Is a CIBC personal loan the best one for you?
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Personal loans are a popular and versatile form of credit. They are great tools for consolidating debt, buying a used car, paying off a credit card, or financing a home improvement project or major expense. For well-qualified buyers, they can be an inexpensive way of accessing credit.
You still need to choose the right lender for you. Are you considering getting a personal loan with CIBC?
This guide will help you with everything you need to know. See CIBC's personal loan interest rates, fees, our review and much more.
Our review of CIBC:
CIBC (Canadian Imperial Bank of Commerce) is a Canadian multinational banking and financial services company. This large financial institution offers flexible personal loans to help you get funds for your needs at competitive rates. All you need is to meet the CIBC Personal Loan requirements.
Why a CIBC personal loan might be right for you:
Borrow for a specific purchase and pay off the loan within a set loan term
You can choose the term of your loan and the frequency of your payments
Pick a fixed or variable rate
You can choose a secure or unsecured loan
Loan term of up to 5 years
Pay off all or part of the loan any time without penalty
Reduce your interest costs by making more frequent payments
Apply online for faster approval
Minimum loan amount of $3,000
Unsecured loan up to $200,000
Make scheduled payments from your CIBC account at no charge with an Electronic Fund Transfer (EFT)
Here is why a CIBC personal loan might not be right for you:
A credit score required
A high minimum loan amount
You may have to secure your loan if you wish to borrow more than $200,000
Fees may apply
What types of personal loans does CIBC offer?
In addition to CIBC Personal Loan, CIBC offers Lines of Credit that provide borrowing options for your different needs.
CIBC Personal Line of Credit
This is ideal for you if your borrowing needs vary and you want to make ongoing purchases. Its features include:
- It is reusable
- variable interest rates
- Borrow as low as $5,000
- You interest only on the amount you use
- The loan can be secured or unsecured
CIBC Home Power Plan
Enjoy ongoing access to funds using your mortgage at a low interest rate. The features of this line of credit include:
- Manage your mortgage and line of credit under one plan
- Borrow money with the value of your home
- Access your funds at any time
- Pay interest only on the amount you use
- Get funding up to 80% of the value of your home
CIBC Education Line of Credit
Here is why this line of credit might be right for you:
- borrow up to $60, 000 for your post-secondary education costs
- Get funding while in an accredited Canadian university or college
- Pay interest only on the amounts you use
- Flexible payment options
- Yearly limit may apply based on your type of educational program
- You can convert Education Line of Credit to a personal loan a year after graduation
- You can spread your payments out - up to 20 years
- Pay off all or part of your loan at nay time without penalty
CIBC RRSP Maximizer Loan
Leverage your unused RRSP contributions of $1,000 to $50,000 to meet your investment goals. Here is why this line of credit might be right for you:
- Loan term up to 10 years
- Interest rates as low as CIBC Prime +1
- Zero repayment penalty
- Loan Amount range from $1,000 to $50,000
- Flexible monthly payments
Get the best personal loan!
What rates does CIBC offer on personal loans?
Fixed and variable rates are available. CIBC Personal Loan interest rates are competitive. The actual rate you will pay on your loan will be determined by some factors like loan amount and loan term. You will learn more about CIBC Personal Loan rates during application.
When comparing personal loan offers, it is important to pick something that you can comfortably repay. While shorter loans offer lower interest rates, the monthly payments will be higher. Longer loans come at higher interest, but with lower monthly payments. Even if a longer loan costs more overall it may be more manageable.
The interest rates on personal loans vary based on many factors. Lenders review the profile and credit history of the borrower, the loan amount, the length of the loan and more.
Before choosing a personal loan with CIBC, shop and compare rates and conditions with other lenders:
Our tool lets you anonymously compare personal loan interest rates!
Get the best personal loan!
CIBC’s personal loan calculator:
You can get a quick estimate of your loan payments with Safe's personal loan calculator. Just enter the amount borrowed. Adjust the loan term and the interest rate to quickly get monthly payments and total interest paid.
CIBC Personal Loan calculator is available on their website.
How do I apply for a CIBC personal loan?
Before signing up for a CIBC personal loan, shop around! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best terms and rates for your profile.
Get the best personal loan!
You can apply for CIBC Personal Loan online, at a branch around you or call a CIBC advisor at 1-866-525-8622. You will be asked to provide the following:
- Your personal details like names, Social Security Number, etc
- Type of loan, loan amount and purpose of the loan
- Your income and employment details
- Your banking details, where required
Can I get a CIBC personal loan with bad credit?
Personal loans are available to many borrowers with a bad credit score. You will have to check with CIBC because everyone's situation is different. They will review your financial statements, your employment history and your credit score. Having a co-signer or guarantor with a better credit score increases the chances of a successful loan application.
Good to know
Some lenders exist to help borrows with poor credit scores, so even if CIBC rejects your application, you have options for a personal loan.
Before signing with CIBC, compare current personal loan interest rates and offers.
CIBC personal loans - contact information, phone number and client space
Call CIBC: 1-866-525-8622
