Bank of America does not offer large, unsecured personal loans.
For anything long term or over $500, youll need to look elsewhere.
Weve gathered your options, and youll find some solid Bank of America personal loan alternatives below.
Check out two lenders we consider solid alternatives to get an idea of what to expect.
If youre wanting to learn more about Upstart, check ourUpstart review.
One downside of online lenders is you miss out on some of the traditional customer service that banks offer.
While most banks have undisclosed minimum credit scores, most borrowers will need fair credit scores or above.
Check out the two banks weve highlighted below to get a better idea.
These differences are why its important to check loan terms.
We do love the convenience factor for both these banks and banks in general.
Credit Unions
Credit unions are a solid option for borrowing a personal loan.
to use a credit union, you must be a member.
This means they often have lower APRs and fewer fees than traditional banks.
There is also an 18% cap for the APR credit unions can offer.
Credit Unions have pretty barebones customer service, and you have to become a member first.
What Loans Does Bank of America Offer?
Balance AssistTM is a small-dollar loan program that allows you to borrow up to $500.
If youre ready to move forward, check out ourHow to Get a Personal Loanand start moving forward.
Frequently Asked Questions (FAQs) About Bank of America and Personal Loans
Still have questions?
Weve gathered up all of the most common questions to help you find the best lender for you.
While Bank of America doesnt offer unsecured personal loans, they do have several other loan options.
Bank of America also offersBalance Assist, which allows for small-dollar loans.
From there, there are three monthly installments for repayments over the 90-day term.
No, Bank of America does not offer traditional personal loans.
They do offer short term assistance through theirBalance Assistprogram.
If you meet their qualifications, you might borrow money for a flat fee of $5.
The loan is capped at $500 and has a three month repayment period.
Many banks require high credit scores to receive a personal loan.
Discover might be another good choice as they have a minimum score of 660.
Contributor Whitney Hansen writes for The Penny Hoarder on personal finance topics including banking and investing.
