Bank of America does not offer personal loans, but you can still borrow from it through many other financial products. Bank of America still is one of the biggest lenders in the U.S., after all, ranked second in the nation in terms of assets. One reason is that Bank of America offers a variety of credit cards, with worthwhile offers for all types of applicants, from those with bad credit to those with excellent credit.
Although Bank of America personal loans are not available, plenty of other banks, credit unions and online lenders do have good personal loan offers right now. Each category of lender has its own pros and cons, so pared over two dozen of the top options to find the best deals.
Banks are the place to go when you want low interest rates. You may be able to get APRS as low as 6%, and they typically won’t exceed 25%. And if you visit a branch in person, you can apply as a credit specialist helps you through the process, though most banks allow you to apply online or by phone as well. However, bank personal loans aren’t always accessible to everyone, as they typically require credit scores of 660 or above.
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Bank of America is not the only major bank with no personal loan offers, but there are still plenty of banks that do have them. You can easily compare personal loans on .
Unlike banks, credit unions are not-for-profit institutions. They’re more likely than banks to consider people with subpar credit for personal loans. Personal loans from credit unions also have fairly low interest rates, as federal credit unions can’t charge more than 18% on most loans (and on credit cards). State credit union maximums are determined by the state. Credit unions also let you apply in person.
The only trouble with credit unions is that you have to become a member first. In order to be eligible to join, you will likely have to live, work or go to school in the area in which the credit union is based. Other ways to join include working for certain companies or having someone in your family who is an existing member. Some credit unions, such as First Tech FCU, Alliant CU and Connexus CU, let anyone join, though they typically charge a small one-time fee.
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People who want the fastest decisions and funding should consider online lenders. Some might even be able to fund your loan the day you apply, though a few business days is more common. The drawback is that online lenders tend to have higher interest rate caps. Many offer APRs of 6% or lower but some can charge as much as 36%.
As one of the largest lenders in the country, Bank of America is known for several other products and services besides personal loans, such as credit cards, mortgages and car loans. These products provide competitive rates and terms.
Bank of America offers a number of mortgage options to borrowers in every state, with competitive rates and closing costs. If you’re an existing customer, you could get reduced loan origination fees.
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These loans offer options for new cars, used cars and refinancing. You can even lock in a loan rate for up to 30 days before you purchase a car.
These lines of credit allow you to borrow based on the equity in your home – the value of your home after subtracting the amount you still owe on the mortgage. Bank of America home equity lines of credit offer various APRs by state, but you’ll need excellent credit to get the lowest rates. These loans also have no application fees, closing fees or annual fees.
In order to find the best alternatives to Bank of America personal loans, used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
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The average of these three scores reflects how close a loan offer is to ’s definition of a 5-star loan. For more information, please read ’s full methodology.
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No, Bank of America does not offer personal loans. However, if you have a Bank of America checking account for at least one year, you may qualify for the BofA Balance Assist program, which allows you to borrow up to $500 for only a low flat fee.
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Even though Bank of America does not offer traditional personal loans, you can get a home loan, an auto loan, or a credit card from them. For...
Yes, Bank of America can loan you money if you get a mortgage, a home equity loan, an auto loan, a business loan, or a Balance Assist™ loan. Balance Assist lets you borrow up to $500 for 90 days for a low flat fee, but it's only available online or through the company's mobile banking app. You can also borrow money with a Bank of America credit card.
The best banks for personal loans offer $0 origination fees, low APRs and relatively large loan amounts. Other features of the best banks to get a personal loan from include long payoff periods and quick approval times. Most of the top personal loans from banks are available nationwide, too, but some lenders operate on a more regional basis.
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Unlike other sites that only promote loans they're paid by, 's editors focus on finding the best loans. makes it easy to find the best banks for personal loans.
To identify the best banks for personal loans, pared offers from more than 15 of the largest banks in the U.S. Below, you can see ’s picks, along with what makes them the best.
's best personal loan picks and ratings are completely independent and not provided, commissioned, or endorsed by any lender. Some offers may come from 's advertising partners.
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There are many pros and cons of bank loans, but the pros tend to outweigh the cons. Some of the pros of bank loans are the ability to fill out an application in person, the lack of origination fees and potentially low minimum APRs. The cons of bank loans include high credit score requirements, potentially high maximum APRs and slower approval.
Many banks do personal loans, including Wells Fargo, Citibank, American Express, Discover and U.S. Bank, to name a few of the biggest lenders. In addition to large national lenders, there are thousands of local banks that offer personal loans, giving borrowers plenty of choices. Below, you can see some of the biggest banks that do personal loans, along with their rates.
The major bank with the lowest interest rate for a personal loan is Barclays, which advertises a 4.99% APR. Other notable banks with low personal loan rates include PNC (5.99% APR) and American Express (6.98% APR), and some smaller banks across the country may also offer personal loans with similarly low rates.
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To get a personal loan from a bank, first check your credit score, then compare available offers to find the best rates, fees and payoff periods. After that, check for pre-qualification, submit an application either online or in person and wait for a decision. The steps may not sound all that complex, but preparing to get a loan can be time consuming.
Yes, banks offer debt consolidation loans and lines of credit. Nine of the 10 largest consumer banks in the U.S. have at least one major debt consolidation option, including personal loans, home equity loans, home equity lines of credit (HELOCs), and credit cards.
In addition, you should consider debt consolidation loans from credit unions and online lenders if you want to find the best deal.
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Getting a personal loan without a bank account can be tricky, and the only way to do it is by getting a secured card that doesn't require a bank account, such as the OpenSky Secured.
You need to fund a security deposit that becomes your credit limit, so technically you're not getting a loan. There aren't really other ways to obtain a loan without a bank account.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify. You do need to be a member of the military community, though.
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