you can borrow against whenever you need to. You incur no interest, and make no payments, until you use your line. Best of all, you only pay interest on what you have borrowed, and as you pay down your line, you can borrow again and again (up to your available credit limit) without having to reapply.

Personal lines of credit are issued at a variable rate of interest, which means that your interest rate can change over the life of your line. While your rate can change, there is a cap on how much the interest rate can change each time plus a lifetime cap on how much the rate can change during the life of your loan.

The BMO Unsecured Personal Lines of Credit are only available to established customers ^{footnote 22} who demonstrate a positive credit history. When you apply, we will pull your credit file and let you know our decision so you can have your funds in days. If you need to build your credit rating, you might try our Credit Builder Loan Program, or access resources to improve your financial wellness from our partner SpringFour.

There is an annual fee of $25 that is waived in the first year. ^{footnote 44} There is no fee for paying off or closing the line of credit.

It’s easy to access your funds. You can transfer funds from your loan account to a checking account through mobile, online, by phone, at a branch or by checks that we’ll send you. You’ll receive a welcome package by mail that contains your access checks within 7-10 business days after closing.

You may also pay online, by mail (using the provided coupon book), or when you visit a branch. You can send higher payments to pay down the principal at any time without incurring fees.

You can also use BMO Express Loan Pay to make same-day payments to your BMO loan from any bank account.