Personal Line of Credit
Want a little extra money when you need it, but don’t want to pay interest on what you don’t use? A personal line of credit gets it just right. As an established customer footnote 2, borrow the exact amount you need, when you need it.
Rates as low as footnote 1
Get more with a BMO Personal Line of Credit
Get the funds fast
We’ll work with you to make your application as simple as possible so you have the money in days.
Pay interest only on what you use
You’ll pay interest only on the money you borrow, and make no payments until you use your unsecured personal line of credit. footnote 2
Borrow again and again
When you pay down your credit line, that money becomes available to borrow again.
Not sure if this is the right loan for you? We’ll help you choose.
Line of Credit rates
Loan Type | Unsecured Personal Line of Credit |
|---|---|
Loan Amount | |
Interest rate | Prime Rate Plus (variable) |
Annual Percentage Rate (APR)1 | (variable) |
Some goals our customers achieve with our lines of credit
Home renovations
Build an emergency fund
Consolidate debt
Special occasions
Cover education expenses
Manage cash flow
Get a Personal Line of Credit in 3 easy steps
Step 1
Call or visit a branch to apply. You'll need your personal identification with current address on hand.
Step 2
Get personalized help as we work through your application with you.
Step 3
Get approved to access your funds in days.
Personal Line of Credit tools & resources
Learn more about lines of credit, how they work, and if one might be the right option for you.
Enter a little information and we’ll estimate the amount you can expect to get for a line of credit. footnote 3
How much could you save, and what could you achieve, by saving a little money here and there? footnote 3
Personal Line of Credit help center
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 2 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 4 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.
Have questions? That’s what we’re here for
Visit a branch
Come into a branch and let’s talk about your plans — and how we can make them possible.
Call us
24 hours a day, 7 days a week, you can get answers when you need them.
Have us contact you
Tell us whether you prefer email or phone and we’ll reach out to you.
- Special offers are subject to change.
- Footnote 1 details The rates displayed are effective as of . Rates are subject to change without notice. For a Personal Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate ( on ) plus a margin of . Your resulting APR would be . For a Personal line of credit, the margin and annual percentage rate (APR) depend on the credit limit amount and your individual credit qualifications. To apply for a personal line of credit, whether over the phone or in person at one of our branches, you must reside within our Bank’s branch network. We currently offer loans in the following states: Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Nebraska, Nevada, New Mexico, North Dakota, Missouri, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, or Wyoming .
- Footnote 2 details You must have a BMO personal deposit account that has been open for at least six months to be eligible for our BMO Unsecured Personal Loans or Lines of Credit. The six-month limitation is not applicable to our Private Bank customers.
- Footnote 3 details Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
- Footnote 4 details You will be charged an annual fee of $25. This fee is waived for the first year.