BMO Harris Express Pay is one of the oldest financial services in Chicago. The BMO Harris Express loan pay has been helping individuals and students pay for loans and many other financial services of such. Whether you’re a new customer or an existing member considering making payments for a loan from BMO, BMO offers one of the best solutions. Here, we will look at what BMO Harris Express Pay entails, the types of loans available, the ways to get them, and the essential information you need to know about this service.
About BMO Harris Express Pay
BMO Harris Express Loan Pay is an online service established in Chicago in 1882, which makes it one of the oldest financial institutions in the U.S. BMO Harris Express Pay allows you to conveniently pay for auto, student, personal lines of credit, and business-related loans.
BMO Harris Express Pay is highly intuitive and is available in mobile form. It is easy to use and helps you not to miss a loan payment and accrue late fees that might damage your credit score.
How Does BMO Harris Express Pay Work?
To use BMO Harris Express Pay service, you must have an active savings or checking account with BMO Harris Bank and a registered account in their online banking service, which can be accessed on their website or mobile app.
To register for the BMO Harris Express Loan Pay Program, you must fulfill some specific eligibility criteria, which are as follows:
- You must be a primary account holder of the BMO Harris auto loan.
- You must be at least 18 years old
- You must be a U.S. citizen or a permanent resident.
After meeting the criteria, the next is to create an account. During the account opening process, you will provide your name, phone number, email address, physical address, and BMO Harris auto loan account number. Also, you will be requested to select a username and password that will serve as your login credentials for your account.
A fantastic thing about BMO Harris Express Loan Pay is that it employs various security measures to protect your financial and personal information and that an unauthorized user does not access your account.
BMO Harris Loan Login
Here are the steps to follow to log in for BMO Harris Express loan pay:
Step 1: Go to the BMO Harris Express Loan Pay official website and tab on the “Sign Up” button in the top right.
Step 2: Provide all the asked basic information, such as your name, date of birth, address, and social security number.
Step 3: Verify your information by clicking the security code sent to your mobile phone or email.
Step 4: Create a secure username and password. It should be easy to remember.
Step 5: Upon successfully signing up, you can now make payment conveniently.
BMO Harris Express Pay Auto Loan
BMO offers competitive auto/boat/R.V. loans, allowing you to buy the vehicle you want from a private party or a dealer. The payment amount, number of monthly payments, and APRs are based on your credit score and the vehicle model year. Its payment options, rates, and terms are flexible and can be customized, but note that you will be required to make fixed monthly payments.
When applying, the vehicle’s age and credit score will be assessed. Cars older than 2017 do not qualify for an auto loan. The auto loan comes with a $75 loan processing fee, and the APR can be as low as 8.34% APR, while R.V. and Boat rates can be as low as 9.14%. You can call 1-888-340-2265 for additional inquiries or payment.
BMO Harris Express Student Loans
BMO Harris partners with Nelnet Bank to give its customers smart borrowing solutions to students and partners. They provide smart student loans that are easy and quick to access. The application is done online and attracts no application fee or a prepayment penalty. Also, this private student loan offers multiple repayment options where you can choose the one that suits you the best. You can choose an immediate plan, an interest-only plan, or a deferred repayment. Additionally, you are given a six-month grace period after leaving school.
You do not need a consigner if you have a good credit score rating. However, there are some requirements you must meet to qualify for the student loan, and they are as follows:
- You must be enrolled at or attend a Nelnet Bank-eligible school
- You or your cosigner must have a good credit score matching Nelnet Bank’s credit criteria.
- You must be of legal age or apply with a cosigner up to maturity in their region or state.
How Much Can You Borrow?
For an undergraduate degree:
- Minimum loan amount: $1,000
- Maximum loan amount: $125,000
For a graduate degree:
- Minimum loan amount: $1,000
- Maximum student loan limit:
- Graduate and doctorate: $175,000
- Graduate health professions degree: $500,000
- MBA or graduate law degree: $175,000
How to Apply:
You can apply online on the Nelnet Bank website. Follow the displayed information to complete the application.
BMO Harris Line of Credit
BMO Harris line of credit gives you access to a line of credit that you can conveniently borrow whenever you need it to offset some personal money urgency or needs. You can use the money for emergency stuff, education expenses, and home improvement to manage your cash flow and consolidate your debt.
You incur no interest using your line of credit and make no payment until you use it. You only pay interest on the amount you borrow and can borrow again and again as you pay down your line without having to reapply again. You must know that a personal line of credit has a variable interest rate, which can change over time. You must have a good credit history to be eligible for a line of credit.
An annual fee of $25 for using the personal line of credit is waived in the first year and attracts an APR of 16.75%. There is no fee for closing or paying off the line of credit.
How to Make Payments With BMO Harris Express Loan Pay
Here are the steps to make payments with BMO Harris Express Loan Pay:
- Go to your account: Sign to your BMO account Express Pay page and provide your account number and the last four digits of your Social Security number.
- Make your payment: Next, select the account you want to make payment, the amount, and the preferred method.
- Provide your contact information: You must provide your email and physical addresses.
- Authenticate the details: The next step is to review and verify the information to ensure they are error-free. After that, you can click on payment and be issued a confirmation reference I.D. number.
After a successful payment, BMO will debit the money from the linked checking account within two days.
BMO Harris Express Loan Payment Limits
With BMO Harris Express loan payment, you can only make one payment every 14 days. You must choose a different payment method to make another payment within that time frame.
BMO Express Loan Pay does not support you setting automatic payments. You must get the BMO Bill Pay to set up an automatic payment. The BMO Bill Pay service allows you to manage payments for different loan products, including credit card and bill payments.
Is BMO Express Loan Pay Legit?
Yes, the Express Loan Pay service is legit. It is super secure and uses various security measures to safeguard your information, such as data encryption, digital firewalls, and timeout features.
When Should You Use BMO Express Loan Pay
Here are some reasons why you should use BMO Express Loan Pay and why it is a good choice.
- Easy to use: BMO has an intuitive feature that makes it easy to repay your loans, even if you are not a tech guru.
- Fast and secure transactions: The Express Loan Pay feature allows you to make transactions from home. It is fast and also secure. You don’t have to worry about your data or information being stolen.
- Free to use: You don’t have to pay extra for this feature. It has no hidden fee, so you don’t have to worry about that.
BMO Harris Express Loan Pay Restrictions
Here are some of the restrictions you should know when using this feature.
- Minimums and maximums payment apply: Payment must be between $0.01 and $5,000.
- Can’t be used to offset a loan fully: You cannot pay off a loan in full using this service. You have to contact the bank at 877-553-2265 to be able to make a full payment.
- Payment cancellation hurdles: If you make a payment and want to cancel it, you must call the bank before 9 p.m. C.T. on the scheduled payment date. Payments made between 9 p.m. and 10 p.m. can’t be canceled.
BMO Harris Express Pay is one of the most convenient services to consolidate your debt and make payments. Additionally, it partnered with some services to ensure you get access to certain features like student loans. To enjoy this service, you must download the app to your phone, register an account and create a login.