CIBC loans and lines of credit review
Our verdict
Get a flexible repayment schedule and funding to suit your needs with CIBC loans.
CIBC is well worth a look if you need a personal loan or line of credit. It's easy to apply online, you can choose from secured or unsecured options, and you can tailor a repayment schedule to suit your income and budget. You can borrow up to $200,000 with an unsecured personal loan, or more if you provide collateral. But as CIBC is a major lender, borrowers with poor credit may need to look elsewhere.
Pros
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Easy online application
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Choose from a secured or unsecured loan
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Large loan amounts
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Flexible repayment plans
Cons
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Rates not listed online
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It may take up to five business days for your application to be processed
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Not suitable for bad credit
What is CIBC?
The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s “Big Six” banks. Established in 1867, this major bank offers a wide range of retail, business and commercial banking products and services.
Its offerings for retail customers include chequing and savings accounts, credit cards, mortgages and loans, investment accounts and insurance. CIBC customers can manage their accounts via online banking and the CIBC Mobile Banking app, or visit their nearest branch.
Is CIBC legit?
CIBC is one of the largest banks in North America and boasts over 13 million clients globally. Headquartered in Toronto, it has assets of over $940 billion.
CIBC operates more than 1,000 branches and over 2,900 ATMs across Canada. It was also awarded for improving digital banking experiences for its customers in The Digital Banker’s 2023 World Digital Bank Awards.
Features of CIBC personal loans and lines of credit
| Feature | Personal loan | Personal line of credit |
|---|---|---|
| Loan amount | From $3,000 (borrow a maximum of $200,000 with an unsecured loan) | $5,000 and up (unsecured), $10,000 and up (secured) |
| Loan term | 1 - 5 years | Open |
| APR | Varies | 5.45% + amount that varies based on your financial situation |
| Serviced provinces | Across Canada | All |
| Eligibility requirements | Must not have been declined for credit by CIBC in the last 6 months and must not have declared bankruptcy in the past 7 years. If applying for an unsecured loan, you must have a minimum total annual income (gross) of $17,000. | Must not have been declined for credit by CIBC in the last 6 months and must not have declared bankruptcy in the past 7 years. If applying for an unsecured line of credit, you must have a minimum total annual income (gross) of $20,000. |
What are the interest rates of CIBC loans and lines of credit?
CIBC personal loan rates and line of credit interest rates are not listed online, so you’ll need to apply or contact CIBC directly to find out what sort of rate you qualify for. The rate you get will be determined by factors such as:
- Your credit score and history
- Your income
- Whether you apply for a secured or unsecured loan or line of credit
- How much you borrow
- Your loan term
Learn more in our guides to personal loan interest rates in Canada and line of credit interest rates in Canada.
What we like about CIBC loans
- Easy online application. It’s quick and easy to fill out an online application form for a CIBC personal loan or line of credit.
- Secured and unsecured options available. If you’ve got an asset to offer as collateral, you can access a better rate and a larger loan amount.
- Large loan amounts. You can borrow up to $200,000 with an unsecured personal loan from CIBC.
- Flexible terms. Repay what you borrow over 1 - 5 years with a CIBC personal loan.
- Choose your repayment frequency. You can make repayments towards a CIBC personal loan on a weekly, bi-weekly, semi-monthly or monthly basis, and you can change your repayment frequency at any time.
- Pay off your loan early. You also have the option of paying off your personal loan early without being charged any fees.
- Easy access to funds. With a CIBC line of credit, you can access your money via online and mobile banking as well as through CIBC Banking Centres, ATMs and telephone banking.
What to watch out for
- Rates not listed online. CIBC does not list an APR range for its loans or lines of credit online, so you can’t get an idea of what type of rate you might qualify for before applying.
- Not suitable for bad credit. As a major bank, CIBC typically works only with borrowers who have good to excellent credit.
- Slow approval process. After you submit your application, CIBC will contact you by phone within five business days to help you complete the application process.
Alternatives to CIBC personal loans
Finder Score for personal loans
To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.
What do CIBC reviews have to say?
As is the case with other major Canadian banks, CIBC has plenty of negative online customer reviews. Customers complain about factors such as disappointing customer service, spending a long time on hold to customer support, and account issues.
Google reviews for individual CIBC locations vary from one branch to the next, so it’s worth checking out the reviews for your nearest branch. Meanwhile, the CIBC Mobile Banking app scores 3.6 out of 5 among 39,500-plus Android users and 4.3 out of 5 among 17,800-plus Apple users.
Summary of CIBC reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | F |
| BBB reviews | 1.16 out of 5 stars, based on 75 CIBC reviews |
| Google reviews | Varies from branch to branch |
| Trustpilot reviews | 1.4 out of 5 stars, based on 1,290 CIBC reviews |
| Customer reviews verified as of | March 18, 2024 |
CIBC reviews from Finder survey
What are CIBC’s loans?
There are two main options to consider if you’re looking for a loan from CIBC:
- Personal loan. CIBC’s fixed-rate personal loans are designed to help you pay for a specific purchase, such as taking a vacation or renovating your home. You can take out an unsecured loan of up to $200,000, or secure the loan with your home or other assets to access a larger amount and a lower rate. Terms of 1 - 5 years are available, and you can make extra payments or pay your loan off early without penalty.
- Personal line of credit. A CIBC line of credit provides ongoing access to money when needed. There are unsecured and secured lines of credit available, with credit amounts starting at $5,000 and $10,000 respectively. The interest rate is variable, you only pay interest on the money you use, and you can pay off all or some of what you owe at any time without incurring extra fees.
Other loans offered by CIBC include car loans, RRSP loans, home equity lines of credit and RRSP loans.
Can I use a CIBC personal loan for debt consolidation?
Yes. You can use a personal loan from CIBC as a debt consolidation loan. This allows you to take out a loan to pay off all your unsecured high-interest debts. You then have only one monthly payment to manage as you pay off your CIBC personal loan, while you also reduce the total interest you pay on the money you owe.
Can I get CIBC loans with bad credit?
CIBC doesn’t list any minimum credit score requirements for its personal loans or lines of credit online. However, CIBC, like all other major banks and traditional lenders, will typically online offer loans to borrowers with good (or better) credit scores of around 660 and up.
If your credit history is less than perfect, you may need to compare lenders that offer bad credit personal loans.
What are the eligibility requirements of CIBC loans and lines of credit?
To qualify for a personal loan or line of credit you will need to meet the following CIBC loan requirements:
- Be a Canadian resident and the age of majority in your province or territory (US residents are also eligible to apply for a secured line of credit).
- Not have been declined for credit by CIBC in the last six months.
- Not have declared bankruptcy in the past seven years.
- If applying for an unsecured personal loan, you must earn a minimum total annual income (gross) of $17,000.
- If applying for an unsecured line of credit, you must earn a minimum total annual income (gross) of $20,000.
How to apply for a loan or line of credit with CIBC
Here’s how to apply for a CIBC personal loan or line of credit online:
- Click the “Apply online” link on the CIBC website.
- Select either a personal loan or a line of credit and then choose either secured or unsecured.
- Enter the amount you want to borrow.
- Provide your name, address, Social Insurance Number and contact details.
- Provide your employment and income details, bank account information, and details of your assets and debts.
- You’ll also need to provide proof of ID and proof of income and employment.
Bottom line
CIBC personal loans and lines of credit are a competitive option for borrowers with good to excellent credit. You can access large loan amounts, provide collateral to get a better rate, and choose a repayment schedule that works for you.
Ultimately, it’s important to compare multiple lenders and their rates and fees before deciding on the right loan for you.
Frequently asked questions
