BMO Bank of Montreal announced the launch of a new lending solution which provides customers the simplicity of applying for a personal line of credit directly from their mobile devices. Customers are now able to apply for credit by completing a short and user friendly digital application and will receive a decision on their loan in minutes.
"Canadians continue to turn to their mobile devices for their day-to-day banking. We saw an opportunity to introduce a digital loan solution to make customers banking experience easier and available anytime and anywhere," said Brett Pitts, Chief Digital Officer, BMO Financial Group. "This new digital service is a reflection of BMO's strong commitment to digitize day-to-day banking transactions that better support our customers."
The platform will offer:
- A true digital experience: An application can be completed from a mobile device through a simple digital interface. Eligible approved customers will also have the ability to open the loan without ever visiting a branch.
- Real-time decision: Customers will receive an instant decision on a line of credit.
- Faster access to credit: Eligible approved customers will be able to tap into loans in as little as 48 hours.
Over the past year, the bank has introduced a number of new digital tools and enhancements – including the ability to open banking accounts and apply for credit cards from a mobile device – and is committed to investing in digital innovation to create better experiences for digitally-driven customers.
BMO encourages customers to familiarize themselves with borrowing options available to them and to consider how the specific terms will affect their day-to-day finances. Customers looking to speak with a lending expert can book an appointment at their nearest branch to discuss their financial needs and determine if a line of credit is the best option.
The new offering is available to existing BMO customers using the BMO Mobile Banking application.