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.
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Bank of America personal loan alternatives
PNC Bank offers personal loans of $1,000 to 35,000. 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 start at 7.49% and can go up to 17.49% and may 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. Rates vary from 6.99% to 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. Rates start at 8.49%, 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. Alliant offers competitive rates of 6.24% to 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. It offers loans of $5,000 to 100,000, so you can finance projects big and small. With rates starting at just 3.49% APR, 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.
Like LightStream, Sofi is an online lender that offers personal loans to borrowers with good credit and bright futures. While SoFi may be better known for its student loan refinancing programs, it also has robust personal loan offerings. Borrowers can access up to $100,000, with rates from 5.99% to 18.72% APR. 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 18.72%% APR (with AutoPay). SoFi rate ranges are current as of June 30, 2020 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. Loans are available from $500 to $5,000, with rates as high as 299%. 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.
Compare Bank of America personal loan alternatives
|Lender||Loan Amount||APR||Terms||Key Benefit|
|PNC Bank||$1,000 – $35,000||7.49 % – 17.49%||6 – 60 months||Low rates|
|TD Bank||$2,000 – $50,000||6.99 % – 18.99%||12 – 60 months||Fast funding|
|Truliant||$500 – $35,000||Starting at 8.49%||Up to 60 months||90-day payment deferment|
|Alliant||$1,000 – $50,000||6.24% – 10.24%||1 – 5 years||Same-day funding|
|LightStream||$5,000 – $100,000||Starting at 3.49%||24 – 144 months||0.10% rate guarantee|
|SoFi||Up to $100,000||5.99% – 17.53%||24 – 84 months||Extensive member perks|
|Rise Credit||$500 – $5,000||Up to 299%||Up to 26 months||Accepts bad credit|
Bank of America loans
While Bank of America doesn’t offer personal loans, it does offer a variety of other financial products. It offers auto loans with terms of 12 to 75 months, with rates starting at 2.69% APR depending on your location. Bank of America also offers mortgage loans including 30-year fixed, 15-year fixed, and 5/1 ARM variable mortgages. The best Bank of America loans combine low rates and few fees. However, Bank of America may have less devoted customer service than some smaller, more nimble lenders, and its loans may be more difficult to qualify for. In many cases, you can apply for Bank of America loans online.
The bottom line
Unfortunately, Bank of America doesn’t offer personal loans, so if you’re looking to secure a no-strings-attached loan from this lender, you’re out of luck. However, there are a variety of Bank of America personal loan alternatives, including banks, credit unions and online lenders. When taking out a personal loan, you should always be sure to shop around in order to get the best rates possible. Only take out a personal loan if you need to, and make sure to pay it back in a timely fashion in order to avoid hurting your credit score.