Bank of America Personal Loan Alternatives

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site does not include every company or financial product that is available on the market We're pleased of the advice we provide as well as the advice we offer and the tools we create are objective, independent easy to use and free. So how do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on our website) However, it in no way affects our advice or suggestions that are based on hundreds of hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. .

Bank of America Personal Loan Alternatives
Bank of America offers a small-dollar loan but those who need large personal loans can choose from other lenders.


Updated on June 23rd 2021

Many or all of the products featured here come from our partners, who we pay. This impacts the types of products we write about and the location and manner in which the product appears on the page. However, it does not influence our evaluations. Our views are our own. Here is a list of and .



Bank of America -- as do other large U.S. banks -- doesn't offer huge unsecured personal loans. Customers with an account with a checking account, the lender does provide a short-term loan , but the loan is capped at $500.
If you're in search of an additional personal loan you can look for options from other banks, as well as credit unions.
Individual loan alternatives are available to Bank of America
Banks
These are among the major banks that provide personal loans. You typically have to join to become an account holder at a bank and have the minimum income and credit requirements to qualify for a loan.
Photo of a typical, personal loan:
Credit scores accepted:
APR range: 5% to 29 percent.
The loan amount is $1,000 up to $100,000.

>> MORE INFO:
Online lending
Online lenders cater to all credit profiles and most give you estimated rates without asking for a formal inquiry about your credit. It pays to shop around as each lender has its own formula used for determining your rate. NerdWallet's tool for comparison lets you compare without affecting your credit.
A snapshot of the typical online personal loan:
Credit scores accepted: poor to excellent.
APR range: 6% to 36%.
The loan amount is $1,000 up to $100,000.

Compare personal loans
Here are three online lenders to think about in lieu of Bank of America. NerdWallet recommends multiple loans to compare rates.
The ratings of NerdWallet are based on the opinions of the team of editors. The scoring formula takes into account aspects we believe are beneficial to the consumer, including the impact on credit score, fees and rates customers' experience, and responsible lending practices.


NerdWallet's ratings are evaluated by the editorial staff. The scoring formula considers factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and ethical lending practices.


NerdWallet's ratings are determined by our team of editors. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.


Est. APR 6.99-24.99 Percentage

Est. APR 6.99-23.99 %

Est. APR 7.99-23.43%

A loan term of 3-to-6 years

A loan term ranging from 2 to 7 year s

The loan term is between 2 and 7 years

Loan amount $3,500-$40,000

Loan amount $5,000-$100,00 0

Amount of loan: $5,000-$100,000.

Min. credit score 740

Min. credit score of 660

Min. credit score None






Check if you are pre-qualified for an individual loan without impacting your credit score
Just answer a few questions to get customized rate estimates from several lenders.



>> MORE:
Credit unions
Many credit unions also provide personal loans at lower costs than conventional banks and online lenders. They don't need good credit ratings to be eligible. A local credit union can be an excellent first option 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% at federal credit unions for a three-year loan.
Loan amounts: $250 to $50,000.

>> MORE INFO:
Other Bank of America loans
Other types of loans include:



About the writer: Amrita Jayakumar is a former writer for NerdWallet. She was previously employed by The Washington Post and the Miami Herald.







Similar to...








Explore even more deeply in Personal Loans






Get more smart money moves right to your inbox
Join us and we'll send you Nerdy posts on the money topics you care about the most as well as other strategies to help you earn more from your money.

If you enjoyed this short article and you would such as to receive additional facts pertaining to weekend $255 payday loans online same day (best-banks-ae.site) kindly see the site.