ATB Loans & Lines of Credit Review

What is ATB?ATB Financial is an Alberta-based financial institution that offers a wide range of personal and business banking products to Alberta residents. It is headquartered in Canada, employs over 5,000 people and serves more than 800,000 clients.Is ATB legit?Founded in 1938, ATB Financial has over $60 billion in assets. It’s also a Crown corporation that is owned by the province of Alberta.ATB Financial has over 280 locations across Alberta and is a member of organizations such as Payments Canada and Interac Corp. You can review the regulatory framework ATB operates under on its website.Features of ATB loansLoan amountNot specified$5,000 – $50,000Loan term12 – 60 monthsOpenAPR7.20% – 14.20%Variable, based on ATB’s prime rateServiced provincesAlbertaAlbertaEligibility requirementsEmployment, income and credit score requirements applyEmployment, income and credit score requirements applyWhat are the interest rates of ATB loans and lines of credit?ATB personal loan interest rates range from 7.20% to 14.20%. Rates can be fixed or variable and are based on ATB’s prime rate, with factors such as your credit score, income, employment history and loan amount determining the rate you get. Learn more about personal loan rates in Canada.ATB lines of credit come with variable interest rates based on ATB’s prime rate. You also have the option of qualifying for a lower rate by providing an eligible asset as collateral for your loan or line of credit. Learn more about line of credit rates.What we like about ATB loansCompetitive rates. APRs on ATB personal loans start at 7.2%.Secured or unsecured. While unsecured loans and lines of credit are available, you can also secure your loan or line of credit with an asset to access a lower interest rate.Fixed or variable rate loans. You can choose the security of a fixed rate or the flexibility of a variable rate with an ATB personal loan.Flexible repayment schedule. You can make monthly, semi-monthly, bi-weekly or weekly payments with an ATB personal loan. With a line of credit, you only pay interest on the amount you use each month.Early repayment allowed. You can make extra payments towards an ATB unsecured personal loan at any time and pay it off early without penalty.Easy online application. It’s quick and easy to apply for an unsecured loan online.What to watch out forOnly for Alberta residents. ATB Financial loans and lines of credit are only available to residents of Alberta.Bad credit is not OK. You’ll likely find it difficult to qualify for a loan if you don’t have good to excellent credit.Negative customer reviews. Some customers report issues with poor customer service.Alternatives to ATB personal loans
What do ATB reviews have to say?ATB Financial reviews tend to be quite mixed. Positive reviews tend to focus on helpful and friendly customer service, particularly when visiting a branch. But ATB has picked up plenty of negative reviews too, with customers commonly complaining about online banking issues and long phone waiting times.Summary of ATB reviewsTrustpilot1.6 out of 5 stars based on 54 ATB Financial reviewsGoogleATB Financial review score varies depending on the branchBBB accreditationNot availableBBB ratingNot availableBBB reviewsNot availableReviews as of1 March 2024What are ATB’s loans?Personal loan. ATB personal loans offer a lump sum payment you can use for just about any purpose, for example to pay for a large purchase or consolidate debts. Loans can be secured or unsecured and come with either a fixed or variable interest rate, and they’re repaid over terms ranging from 12 – 60 months. You can also choose a repayment plan that suits your income frequency and pay the loan off early without penalty.Personal line of credit. An ATB personal line of credit offers access to a flexible line of credit of up to $50,000 or potentially more if you provide collateral. The credit line is linked to your ATB chequing account for ease of access, and it comes with a variable interest rate. You can make the minimum monthly interest payment on the money you use, or pay back more each month if you wish — it’s up to you.Other loans offered by ATB include home equity lines of credit, investment loans, agricultural loans and mortgages.Can I use an ATB personal loan for debt consolidation?Yes. If you have multiple unsecured debts with high interest payments, you can use an ATB personal loan to consolidate those debts into one loan with one monthly payment. Contact the lender for details of any information you may need to provide when applying for an ATB consolidation loan.
Can I get ATB loans with bad credit?No. While ATB doesn’t list any minimum credit score requirements online, you will typically need good to excellent credit to qualify for a loan.If your credit history is a little checkered, you may want to compare lenders that offer bad credit personal loans.Eligibility requirements of ATB loansTo qualify for a loan from ATB you will need to:Be a resident of AlbertaBe 18 years of age or olderMeet employment and income requirementsHave a good to excellent credit scoreDuring the application process you’ll need to provide the following:Your Social Insurance Number (optional)A form of photo ID, such as your driver’s licence or passportProof of your residential addressEmployment detailsHow to get an ATB loanIf you want to apply for a secured personal loan or line of credit from ATB, you’ll need to contact the lender to discuss your needs. But if you want an unsecured loan or line of credit, you can complete the following steps to apply online:Navigate to the personal loans page of the ATB Financial website and click “Apply Now.”Specify whether you already have any ATB Financial products. You can log in with your username and password if you do — this will speed up the application process — or enter your name, email address and password to sign up for a new profile.Enter the verification code to confirm your email address.Upload proof of ID and enter your personal details.Provide information about your assets and liabilities.Provide details of your desired loan amount and the purpose of the loan.Enter the details of your monthly payment and funding account.Set up a verbal password.Enter the relevant legal and tax information.Review all details and submit your application.Bottom lineIf you’re an Alberta resident with good to excellent credit, an ATB personal loan or line of credit is well worth considering. Rates are competitive and repayments can be tailored to your needs, so compare ATB Financial with other lenders to find the loan that suits your needs.

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