There are a lot of reasons why someone may be considering taking out a personal loan. No matter what the reason is, you will want to find the right loan that matches your financial abilities and needs.
One of the institutions you may be considering is CIBC. This bank offers the choice between secured and unsecured loans, which allows you to customize your loan.
Before you make your final decision, though, you should know all the benefits and features of this personal loan. Let’s take a look, shall we?
Features
The best feature is the ability to choose between a secured and unsecured loan. With a secured loan, you will get a lower interest rate and often a higher credit limit. Plus, your payment will be consistent.
On the other hand, an unsecured loan will be approved faster and allow you to borrow as low as $3,000 and as much as $200,000. However, the payments on this loan will be variable and rise and fall with the standard rates.
Benefits
The ability to choose the type of loan you want makes a personal loan from CIBC very flexible. They also come with a wide term range of anywhere between one to five years.
There are multiple ways to apply for the loan, so you can choose one that fits with your schedule and needs. The allowed loan purposes are quite broad, as well, and you can set up auto-pay to ensure your payments are made on time.
How to Apply
If you meet the criteria below, then you will need to decide what type of loan – either secured or unsecured – you can commit to financially. Once that is done, you can begin the application process.
This can be done online, at a branch, or over the phone. You will need to make sure that you have the following documentation and information ready.
- Contact information
- Social Insurance Number
- Amount you are looking to borrow
- Purpose of the loan
- Employment history
- Income information
- Banking details
After you have submitted your application, you will receive a pre-approval notice. You will want to look over the term and rates before signing it.
If it is all good, then you sign it, resend it, and wait for the final approval and allocation of funds. If you want to apply for a personal loan through CIBC, then click here.
Who is Eligible?
In order to qualify for a CIBC personal loan, you must meet the following requirements.
- Be a resident of Canada
- Be 18 years or older
- Have an annual income of a least $17,000
- Meet the lending criteria
- Have no bankruptcies within the last 7 years
- Have not been declined in the last 6 months for CIBC credit
Fees and Interest
CIBC doesn’t list their interest rates, which means the actual rate range will have to be discussed once the application process has started. The final rate your loan will be lent at depends on your income and credit history.
As for fees, there is no charge for early repayment, as well as for making payments from your CIBC account. The only fee that is known is that of the non-sufficient funds fee. If you pay and don’t have enough cash in the account you are paying from, you will be charged $45.
Bank Contact Info
If you need further information, you can contact the bank any of the following ways.
Online: www.cibc.com
Find a branch
Call 1-866-525-8622
Summary
When you need an influx of cash to get a project done or help pay down some debt, it is crucial to look for a loan that will meet your needs. This includes understanding the features and benefits, as well as the charges and rates.
The personal loan from CIBC offers flexibility. It also offers a wide range of time and borrowing limits.
Though you have to borrow at least $3,000 the low-income threshold opens this loan up to a lot of people. The information above should be a good place to start your decision-making process.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.