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Unlike many banks, Bank of America does not offer personal loans. It has quite a few credit card options — and a small loan for unexpected expenses — but you will need to look elsewhere if you want to borrow a large personal loan.
Alternatives to Bank of America loans
Although there are a wide variety of national and local banks that offer personal loans, some of the best options are online lenders. But don’t worry: most are backed by a larger bank.
| LightStream | SoFi | Discover |
|---|
| Bankrate Score | 4.7 | 4.7 | 4.8 |
| Better for | Same-day funding | Joint loans | Borrowers with good credit |
| Loan amounts | $5,000–$100,000 | $5,000–$100,000 | $2,500 to $40,000 |
| APRs | 7.49%-25.49%* (with AutoPay) | 8.99% to 29.49% Fixed APR | 7.99%-24.99% |
| Loan term lengths | 2 - 7 years | 2 - 7 years | 36 to 84 months |
| Fees | None | Optional fees | Optional fees |
| Minimum credit score | 695 | 680 | 660 |
| Time to funding | As soon as same day | Within a few days | As soon as the next day |
LightStream
LightStream is a top online lender that offers personal loans up to $100,000. It has generous terms — up to 84 months — and its rates start as low as 7.99 percent if you set up automatic payments for a 0.50 percent discount. It is also backed by Truist, a national bank. You can expect quick turnaround and no fees. However, there is a high minimum loan amount of $5,000 and no preapproval process. LightStream will check your credit when you apply, which may hurt your score even if you aren’t approved.
SoFi
While it is not backed by a bank, SoFi personal loans are highly rated. This online lender offers joint applications, optional fees and a wide range of loan amounts — up to $100,000 with a starting APR of 8.99 percent. You must have good credit to qualify, but a short credit history won’t necessarily mean rejection. Unlike LightStream, SoFi offers prequalification, so you can check your rate without harming your credit score before you submit a full application.
Discover
Borrowing a loan from Discover may be a good choice if you want to work directly with a bank. It offers loans up to $40,000 and accepts borrowers with good credit. Its rates are competitive with many other top lenders, and unlike many lenders, there are no origination fees when you borrow. It also has a prequalification process similar to SoFi, which lets you preview your rate with just a soft credit check.
Why doesn’t Bank of America offer personal loans?
Bank of America does not have a history of offering personal loans. However, it does have a program called Balance Assist. Provided you have a Bank of America checking account that is at least a year old — or 2.5 years if you don’t have a credit score — you may qualify.
The Balance Assist loan allows you to borrow up to $500 for a $5 fee. It is similar to small loans offered by federal credit unions. But unlike traditional personal loans, it is not flexible and won’t be useful for covering large expenses.
If you don’t have or don’t want to open an account with Bank of America, you can explore other personal loans.
FAQs
Provided you have a Bank of America checking account that is at least a year old — or 2.5 years if you don't have a credit score — you may qualify. The Balance Assist loan allows you to borrow up to $500 for a $5 fee. It is similar to small loans offered by federal credit unions.
How long does it take for a personal loan to be reviewed? ›
Underwriting generally takes from a few days to a week, depending on the lender. In some cases, it can be done on the same day you apply. Disbursem*nt of funds: Once the loan terms are agreed upon, the loan funds are disbursed to the borrower, usually as a direct deposit or written as a check.
What is the minimum credit score for Bank of America loan? ›
Bank of America requires a minimum credit score of 600 to qualify for a mortgage. That applies to VA and FHA loans. For a conventional loan from Bank of America, you'll need a credit score of at least 620.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 5.2% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rowsMay 7, 2024
Personal loans with fast approval by banks
| Bank | Approval Time | Interest Rate |
|---|
| Hong Leong Bank | 2 days | 9.00% - 12.50% p.a. |
| CIMB | 1 day upon complete submission | 4.38% - 19.88% p.a. |
| Maybank | 1 day upon complete submission | 6.50% - 8.00% p.a. |
| RHB | 1 day approval and disbursem*nt | 8.59% - 13.76% p.a. |
1 more rowGenerally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
What does it mean when your loan is being reviewed? ›
Loan in Review: Under the Microscope. Imagine your loan application as a detailed document landing on a lender's desk. When it's marked as "under review," it means a loan officer (or their team) is meticulously examining your application.
How do I know if my personal loan is approved? ›
Once you have applied for the loan, you can visit the lender's website to check your loan status. After loan approval, your loan amount will be disbursed within a few hours to your bank account.
How likely are you to get approved for a personal loan? ›
You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.
What FICO score does Bank of America use? ›
What score model was used to calculate my score? Your score in Online Banking is a FICO® Score 8 based on TransUnion Data to manage your account and that is what Bank of America shares with you. FICO® Scores consider five main categories of information from your credit report.
Summary: Best Personal Loans From Banks
| Company | Forbes Advisor Rating | Loan amounts |
|---|
| U.S. Bank | 3.5 | $1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers) |
| TD Bank | 3.5 | $2,000 to $50,000 |
| Discover | 3.5 | $2,500 to $40,000 |
| Wells Fargo | 3.5 | $3,000 to $100,000 |
2 more rowsMay 1, 2024
Apply to borrow up to $500 when you need it, for only a low flat fee. You must have had a qualified Bank of America checking account for at least one year before applying. (A SafeBalance® account does not qualify). Balance Assist® is available online or in the Mobile Banking app.
Which bank gives a loan easily? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours.
What is the easiest loan to get approved for right now? ›
Compare the easiest personal loans to get
| INTEREST RATES | MIN. CREDIT SCORE |
|---|
| Upstart | 7.8% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| Oportun | 34.95% to 35.99% (depending on your state and loan type) | No specific minimum |
| LendingClub | 8.98% to 35.99% | No minimum |
4 more rowsCredit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.
Is Bank of America easy to get approved for? ›
Although Bank of America offers credit cards for most credit profiles, to qualify for the best credit cards (those with the best rewards and benefits), you'll need an excellent credit score. Those with credit scores of 740 or higher have the best chance of being approved for the best Bank of America credit cards.
How much money can I borrow from Bank of America? ›
Balance Assist®
Apply to borrow up to $500 when you need it, for only a low flat fee. You must have had a qualified Bank of America checking account for at least one year before applying. (A SafeBalance® account does not qualify). Balance Assist® is available online or in the Mobile Banking app.
How hard is it to get a $5,000 personal loan? ›
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
Are Bank personal loans hard to get? ›
Personal loans can have more strict requirements than other types of funding options. If you have poor credit or a short financial history, fewer lenders will be available to you.
