National Bank Personal Loan – How to Apply

There may come a time when you need a little extra cash to get something done, and that is where a personal loan comes into the picture. There are quite a few places that offer personal loans, and understanding what the individual loans have to offer or may cost is vital to your final decision.

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National Bank offers a flexible personal loan that may fit the bill. With the option to choose the type of loan as well as other features, this loan may be one to consider.

So we have pulled together all the information you may need to decide whether this personal loan is the right one for you. 

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Features

The National Bank personal loan is a flexible loan that offers variable rates determined like all other loans by your income and credit history. After checking out your credit report, the loan officer will determine what type of loan would best suit your needs.

They will choose between a fixed rate and a variable loan. Each of these options will have their own rates and features as well as the repayment period. You also have the ability once approved to change the type of loan and the payment schedule. 

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Benefits

Along with those features, the personal loan from National Bank offers its loanees the following benefits.

  • You can repay the loan at any time without any extra fees being levied against you
  • You also have the ability to defer one loan payment (the rules for this deferment depend on the loan itself)

The loan is simple and not laden with a lot of frills, but in the end, the ease of repayment, and the versatility of choice, wind up both being a feature and a benefit. 

How to Apply

After you have determined that you meet the requirements in the next section, you will want to pull together all the documents you need to answer the loan application questions. These include the following.

  • Social insurance number
  • Contact and personal information
  • Employment history
  • Banking information 

Once you have that you will want to choose whether you want to make your application online, in a branch or over the phone. The online process is probably the quickest. If that is the method you choose, use the link provided below and fill out the application thoroughly. After that, submit the application and wait for the decision. 

If you would like to apply for a personal loan with National Bank, follow this link to their website. 

Who is Eligible

In order to be eligible for this loan, you will need to meet the following requirements.

  • Be a resident of Canada
  • Have a good credit history
  • Be 18+ years of age
  • Have a valid source of income

Fees and Interest

In regards to the rates and fees, National Bank does not offer any concrete number on its website. This is because the rates and fees will differ depending on the credit history and the income of the applicant. 

However, for a frame of reference, most personal loans from National Bank typically fall between 9% and a 12% APR for fixed-rate loans. On the other hand, for a variable rate, you can look for an APR that is 5% more than the prime rate at the time.

Bank Contact Info

If you need to contact the bank, you can use the following information.

Phone: 1-888-835-6281

Email can be sent here: https://www.nbc.ca/contact-us/courriel.html

The customer service line’s hours of operation are Monday through Friday: 7 am – 10 pm EST; Saturday and Sunday: 8 am – 8 pm EST.

Summary

A personal loan is one way to ensure you have the money needed for any projects or needs that you may want to get taken care of. The personal loan from National Bank is versatile and easy to understand without any extra complicated rates and fees.

With this loan, you will be able to easily repay the loan and set up payments. Hopefully, all the information we have given you has helped to narrow down your selection for the institution you will be applying for a personal loan.

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.