Bank of America Personal Loan Alternatives
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Bank of America Personal Loan Alternatives
Bank of America offers a small-dollar loan but those who need larger personal loans have options with other lenders.
Updated on June 23rd, 2021
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Bank of America — as with other major U.S. banks — does not provide large, unsecured personal loans. For customers with an account with a checking account, the bank does offer a short-term loan , but the loan is limited to $500.
If you’re seeking an additional personal loan look into options with other banks and credit unions.
Individual loan alternative are available to Bank of America
Banks
, and are among large banks that offer personal loans. You typically have to join to become a bank customer, and there are minimum credit and income requirements to qualify for a loan.
Snapshot of a typical personal loan:
Credit scores accepted:
APR range from 5% to 29%.
Loan amounts: $1,000 to $100,000.
>> MORE INFO:
Online lender
Online lenders cater to every credit profile and provide estimates of rates without making a thorough inquiry into your credit. It’s a good idea to shop around, because each company employs its own formula for determining the rate. NerdWallet’s tool for comparison lets you compare without impacting your credit.
A snapshot of the typical personal online loan:
Credit scores accepted: bad to excellent.
APR range between 6% and 36%.
The loan amount is $1,000 up to $100,000.
Compare personal loans
Here are three online lenders that you can consider as alternatives to Bank of America. NerdWallet suggests several loans to check rates.
The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula is based on the factors we believe to be consumer-friendly, including impact to credit score, fees and rates, customer experience and ethical lending practices.
NerdWallet’s ratings are determined by our team of editors. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as the impact on credit score, rates and fees customers’ experience, and responsible lending practices.
NerdWallet’s ratings are determined by our team of editors. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and ethical lending practices.
Est. APR 6.99-24.99%
Est. APR 6.99-23.99 Percentage
Est. APR 7.99-23.43%
The loan term is between 3 and 6 years
A loan term ranging from 2-7 years
Loan term between 2 and 7 years
Amount of loan $3,500-$40,000
The loan amount is $5,000-$100,00.
The loan amount is $5,000 to $100,000.
Min. credit score 740
Min. credit score 660
Min. credit score None
See if you pre-qualify for an individual loan – without affecting your credit score
Answer a few simple questions to get an estimate of your personal rate from a variety of lenders.
>> MORE:
Credit unions
Many credit unions also provide personal loans at lower costs than conventional banks and online lenders. They do not require good credit scores to be able to get one. The local credit union is the best option to start with for a personal loan.
Snapshot of a typical credit union personal loan:
Credit scores accepted: poor to excellent.
APR range APR range: Average 8.86 percent at the federal credit unions to get a 3 year loan.
The loan amount is $250 up to $50,000.
>> MORE :
Others Bank of America loans
offers other types of loans, including:
About the writer: Amrita Jayakumar is a former writer at NerdWallet. She has previously worked for The Washington Post and the Miami Herald.
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