CIBC Personal Loans and Lines of Credit

Personal loans and lines of credit are becoming increasingly popular for people who desire to take advantage of the deals offered by numerous banking retailers. Personal lines of credit are often used for purchasing a new car, vacation, boat or other type of recreational vehicle. CIBC personal loans and lines of credit are useful if the terms on the loan allow clients to pay off the loan prior to the item losing value.

Before obtaining a personal loan or a line of credit, borrowers must be familiar with the following terminology:

  • Principal Amount. This term describes the amount being borrowed.
  • Annual Interest Rate. This term describes the interest rate being charged on the loan.
  • Annual Percentage Rate (APR). The annual percentage rate describes the annual cost which also includes fees such as service charges, administrative fees and loan origination fees.
  • Term. Term describes the length of your loan agreement.
  • Date of Advance. The date when you will be charged interest.
  • Amortization Period. The time required to pay the loan off in full.

Bank Issued Unsecured Loans and Personal Loans

Unsecured personal loans are typically offered to the consumer with fixed or variable rate interest. Flexible repayment terms may help clients obtain loans that are favorable. With diverse payment options, clients may repay their loan consistently when the loan is structured to match their income. Clients are more likely to apply for a loan when they feel the banks have their best interest at heart.

Some of the most critical components of CIBC personal loans are listed below:

  • Review Credit History. Credit specialists will be available to discuss the client’s options for loans. They will review the client’s credit history to determine if they can find an option that suits the needs of the client. The client must ensure their credit score is favorable to obtain the best terms for the loan.
  • Verify No Prepayment Penalties. Clients must also ensure that they will have no prepayment penalties if they pay off the loan early.
  • Typical Loan Terms. At CIBC, clients may borrow up to $200,000 and a minimum of $3,000. Amortization is usually five years on an unsecured loan. Payments may be made through the Electronic Fund Transfer (EFT). Expedited approval process will allow clients to get access to credit faster.

Bank Issued Unsecured and Personal Lines of Credit

Personal lines of credit are often obtained for finance a vacation, home renovation, unexpected emergency or a car purchase. There are a couple of items one must know prior to obtaining a personal line of credit.

  • No Pre-Payment Penalty. Personal lines of credit with CIBC can be approved online in under 10 minutes and have no pre-payment penalty if the entire balance is paid off early.
  • Low Minimum Payments. Interest only payments are available to clients that need to keep their expenses low.
  • Flexible Payment Options. Clients desire flexible payment options and also flexible application options. Clients that can apply or pay online, in a local branch or by phone appreciate the flexibility that they are afforded.

Creditor Insurance Offers on Personal Loans and Lines of Credit

Personal loan plan disability insurance is available to clients in the event that they lose their job for unforeseen reasons. Several of the features of CIBC creditor insurance available for personal loans and lines of credit are listed below:

  • Loan Repayments During Illness. Insurance will be made with insurance if an individual cannot work due to illness or injury. Typically, up to $1,500 per month will be repaid. This insurance is available to any applicant who is between the ages of 18 and 64 and is employed at the time of the application.
  • Benefits Paid After 30 Days. Benefits will begin after 30 days of continuous disability if the individual is working. If the individual is not working, the benefits will begin in 90 days. The premium paid will be based upon the declining balance on the loan.
  • Pre-existing Health Conditions. Most insurances will not cover pre-existing health conditions in the first 12 months. There is no medical questionnaire to complete. Clients are automatically accepted.