Bank of America Doesn’t Offer Personal Loans, But These Lenders Do

 March 23, 2020
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While Bank of America is one of the largest and most popular banks in the country, taking out a Bank of America personal loan isn’t an option; the bank simply doesn’t offer them.

Whether you want to consolidate high-interest debt or finance a major purchase, you’ll have to find another lender if you want to apply for a personal loan. You have many different options, including banks, credit unions and online lenders, so you can shop around to find a personal loan that meets your needs.

Bank of America personal loan alternatives


Bank of America is the second-largest bank in the United States by assets, just after Chase. Like Bank of America, Chase doesn’t offer personal loans, either. But the next two largest banks — Wells Fargo and Citibank — do, so they can be a smart Bank of America alternative if you want to take out a personal loan from a traditional bank.

Wells Fargo Bank

  • APR: 5.74% to 24.24%
  • Loan terms: 12 to 84 months
  • Loan amount: $3,000 to $100,000
  • Minimum credit score: Not specified

With a Wells Fargo personal loan, you can get the money you requested quickly. If approved, you can often get the money you need by the next business day. None and no prepayment penalty help make your personal loan more affordable, especially if you want to pay it off ahead of schedule.

If you’re an existing Wells Fargo customer, you could qualify for an interest rate discount, helping you save money. Consumer checking account members qualify for a 0.25% interest rate deduction.


  • APR: 7.99% to 23.99%
  • Loan terms: 12 to 60 months
  • Loan amount: $2,000 to $50,000
  • Minimum credit score: Not specified

With Citibank, you may qualify for a personal loan as long as you have a minimum income of at least $10,500 per year. The bank does not outline credit requirements, however. If approved for a personal loan, you’ll receive a check for the amount of the loan within five business days.

To be eligible for a loan, you must have an eligible Citibank deposit account open for at least three months before applying. You can apply online for loans up to $30,000. If you need more than that, you’ll have to visit a branch in-person.

Credit unions

Unlike banks, credit unions are nonprofit organizations. Credit unions can have competitive personal loan options because they tend to offer lower interest rates on loans than banks. They also may have more relaxed qualification requirements, increasing your chances of getting approved for a loan.

According to DepositAccounts, the two biggest credit unions by assets that are available in multiple states are Navy Federal and PenFed.

Navy Federal Credit Union

  • APR: 7.49% to 18.00%
  • Loan terms: 60 months
  • Loan amount: $250 to $50,000
  • Minimum credit score: Not specified

If you need money quickly, a Navy Federal Credit Union personal loan may be a good choice, if you qualify. In most cases, the credit union can offer you immediate funding, depositing the funds directly into your checking or savings account as soon as you’re approved for a loan.

Eligibility for a Navy Federal Credit Union personal loan

You must be a member of the Navy Federal Credit Union. Membership is limited to current and retired members of the armed forces, their immediate family and household members, and Department of Defense civilian personnel.

PenFed Credit Union

  • APR: Starting at 7.74%
  • Loan terms: 12 to 60 months
  • Loan amount: $600 to $50,000
  • Minimum credit score: Not specified

PenFed personal loans have no fee for originating your loan, and you can get access to your funds right away. Loans can be used for vacations, debt consolidation, auto repairs and even home renovations.

Eligibility for a PenFed Credit Union personal loan

There are two ways to become a PenFed Credit Union member

  1. Qualify for membership based on employment or membership with a qualifying organization: If you are currently serving in the military, are a retired service member or are an employee of a qualifying organization or the United States government, you may be eligible for membership. If you are a member of an affinity organization, you can also qualify for membership.
  2. Open a Savings/Share account and deposit at least $5: If you don’t meet any of the other criteria for membership, you can still join the PenFed Credit Union by opening a Savings/Share account and depositing at least $5.

Online lenders

There are a wide range of online lenders that cater to different types of borrowers. Online lenders can offer competitive interest rates as they don’t have the same overhead costs as brick-and-mortar institutions. SoFi and Lightstream are two options with competitively low minimum APRs.

SoFi Bank, N.A

  • APR: 7.99% to 23.43% (including autopay discount)
  • Loan terms: 24 to 84 months
  • Loan amount: $5,000 to $100,000
  • Minimum credit score: 680

At SoFi, there are no fees – not even a late fee. Borrowers can take advantage of SoFi’s prequalification tool, where you can get a rate quote with just a soft credit check. A soft credit check has no effect on your credit score.


  • APR: 4.99% to 19.99% (including autopay discount)
  • Loan terms: 24 to 144 months
  • Loan amount: $5,000 to $100,000
  • Minimum credit score: Not specified

LightStream personal loans are designed for people with good to excellent credit. The loans have low interest rates, and depending on the intended use for the loan, you can have up to 12 years to repay the debt.

LightStream offers a loan experience guarantee, as well. If you’re not satisfied after receiving a loan from the lender, it will send you $100. It will also beat other lenders’ rates. If you find a competing lender with a lower rate, LightStream will offer you a rate that is 0.10 percentage points lower.

PenFed Credit Union is a client of Kat Tretina.

Interested in a personal loan?

Here are the top personal loan lenders of 2022!
LenderAPR RangeLoan Amount 
7.99% – 23.43%1$5,000 - $100,000

Visit SoFi

4.37% – 35.99%$1,000 - $50,000

Visit Upstart

7.46% – 35.97%*$1,000 - $50,000

Visit Upgrade

99.00% – 199.00%2$500 - $4,000

Visit OppLoans

5.99% – 24.99%3$5,000 - $40,000

Visit Happy Money

7.99% – 20.88%4$5,000 - $50,000

Visit Citizens

7.99% – 35.99%5$2,000 - $36,500

Visit LendingPoint

10.68% – 35.89%6$1,000 - $40,000

Visit LendingClub

9.95% – 35.99%7$2,000 - $35,000

Visit Avant

1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5. Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Happy Money.

Happy Money Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

7 Important Disclosures for Avant.

Avant Disclosures

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 – August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at .