The table below showcases a snapshot of First Nations Bank loan options. First Nations Bank of Canada, also known as The Aboriginal Bank, was established in 1996. As the name suggests, this chartered bank provides financial services focused on Canada’s Aboriginal marketplace, though it also extends its services to non-Aboriginal people. Currently, over 80% of First Nations Bank’s shares are Aboriginal owned and controlled.
How much will a loan from FNBC cost? Use the First Nations Bank loan calculator below by inputting your desired loan amount and term. You can also try different amounts and terms until you’re certain you have a monthly repayment estimate that works for your budget.
| Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087. |
First Nations Bank personal loan calculator
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First Nations Bank personal loans review
The First Nations Bank of Canada (FNBC) personal loan is a handy financial product you can tap into for any good reason. From buying a new car and going on vacation to debt consolidation and home renovations – FNBC can help you launch your plans sooner.
FNBC loan features
So, what makes a First Nations Bank loan right for you? Here are the top FNBC loan features and benefits to help you decide:
- Loan amounts. First Nations Bank loan amounts start from $300, making this product suitable for a wide range of borrowing needs.
- Loan terms. Repayment periods range from 6 months to 25 years, so it’s easier to find a repayment amount tailored to your budget.
- Fast turnaround time. Applying for a First Nations Bank loan online only takes up to 10 minutes, and you’ll get feedback within two business days once you submit your application.
- Flexible payment arrangements. You can also tailor your loan to your cash flow by opting for monthly, semi-monthly, bi-weekly, or weekly payment frequency.
- Co-applicants allowed. You get the option to choose a joint application during the application process.
- Specialised personal loan products. Although you can take out a First Nations Bank loan for any worthwhile purpose, this lender offers specialised financial products. The consolidation loan converts your multiple loans into a single and easy-to-manage loan. The auto loan is suitable for new or used vehicle purchases, and the Home Reno loan finances your home improvement projects.
How to apply for a First Nations Bank personal loan?
You can apply for a First Nations Bank loan online, through telephone banking (1-888-454-3622), or by visiting a branch.
Check that you’re eligible
Confirm that you meet the following requirements before applying:
- Be 19 years or older
- Be a resident of Canada
- Must not have declared bankruptcy in the last seven years
- The funds must not be used by a third party (someone other than you or your co-applicant)
What you’ll need:
- Contact and employment details.
- Social Insurance Number
- Financial information, such as your annual income and the estimated value of your assets and liabilities.
- Loan information, such as desired loan amount, loan purpose, and preferred repayment frequency.
First Nations Bank FAQs
What other financing products does First Nations Bank offer?
FNBC offers a comprehensive suite of personal borrowing solutions, which includes RRSP loans, lines of credit, credit cards, and overdraft protection. Unlike personal loans, lines of credit and overdraft protection provide you with additional funds whenever you need them, without having to apply every time. You may want to look into these options if you feel a personal loan does not fully meet your financing needs. For instance, a Laurentian Bank personal line of credit might be more suitable if you prefer round-the-clock access to a pool of additional funds without having to apply for a loan each time.
Can I apply online for a First Nations Bank loan?
Yes. Applying online takes anywhere from 5 to 10 minutes. After you submit your application, you’ll get a response within two business days regarding the next steps.
What are the First Nations Bank loan interest rates?
Typically, the interest rate you get depends on your individual credit score.