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This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own. 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 WalletHub compared over two dozen of the top options to find the best deals. Best Bank of America Personal Loan Alternatives
Below, you can learn more about the top alternatives to Bank of America personal loans, including other finalists in each category.
2022's Personal Loan Offers Bank of America Personal Loan Alternative #1: BanksBanks 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.
*According to multiple third-party sources 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 WalletHub. Bank of America Personal Loan Alternative #2: Credit UnionsUnlike 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. Bank of America Personal Loan Alternative #3: Online LendersPeople 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%.
*According to multiple third-party sources Other Ways to Borrow From Bank of AmericaAs 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 also offers checking accounts, savings accounts and investment services. MethodologyIn order to find the best alternatives to Bank of America personal loans, WalletHub 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.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology. Bank of America Personal Loan FAQ(16 questions)Adam McCann, Financial Writer The major bank with the lowest interest rate for a personal loan is Barclays, at 5.74%. Other notable banks with low personal loan rates include HSBC (5.99%) and PNC (5.99%). Some smaller banks across the country may also offer personal loans with similarly low rates. Banks with the Lowest Interest Rates for Personal
Loans But just because a lender advertises an interest rate below 6% or 7% on personal loans, as many do, does not mean you are guaranteed that minimum rate. In fact, you'll likely need excellent credit (a score of 750+) to qualify for a lender's lowest rate. Personal loan providers usually display their APRs as a range. For example, Barclays
has a minimum APR of 5.74%, but their maximum is 20.99%. The exact rate you receive will depend on such things as your income, credit score and current debts. Of the largest banks in the country that offer personal loans, those listed above have the lowest interest rates. A few other banks with personal loans have slightly higher minimum rates. For example, Wells Fargo's APRs start at 7.24%. Others have minimum APRs that are significantly higher; USAA's personal loan APRs start at 9.49%. If you use WalletHub's free pre-qualification tool, you can see which major lenders are likely to approve you and what rates you might qualify for. It's also good to note that banks aren't the only place to get personal loans. Credit unions and online lenders are options, too. Each type of lender has its own
advantages and disadvantages. Adam McCann, Financial Writer 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. How to Get a Personal Loan from a Bank Check Your Credit The first step in getting a personal loan from a bank is always to check your credit score and reports because
credit history is the biggest deciding factor for approval and most personal loans require a credit score of 660 or higher. There are some major banks that offer secured personal loans for people with bad credit, including Wells Fargo, PNC, Fifth Third Bank and KeyBank. But if your score is on the lower side, you may want to consider credit unions or online lenders instead, as they are more likely to offer personal loans for bad credit. Choose Between the Available
Offers
Next comes the most difficult part of the process, comparison shopping. WalletHub's tool can help you find available loans from banks that cater to your credit level. From there, you can choose which loans are best for you based on their lengths, required payments, interest rates and more. Check for Pre-qualification Once you've decided on a few good options, you will want to check if you are
pre-qualified for any of them. The bank may have a tool to do this on their website, or you may be able to check in a branch. If you want to get pre-qualified with multiple lenders at once, you can use WalletHub's free pre-qualification tool. Getting pre-qualified means you have very high (but not 100%) chances of being approved. Pre-qualification also has no effect on your credit. Apply Online or in
Person Eventually, you'll settle on one personal loan. At that point, you can apply either online or at a bank branch. Applying online typically gives you the fastest decision, since it's automated. But applying in-branch may plug you right into an automated system, too. And you'll have the expertise of a banker with you. Wait to Hear Back In most cases, it won't take long to receive a decision. You may get one instantly, and typically won't have to wait more than a few business days. Occasionally, it could take up to a few weeks. After you're approved, it will usually take at least one business day for the bank to transfer the funds to you. There aren't too many differences between how to get a personal loan from a bank and how to get one from other types of lenders. But there are a few. First off, you're more likely to need a credit score of 660 or better to get a loan from a bank, while credit unions and online lenders are more likely to cater to people with subpar credit. In addition, unlike online lenders, banks offer the ability to apply in person. You can have a credit specialist sitting right there with you as you apply. Do banks offer debt consolidation loans?Adam McCann, Financial Writer Banks do offer debt consolidation loans but not by that name. Rather than providing loans solely for the purpose of debt consolidation, banks offer loans and lines of credit that can be used for debt consolidation as well as other types of transactions. These include personal loans, home equity loans, home equity lines of credit (HELOCs), and credit cards. Just four of the 10 largest consumer banks in the U.S. have all four major debt consolidation options. But nine have more than one. Let's take a look at some of the biggest banks in the U.S. and which methods of debt consolidation they offer. Banks That Offer Debt Consolidation Loans & Lines of Credit Pretty much any bank will offer at least one financial product that you can use for debt consolidation. However, you shouldn't discount other types of lenders. Credit unions and online lenders offer debt consolidation loans, too, and some of them may have better deals than banks. Can I get a personal loan with no bank account?Adam McCann, Financial Writer 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. What are the pros and cons of bank loans?Rick Bormin, Personal Loans Moderator 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. The term "bank loans" in this context refers to personal loans taken out from a bank, as opposed to a credit union or an online lender. You might also see the term used to describe personal loans in general or business-specific loans, though. Below, you can learn more about the pros and cons of getting a personal loan from a bank. Pros of Bank Loans
Cons of Bank Loans
Banks can offer very good deals on personal loans, but you should also consider credit unions and online lenders when choosing the best personal loan for you. You can check out WalletHub's guide on the best place to get a personal loan for more information. What banks do personal loans?Rick Bormin, Personal Loans Moderator 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. Major Banks That Do Personal Loans
If you don't find a bank that you like from among the biggest lenders in the country, you can check out local banks that do personal loans. You can find banks in your area on WalletHub. Keep in mind that banks aren't the only financial institutions that offer personal loans. You can get a personal loan from a credit union or an online lender, too, so it's worth considering all your options before you settle on one. You can take a look at WalletHub's picks for the best personal loans to get started. View more answers Is there a Bank of America debt consolidation loan?Alex Wise, WalletHub Credit Cards Analyst Bank of America does not offer debt consolidation loans, or personal loans for any purpose. However, BofA does provide two different non-loan methods for consolidating debt. They are home equity lines of credit and balance transfer credit cards. Alternatively, you could look outside of Bank of America. Plenty of different lenders do offer debt consolidation loans. Bank of America's first option is a home equity line of credit, or HELOC. A HELOC is a line of credit where the amount you can borrow depends on the difference between how much your house is worth and how much you still have left to pay on it. This means you may be able to borrow very high amounts. BofA also offers APRs as low as 5.9%. The catch is that you have to use your house as collateral on the loan. So it's dangerous if you default. The second option is to apply for a balance transfer credit card. Bank of America has a number of balance transfer offers, the best of which is the BankAmericard credit card. Its balance transfer APR is 0% for 21 billing cycles for any balance transfers made in the first 60 days. And the balance transfer fee is 3% (min $10) for each balance consolidated. Depending on the amount of debt you need to consolidate and what rates you can qualify for, either a HELOC or a balance transfer card may be a good option for you. However, you may also want to consider debt consolidation loans from other lenders, like Wells Fargo or Marcus by Goldman Sachs. View more answers What is the easiest bank to get a personal loan from?Adam McCann, Financial Writer 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 that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify. Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo's secured loans require collateral in the form of money in a Wells Fargo savings account or CD. Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700). Easiest Banks to Get a Personal Loan From:
These credit score requirements are either official info from the lender or the consensus of third-party sources. The average person's credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo. You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant's minimum score requirement is reportedly 600 and LendingPoint's is 585. Is there a Bank of America home improvement loan?Adam McCann, Financial Writer The only way to get a Bank of America home improvement loan is by taking out a home equity line of credit, or HELOC. The amount you can borrow is based on the equity in your home, which is the value of your house after subtracting the amount you still owe on the mortgage. Once the line of credit opens, you're free to borrow up to the credit limit. But you're not obligated to borrow, unlike with an installment loan where you get a lump sum up front. When you borrow from the HELOC, you can use the money for any purpose. You must make monthly payments on whatever you borrow. BofA HELOC interest rates vary by state, but their lowest rates are below 6%. Customers will need excellent credit to get the lowest rates. These lines of credit have no application fees, no closing fees and no annual fee. But the danger of a HELOC is that you can lose your house if you default. Bank of America does not offer personal loans, the other main way to borrow money for home improvements. Unlike a HELOC, a personal loan usually is not secured by any collateral. So if you don't want to put your house on the line for home improvement (understandable), Bank of America isn't the lender for you. WalletHub has an article on the best alternatives to Bank of America personal loans that may help you out. Does Bank of America offer secured personal loans?Was this article helpful? Does Bank of America give personal loans?Despite it being one of the largest financial service providers in the United States, Bank of America doesn't offer personal loans. To find an alternative to Bank of America personal loans, you can compare the companies below or read on to learn more about what loans are offered by the bank.
What is a good interest rate on a personal loan?A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
What is the interest rate on a $5000 personal loan?Personal loan lenders that offer $5,000 loans. How much would a $5000 personal loan cost a month?Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month.
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Bank of america personal loan interest rates
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