Laurentian Bank personal loans interest rates & product overview

Laurentian Bank of Canada

The table below showcases a snapshot of Laurentian Bank personal loan options. The Laurentian Bank of Canada has been providing financial services since 1846 when it was first established as the Montreal City and District Savings Bank. It’s headquartered in Montreal, Quebec, but extends its services to all Canadians.

How much will a loan from LBC cost? Use the Laurentian Bank personal loan calculator below to narrow down a monthly repayment estimate that suits your budget. Start by inputting your desired loan amount and term. You can then tweak the numbers if you want to explore different payment scenarios.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Laurentian Bank personal loan calculator

Calculator coming soon

Laurentian Bank personal loans review

The Laurentian Bank of Canada (LBC) offers a personal loan that’s a one-size-fits-all for most borrowing needs. This financing product is suitable for debt consolidation, home renovation, holiday and travel expenses, plus more.

LBC loan features

Wondering if a Laurentian Bank personal loan is right for you? Here’s a quick breakdown of key features you need to know before making a decision:

  • Loan amount. With the Laurentian Bank, you can only borrow a minimum of $3,500, so it’s not the best option if you’re looking for a smaller personal loan.
  • Loan term. Repayment terms are very flexible, ranging from 1 to 10 years. However, the length of your term will depend on your loan amount.
  • Interest rates. The Laurentian Bank offers both variable and fixed interest rates. Your interest rates will be influenced by factors, such as your loan amount, term, and credit score.
  • Penalty-free early repayments. The Laurentian Bank allows you to reimburse the total amount you owe before the loan term ends without penalty.
  • Rebate on renovation loan. If you’re going to be using the funds for a renovation, the Laurentian Bank offers a 1% rebate, whether you choose a fixed or variable rate.
  • Loan insurance. Taking out loan insurance along with your personal loan ensures your loved ones are protected. That’s because your payments will be covered in the event of disability, illness, or death.
  • Financial advice. The Laurentian Bank gives you access to a team of advisors that offer expert advice about which financing product is suited to you. To find out more, you can visit a branch or call 1-800 252-1846.

How to apply for a Laurentian Bank personal loan?

The Laurentian Bank of Canada does not appear to offer online personal loan applications at this time. To find out more about applying, you can contact an LBC financial advisor at 1-877-522-3863.

Check that you’re eligible

Before getting in touch with Laurentian Bank, confirm that you meet the general eligibility requirements first:

  • Be a Canadian citizen or permanent resident
  • Be at least the age of majority in your province
  • Have a reliable and steady source of income
  • Have a good credit score

What you’ll need:

  • Valid proof of identity, such as a Canadian passport or driver’s licence
  • Social Insurance Number
  • Proof of income or employment, such as pay stubs and bank statements
  • Financial information, such as your monthly income, expenses, assets, and liabilities
  • Your desired loan amount and purpose

Laurentian Bank FAQs

What other financing products does Laurentian Bank offer?

Besides its personal loan, LBC offers a wide range of personal financing products. This includes credit cards, car loans, personal lines of credit as well as student financing solutions, and RRSP financing solutions.

You may want to look into these options if you feel a personal loan does not fully meet your financing needs. For instance, a Laurentian Bank personal line of credit might be more suitable if you prefer round-the-clock access to a pool of additional funds without having to apply for a loan each time.

In the same vein, if you need a loan for a specific need, such as optimizing your RRSP contributions, a better option would be one of LBC’s RRSP financing solutions.

Should I choose a fixed or variable interest rate when taking out a Laurentian Bank personal loan?

This depends on whether you have a tolerance for rate fluctuations or prefer an interest rate with no surprises. The first option is a variable rate, which offers the opportunity to save when interest rates go down. The second option is a fixed rate that stays the same throughout your loan term, keeping your budget consistent and protecting you from rate increases.

Can I apply online for a Laurentian Bank personal loan?

At the time of writing, you can only apply by contacting an LBC financial advisor at 1-877-522-3863. They will then provide more information about how to apply and receive the funds you need.

Learn more about Laurentian Bank