Independent head-to-head comparison of APR, loan limits, credit requirements and funding speed for two Canadian lenders.
Canada's largest bank by market capitalization offering competitive mortgages, personal lines of credit, and debt consolidation loans.
Visit RBC Royal BankPioneer of the 130-day mortgage rate guarantee and specialized low-rate Smart Fixed mortgages.
Visit BMO Bank of Montreal| Feature | RBC Royal Bank | BMO Bank of Montreal |
|---|---|---|
| Lowest APR | 5.14% | 4.99% |
| Highest APR | 11.99% | 11.95% |
| Min Loan | $5,000 | $5,000 |
| Max Loan | $1,500,000 | $1,500,000 |
| Min Credit Score | 660 | 650 |
| Funding Time | 24-48 hours | 24-48 hours |
| Loan Types | mortgage, personal, debt_consolidation, auto, business | mortgage, personal, debt_consolidation, business |
| Provinces | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU |
RBC Royal Bank starts at 5.14% APR while BMO Bank of Montreal starts at 4.99%. The cheapest option depends on your credit score, loan amount and term. Always compare your personalized APR offers — advertised rates are minimums for the strongest applicants.
RBC Royal Bank typically requires a minimum credit score of 660. Below that, consider alternative lenders that specialize in credit-challenged borrowers.
BMO Bank of Montreal typically funds in 24-48 hours after final approval. Same-day funding usually requires e-transfer-eligible accounts and document approval before cutoff.
RBC Royal Bank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. BMO Bank of Montreal serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. Province availability is a hard requirement — verify before applying.
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