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While Bank of America offers many other financial services and products, unfortunately, it doesn’t offer personal loans. Instead, it offers a variety of different loans that serve a particular purpose, such as mortgages and auto loans. Headquartered in Charlotte, North Carolina, Bank of America is best known as a large national bank and financial services provider, with branches all over the country. Founded in 1998, it is the second-largest banking institution in the United States.
While you may not be able to secure a Bank of America personal loan, there are a variety of alternatives to Bank of America personal loans that offer similar products at reasonable prices. When choosing a lender for a personal loan, you should make sure to shop around and compare rates in order to ensure that you’re getting the best deal possible.
PNC Bank offers personal loans of $1,000 to $35,000.
Varies by zipcode
3.8 / 5.0
SimpleScore PNC 3.8
Loan Size 5
Customer Satisfaction N/A
These loans can be used for any purpose, so whether you need to finance an emergency home or auto repair or need help remodeling your house, you can use a PNC Bank loan to do so. Rates vary based on location. PNC Bank doesn’t charge any origination fees and also offers the ease and convenience of an online application. A personal loan from PNC bank is a good choice for borrowers who have good credit scores and can qualify for low rates.
TD Bank offers personal loans of $2,000 to $50,000, giving borrowers the funds they need to meet their financial needs.
4.6 / 5.0
SimpleScore TD Bank 4.6
Loan Size 5
Customer Satisfaction 5
Rates vary from 6.99%–18.99%, which are some of the most competitive on offer. TD Bank doesn’t charge any origination or application fees. The lender offers Express Loans, which are available in as little as 48 hours, as well as traditional personal loans. TD Bank recommends that borrowers looking for an Express Loan have a credit score of at least 700, so this lender may not be the best fit for borrowers with poor credit. This bank also has a limited geographic reach, so depending on where you live you may not qualify.
Truliant is a credit union that offers personal loans from $500 to $35,000. The lender has a quick and easy online application process with the possibility of same-day approval.
4.4 / 5.0
SimpleScore Truliant Federal Credit Union 4.4
Max APR 4
Loan Amount 5
Rates range from 7.99%–15.74%, and while these aren’t the absolute lowest around, it still presents a good deal to borrowers with fair credit. Truliant also advertises its personal loans as a less expensive way to pay down high-interest debt and get a fresh financial start. Borrowers can choose to defer their first payment for up to 90 days if they need a little extra time to get their financial footing, making Truliant a good fit if you have fair credit and need funds fast.
In order to apply for a personal loan from Alliant, you must first become a member of the credit union. After that, you’re free to apply for personal loans as well as a variety of other financial products.
4.6 / 5.0
SimpleScore Alliant Credit Union 4.6
Max APR 5
Loan Size 5
Alliant offers competitive rates of 6.24%–10.24% APR. Loans range from $1,000 to $50,000, with term lengths of 1 to 5 years. Alliant also features same-day deposits after your loan is approved, and no prepayment penalties, so you’re free to pay off your loan whenever you want. Alliant is a good fit for a personal loan if you’re already a member of the credit union or don’t mind applying.
Lightstream is a good online lending option for borrowers with excellent credit.
4.8 / 5.0
SimpleScore LightStream 4.8
Loan Size 5
Customer Satisfaction 4
It offers loans of $5,000 to $100,000, so you can finance projects big and small. With rates starting at just 2.49%–19.99% w/Autopay, it offers some of the best APRs around. However, these low rates come with strict eligibility requirements, so borrowers who are just starting to build credit or who have a low credit score may not qualify. It may also not be a good fit for those who only want a small loan of under $5,000.
Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66
Like LightStream, Sofi is an online lender that offers personal loans to borrowers with good credit and bright futures.
4.6 / 5.0
SimpleScore SoFi 4.6
Loan Size 5
Customer Satisfaction 3
While SoFi may be better known for its student loan refinancing programs, it also has robust personal loan offerings. SoFi prides itself on charging no fees, including no prepayment, origination or late fees. SoFi is fairly selective when it comes to approving applicants for a personal loan, so it may be difficult to qualify if you have poor credit or short credit history. For borrowers who do qualify, however, SoFi offers some of the most competitive personal loans around.
Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
If you have bad credit but still need access to a personal loan, RISE Credit may be the best option for you.
3 / 5.0
SimpleScore RISE Credit 3
Loan Size 4
Loans are available from $300 to $5,000, with rates from 50.00%–299.00%. While it has higher rates than many other lenders, it also has lower eligibility requirements, making it easier for borrowers with less than stellar credit to qualify. In addition, RISE Credit lowers its rates over time for borrowers with a history of on-time payments and improving credit. For borrowers with poor credit, RISE is a much better option than a payday lender or other predatory loan. However, borrowers with fair or good credit should be wary as there may be loans at much better rates elsewhere.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.
Compare Bank of America personal loan alternatives
$1,000 – $35,000
Varies by zipcode
6 – 60 months
$2,000 – $50,000
1 – 60 months
$500 – $35,000
Up to 72 months
90-day payment deferment
$1,000 – $50,000
12 – 60 months
$5,000 – $100,000
24 – 84 months
0.10% beat competing rates guarantee
Up to $100,000
24 – 84 months
Extensive member perks
$300 – $5,000
Up to 26 months
Accepts bad credit
*Rates accurate as of April 2021
What is a personal loan?
A personal loan is a loan that offers consumers funding for various expected and unexpected expenses. Borrowers repay the loan based on a schedule, and the payment amount includes the principal balance and interest. Some lenders may have restrictions, but loan funds can be used for things like home improvements, vacation, weddings, medical expenses, debt consolidation and more. Credit may affect a person’s interest rate, loan amount and term, but whether a person has bad credit or excellent credit, they can still find a personal loan. Borrowers should also note that lenders may assess fees, including application, origination and prepayment fees.
As a result of COVID-19, many customers of Bank of America with personal and business accounts have needed financial support. Bank of America has offered its customers who have been negatively impacted by the pandemic the financial support they need by providing resources, service and products, including Paycheck Protection Program loans.
Bank of America home loans, which are offered to buyers in all 50 states and Washington, D.C., include fixed-rate, adjustable rate, jumbo, FHA and VA loans. The lender also offers a special mortgage product, the Affordable Loan Solution mortgage, which requires home buyers to pay a low down payment of 3%. When considering Bank of America as their home loan lender, home buyers have the option to prequalify for a loan, which will help them get a better idea of what they can borrow and how much they can afford. Interest rates, fees and requirements for each type of mortgage varies.
Bank of America offers residents of all 50 states and Washington, D.C,. auto loans as low as $7,500 for new or used vehicles sold by dealerships and private sellers. A loan decision can be made in as little as 60 seconds, and your loan approval and interest rate, are locked in for 30 days starting from the date of the loan’s original submission. Preferred Rewards members are eligible for a rate discount. A down payment isn’t always required, but a loan fee may be assessed for borrowers in certain states.
Business owners have the option to apply for a Bank of America business loan. You can choose between a variety of small business loans, including an SBA loan, Business Advantage Term Loan and a secured business loan. There are different loan amounts, fees and interest rates for each type of loan, so reviewing the available business loan products and the qualifications for each product to find a suitable option would be wise. Since many of the loans require the business to have been open for a minimum of two years, business owners may be limited with what loan they qualify for with this lender.
Personal loans FAQ
A personal loan from your bank may be the better option if there are certain perks available to you that will save you money. For example, a rate discount — typically 0.25% or 0.50% — may be available for current customers who take out a personal loan.
Bank of America offers home, auto and business loans for customers. Within each loan category, customers will be able to select a product that is suitable for their needs.
No, Bank of America does not offer personal loans, so customers interested in a personal loan to cover home improvements, medical bills or other expenses will have to consider alternatives to Bank of America personal loans.
Too long, didn’t read?
Although Bank of America doesn’t offer personal loans, there are ways for you to get the funds you need. Another lender may have more viable personal loan options, but if you are planning to purchase a home or car or own a business and need some help with funding, Bank of America is an option.
We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at email@example.com with comments or questions.
Margaret Wack writes about personal finance, health, wellness, arts and culture, among other topics.
Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.