The good thing about BMO Harris express pay is, it gives you chance to make payment to your loan.
How do you apply for a BMO Harris loan?
It really depends on a couple of things. First of all, we recommend that you have a relationship with the bank. it’s very important and once you have that, you need to understand why you need the money, how much you need,are you able to repay it back, this is very important. you want to do your research and ask the right questions. So what loan or line of credit options are available, what is the interest rate, what fees will i be charged if any, and you can do this research either by going to a physical branch or by picking up the phone and calling their customer service. and you can ask questions also about the repayment terms, what repayment terms are available, what type of collateral is required if any, what type of credit history is needed to be approved and what can you tell me about the loan approval process.
You want to contact the bank itself. so this is really important. So you want to do your research and ask the right questions.
Check your credit score
you want to check your credit very important. I don’t care if you have excellent credit or bad credit. you got to check your credit. because the whole thing is to be unstoppable when you apply for a bmo harris loan. you want to be approved right away. right.
Go to a website called annualcreditreport.com. you can get a free copy of your credit report and the credit score and you can get it from the three major credit bureaus Experian, equifax and transunion. If you want you can also sign up for a service like credit karma. It is a platform that allows you to get a free copy of your credit report in exchange for your information. Same thing for nerd wallet, same thing for wallet hub. You have a constellation of players out there that offer that kind of service, this free credit score service.
It’s all about liquidity
I want you to figure out the total cost of your loan including interest. again we’re trying to make sure that you don’t get a loan that you can’t repay right. It’s all about liquidity. it’s all about making sure you have enough cash inflows to be able to repay the loan. Because at the end of the day, it’s all about cash inflows versus cash outflows. so you want to really pay attention to that.
Documents need for applying for loan
So you need identification. so you will want the government you want to have some kind of a government issued id like a driver’s license or passport. Because BMO harris will want to verify your full name address phone number as part of your application. you want to have your pay stubs with you. your tax returns, and other documents as needed.
Related : https://whalegrows.com/get-a-business-loan/
How does BMO Harry’s loan process work
So once you have done your research and have your documents in order, it’s time to apply for a loan or line of credit. so you can actually submit the documentation online, you can also walk to a branch and have a conversation with a live person. which is our recommendation.This is what you should be doing. don’t do it online. you do it online you’ll be taken care of by an algorithm, you don’t want that. you want to speak to an individual person you want to have you want to show the person your pay stubs, your tax returns, you want to show them your personal financial statements, you really want to have a conversation. They will be asking you why you need the money. so you can explain the loan proceeds, the use of loan proceeds or the use of line proceeds. Is it for home improvement? Is it for a large purchase? Are you moving out of the neighborhood? are you planning a vacation? whatever it
About the personal loan
so the person loan with bmo harris you can get up to $35 000.so they have all options that work with your lifestyle. it could be 10 grand, it could be 25 grand, it can be 15 grand but the maximum is $35000. In some cases they can go more than they can go beyond that. but you need to have a strong relationship with the bank. And you have to be able to see your inflows over the last five years to know exactly what you are capable of doing in terms of income. In terms of maturity you have one year to six years. so 12 to 72 months and you can repay your balance any time without charges or penalty fees. so this is really good.
Rates are as low as 6.94 APR. The thing here is that you have to understand that BMO Harris does not have national coverage. so they are available in certain states. but one thing you need to make sure that you need to call a 1-800 number to be sure that you qualify. you can use the money for a lot of things. Okay, you can use the personal loan for home improvement, to consolidate your debt, for the perfect wedding or for a new vehicle for medical expenses for any big purchase.
one thing you also want to do is you want to I forgot to add that there is a $75 loan processing fee. So you can repay your personal loan early with no penalty but there is a $75 processing fee. and the cool thing here is that, if you also have BMO Harris account you have an autopay discount of 0.25 interest on the interest rate. This is really good.
your approved funds will either be deposited into an account of your choice or you you will receive a check. but again if you have an account with BMO it’s a lot easier because they can just transfer the money to you right away.