National Bank personal loan review

What is National Bank?

National Bank is one of the six largest banks in Canada. It has been in business since 1859, and its wide range of financial products, such as credit cards, loans and bank accounts, are available across Canada.

Finder Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada based on customer satisfaction feedback. In 2024, we completed the Finder: Personal Loans Best-in-Class Awards, which recognizes the best personal loan brands in Canada based on our data-driven methodology.

What we like about National Bank personal loans

• Flexible options. You can choose between a fixed and variable interest rate when applying for a personal loan. You can also borrow large amounts as long as your financial situation meets National Bank’s criteria.
• Defer payments. If needed, you can defer a payment by contacting a National Bank representative. To be eligible, you must have made regular payments for the last six months. You can defer a payment twice per year with a fixed-rate loan, while you can only defer once for the entire life of the loan with a variable-rate loan.
• Early payment. If you have the means, you are able to pay off your unsecured personal loan with National Bank at any time without penalty.
• Additional payments. National Bank also allows you to make additional payments to your loan so you can save on interest.
• Use for any need. You can use a National Bank personal loan for various purposes, such as consolidating debt, paying for a major expense, financing a vacation and improving a home.

What to watch out for

• Interest rates are not online. National Bank used to be transparent about its personal loan interest rates by displaying them on its website, but this isn’t the case currently.
• Bad credit not accepted. You’ll need to be in a good financial situation to get approved for financing.

Alternatives to National Bank personal loans

Can I use a National Bank personal loan to consolidate debt?

Yes, you can get a personal loan from National Bank to consolidate debt. However, National Bank has strict eligibility requirements like the other big banks. Qualifying will depend on the amount of debt you have, your income, credit score and other personal factors. You’re more likely to get approved for a debt consolidation loan if you can show National Bank that you will be able to manage the loan repayments given your current income and debts. Learn more about the best debt consolidation loans.

Am I eligible?

To be eligible for a personal loan from National Bank, you must:

• Be a Canadian citizen or permanent resident
• Not been denied credit in the last six months
• Have already had credit at some point
• Have reached the age of majority in your area
• Have a source of employment or pension income

How do I apply for a National Bank personal loan?

To apply for a National Bank personal loan, you can head to its website and begin the application process. The application shouldn’t take more than 15 minutes to complete.

You will have to:

• Fill in your personal information, including date of birth and the province you live in
• Fill in some financial history information, including credit card or loan history, if you have ever been refused credit or declared bankruptcy
• Answer if you are applying for a joint application, and if so, who you are applying with

You will also need to have some documents on hand including:

• Contact information for your employer
• Finances such as income, liabilities, bank accounts or credit cards

After applying, you should receive a confirmation email shortly after and receive an email or phone call from a representative within 24 to 48 hours for their decision.

Is National Bank legit?

Yes, National Bank is legit. National Bank is one of the largest banks in Canada, serving more than 2.4 million clients across the country since 1859.

I got a National Bank loan. Now what?

After getting a National Bank personal loan, be sure to make the payments on time. Missing payments can result in fees and a decrease in your credit score.

If you want to, you can make additional payments or pay off your personal loan in full early, which saves you on interest. You can do so by signing in to your account with National Bank.

Bottom line

National Bank is a solid choice if you are in a strong financial position and are looking to get a personal loan from a big bank. Before committing to a lender, it’s worth exploring and comparing the personal loan options available to you.

Dive deeper: Have time? Compare 35+ personal loans

Frequently asked questions

• Can I secure my loan with collateral?

  You may be able to secure your loan with eligible assets, such as your house.

• Can I remove a co-borrower from my loan?

  Yes, but you will have to renegotiate the terms of the loan with a representative from National Bank.

• What are the interest rates of National Bank personal loans?

  Unfortunately, National Bank no longer shows its personal loan rates on its website, but you can expect its rates to be similar to other big banks. If you’re looking for a competitive rate, check out our guide to low interest personal loans.