
Personal Line of Credit
What is a line of credit? It’s a quick way to access cash when you need it. Borrow just what you need and only pay interest on the amount you borrow. footnote 1
How we calculate your interest rate
BMO uses our prime rate to set variable interest rates for lines of credit. The rate you pay on your loan or line of credit depends on a few factors including how much you’re borrowing, your credit history and if you’ve chosen to secure your loan with collateral.
Let’s do this! What do I need before I apply?
- Government-issued photo ID
- Proof of employment such as:
- A letter from your employer
- Recent paystubs
- Recent T4/T4A slips or RL1 if you’re a resident of Quebec, or T1 income tax return or Revenue Quebec TP1 with corresponding notice of assessment

Ready to crunch the numbers on your loan payments?
Our easy-to-use loan calculator can show you what your payments could look like.

Personal Line of Credit Frequently Asked Questions
Interest is calculated on your daily balance and charged monthly to your account.
Yes they can – and it’s good to keep this in mind. For lines of credit, your interest rate is a variable interest rate and will change without advance notice whenever BMO's Prime Rate changes or otherwise with notice in accordance with the terms of your Personal Line of Credit agreement.
The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here.
Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.
You can get a copy of your credit history from: Equifax Canada www.equifax.ca1-800-465-7166
Trans-Union Canada www.transunion.ca1-877-713-3393 (Quebec only)1-800-663-9980 (All other provinces)
footnote 1 details Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
footnote 2 details Conditions apply.
footnote 3 details Convenient access to funds, anytime, up to your credit limit through a branch or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.