A personal line of credit can come in handy for a wide range of reasons. With lower interest rates than other options like credit cards, a personal line of credit gives you some financial flexibility at a relatively low cost of borrowing.
BMO, like other big Canadian banks, offers a personal line of credit for clients. But how well does it actually perform when compared to similar products? One of the major downsides is that a BMO personal line of credit has a relatively low maximum limit, and only a few ways to actually access your credit once it’s granted.
BMO personal line of credit features
Check out this quick overview of what you can expect with a BMO personal line of credit:Why You Want It
Low minimum monthly payments + Repay at your own pace.
Special Features
- Balance Protection (life insurance and critical illness insurance) available
- Payment Protection (disability and job loss insurance) available
Eligibility
- Canadian citizen
- Employed
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, NT, ON, PE, QC, SK, YT
Features
Secured Or Unsecured
Unsecured
Bank Prime Rate
4.7%
Flexible Repayment Options?
Access Funds Online?
ATM Access?
Cheques Access?
Debit Card Access?
Branch Access?
Minimum Credit Score
See Issuer for Details
Secured Available
BMO personal line of credit product rating: 4.8 stars
From consolidating higher interest debt to finally taking care of some of those home renovations you've been putting off for years, a personal line of credit can be useful for a lot of reasons. Unfortunately, it's not going to be an option for everyone, as you'll need good credit to qualify, plus government ID and proof of employment.
Additionally, with a low upper limit of $25,000 and access to your funds limited to e-Transfers, cheques, and branches, the BMO personal line of credit leaves a bit to be desired. Other banks offer higher limits and significantly more flexible access to your funds.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a BMO personal line of credit
Although the BMO personal line of credit scores lower than its competitors, here’s what you can look forward to if you end up going with BMO.
Pros
Branch access
Even if it’s lacking access in some departments, the fact that you can access your credit through a BMO branch is a plus since other banks overlook this option. If you’re someone who prefers going to a physical branch to access your money, this is a definite benefit.
Balance and payment protection
The BMO personal line of credit also offers optional insurance to protect you in case of emergencies. This includes Balance Protection (with life insurance and critical illness insurance), which partially or fully covers your remaining balance if you’re diagnosed with a serious illness and happen to pass away. It also includes Payment Protection (with disability and job loss insurance), which reduces or pays off your balance in cases where you’ve lost your job or can’t work because of a disability.
The cons of a BMO personal line of credit
Here are the cons and the drawbacks of a BMO personal line of credit.
Cons
Low maximum credit limit
With other banks having a maximum credit limit of $50,000, BMO’s $25,000 credit limit gives you much less to work with. You could always just reapply after hitting the cap, but the low maximum is an inconvenient limit.
No ATM or debit card access
Unlike other banks that offer ATM and debit card access, you won’t be able to access your BMO personal line of credit through these mediums. Instead, you can only use your funds through e-Transfers, cheques, and branches. For those who prefer withdrawing cash at an ATM or through debit card use, this limit can be seen as another inconvenience.
BMO personal line of credit alternatives
Want a better alternative? Here are some of the other options that you have available:
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Personal Line Of Credit | TD Personal Line Of Credit | RBC Personal Line Of Credit | Scotiabank Personal Line Of Credit |
| Genius Rating | ||||
| Why You Want It | Low minimum monthly payments + Repay at your own pace. | Choose between a variable or fixed rate + Access funds with debit card. | No annual fee + 24/7 access via ATM, cheques, or online transfers. | Borrow up to $75,000 + Get a Visa Access card to use your funds easily. |
| Secured Or Unsecured | Unsecured | Unsecured | Unsecured | Unsecured |
| Bank Prime Rate | 4.7% | 4.7% | 4.7% | 4.7% |
| Flexible Repayment Options? | | | | |
| Access Funds Online? | | | | |
| ATM Access? | | | | |
Show More | ||||
| Find a loan See more BMO products Compare | Learn More See more TD products Compare | Learn More See more RBC products Compare | Learn More See more Scotiabank products Compare |
FAQ
What’s the minimum payment on a BMO personal line of credit?
This all depends on how much you borrow. While you’ll have access to a $25,000 line of credit, you don’t have to borrow all of it at once and can borrow and pay off the balance until you hit the limit. As a rule of thumb, BMO states that you’ll have to pay back either 2% of the remaining balance or $50 each month, depending on which is greater. With the right budgeting, you can keep your minimum payments low.
Is there a cap on how much I can borrow?
The limit for BMO’s personal line of credit is $25,000, which is significantly lower than what other banks offer. If you’re looking for a bigger limit or are unsure whether a line of credit is right for you, check out our article on loans in Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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