Bank of AmericaBank Personal Loans

Bank of America Personal Loans: Do They Exist and What Are Your Options 

Bank of America is the second-largest bank operating here in the US (just half a stride behind JPMorgan), so it seems like a natural choice for a personal loan, right? Right – so you head online to see what kind of personal loan they could offer you, search “Bank of America Personal Loans” and… you can’t find the right page, so you come here to ask the first big question:

Do Bank of America Personal Loans Exist?

Short answer: No. (At least of now - January 2020.) Bank of America currently only offers loans for specific uses, such as business, auto loans, and mortgages. They also offer credit cards, which may be an option if you’re looking to borrow a small amount of money, but personal loans and credit cards aren’t the same thing and, in most cases, cannot be used interchangeably.

Now that we’ve got that out of the way, we can move on and start thinking about how to find the very best personal loan option for you. Read on to find out how to ensure you get the very best personal loan you can.

If I can’t get a Bank of America personal loan, should I get their auto loan?

If you are specifically using your personal loan to buy a vehicle, then a Bank of America auto loan may be right for you – depending on your personal circumstances and type of vehicle you intend to buy.

If you intend to use your personal loan to buy a vehicle, spend some time exploring the different financing options available to you. You can do this by:

  • Comparing auto loans
  • Comparing personal loans
  • Looking at possible financing options through dealerships
  • Comparing all of the above to find the best option

If I can’t get a Bank of America personal loan, should I get a mortgage through them?

A mortgage and a personal loan are not the same thing and should not be used interchangeably.

The only time a personal loan may be an option when buying a home is if you have a large deposit and simply need a small top-up that is well within your means as a borrower. Or, if you are purchasing a home in a very low-value area.

If you want to borrow more than $15,000, you likely need a mortgage. You also need to remember that lenders will ask you about any upcoming large purchases and that a personal loan secured against your home cannot be secured against your futurehome, so if you need a mortgage, look for mortgage specific advice.

Should I use a Bank of America credit card instead?

Again, take a step back and think about the financial product you need and why you need it. Credit cards are a great way to build up credit or use it to spread the cost of car repairs over a few months, but there aren’t going to be many circumstances in which you can use a credit card in place of a personal loan.

If you have a great interest rate (sub 5%) or a 0% interest period and a big enough line of credit for the purchase you intend to make, a credit card may work just as well as a personal loan (just make sure you do your research and see what interest rates a personal loan could offer you to ensure you don’t overpay for the money you borrow).

You should also ask yourself if you will make a concerted effort to pay it off each month, because if not, it’s easy to get into financial difficulty.

Are other lenders as good as Bank of America?

In short: Yes. Bank of America might not be your ideal choice even if they did offer personal loans. You should compare rates and offers before you buy a loan (yes, remember you are purchasing a financial product).

What Alternatives to Bank of America Personal Loans Are There?

Personal loans aren’t just available from large, traditional banks, and it’s likely you’ll actually find a better deal if you compare lenders instead of applying directly with whoever you bank with. Besides traditional banks, you’ll also find personal loans from credit unions and online lenders.

Generally, online lenders will have more flexibility in who they accept and the rates they offer, as they aim to out-compete large banks and credit unions, so always compare personal loans before making a decision.

Are online lenders safe?

Yes – but just as with any loan, do some research on the lender before you agree to the loan, even if they are a big bank.

How do I find alternatives to Bank of America personal loans?

The best way to see as many different loans as possible in one place (so you don’t have to spend hours researching!) is right here on our site. Simply use our comparison service to find the lenders who are most likely to approve you for the loan you need and at the best rate you can get.

How do I get the best interest rate on my personal loan?

The first step to getting a great interest rate is by being aware of your credit rating and, hopefully, by having good history that shows potential lenders you are a “good bet”, i.e. you will pay them back as agreed.

This means you have had open lines of credit before, paid balances off in a timely fashion, had an existing history for a good length of time, and so on. If you’re young and you’ve not got a lot of credit history (even if you’ve never been in debt or used a credit card), your rate may be higher than someone with a long history of maintaining some debt.

Each lender has a different way of calculating who is a potential risk and who is an ideal customer, so your rate will vary from lender to lender depending on your circumstances. For this reason, you need to compare rates that have already been tailored to you. Going direct to lenders is time-consuming, and you are likely missing out on the best deal for you.

What’s my next step?

Ready to compare personal loan rates? We can’t help you find Bank of America personal loans (since they don’t exist!) but we can help you find the best personal loan and interest rate possible. All you need to do is fill in your details and let us take care of the hard work – we’ll let you know what lenders can offer you the best personal loans, so you can make an informed decision. Click here to get started.

Ready to Find Your Best Offer?

With U.S. Loan Applications you can apply for a personal loan from anywhere and get a quick decision. We make finding your best option easy.