12 Best Bank of America Personal Loan Alternatives

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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If you’re one of Bank of America’s 47 million customers, then it’s probably your choice lender for getting a personal loan. But while Bank of America offers a number of financial products, personal loans aren’t one of them.

That means you’ll need to consider Bank of America personal loan alternatives. Before diving into your options, though, let’s take a look at the loan types Bank of America does offer. If none of these are right for you, continue on for the best personal loans you can borrow from other lenders.

Bank of America offers various loans — but not personal loans

Personal loans are multifunctional; you can use them for a variety of purposes, whether that’s paying bills, consolidating credit card debt, paying for home repairs, or even covering the costs of a wedding.

Bank of America’s loans, however, are limited to two specific types:

  • Home loans: These include mortgages, mortgage refinancing loans, and home equity lines of credit (HELOC). A HELOC is Bank of America’s closest thing to a personal loan. You can use it for various purposes, such as to cover a home renovation or to consolidate debt. But you need to be careful about paying it back, since your home’s equity is wrapped up in the loan. If you fail to make payments, you could lose your home through foreclosure.
  • Auto loans: These include auto loans and auto loan refinancing. Bank of America also offers Business Advantage Auto Loans and Equipment Loans for small businesses looking to finance cars, vans, trucks, or similar items.

Top 12 Bank of America personal loan alternatives

If a personal loan is what you need, consider borrowing from another lender. You might borrow from a different bank, an online lender, or a credit union.

When borrowing a personal loan, you might have the option to choose between a fixed or variable interest rate. Fixed rates stay the same for the duration of the loan. Variable rates can fluctuate over time. Although you might receive a lower variable interest rate at the start, it can increase during repayment.

For simplicity, we’ll identify competitive fixed interest rates from lenders. Here are our recommendations for Bank of America personal loan alternatives. You’ll see some of the lowest personal loan interest rates with these lenders.

Online lenders

With the rise of online lenders, you don’t need to borrow from a traditional brick-and-mortar bank. These lenders let you apply for a loan online in a matter of minutes, and it won’t take long before the funds are disbursed into your account.

Some online lenders with competitive interest rates on personal loans include:

You might also try a peer-to-peer lender, which facilitates the lending and borrowing of personal loans between individual investors.

LendingClub and Prosper, for example, are both in the peer-to-peer lending space. LendingClub has fixed personal loan rates ranging from 5.99% – 35.89%. You’ll need to check your rate with Prosper directly since it varies depending on your credit and borrower profile.

Traditional banks

If you prefer a traditional bank, you can find ones that offer personal loans. Citizens Bank, for instance, offers personal loans with fixed rates ranging from 5.99% – 18.99%. Citizens Bank also offers borrowing amounts between $5,000 and $50,000 with repayment terms of three to seven years.

Wells Fargo offers fixed-rate personal loans of $3,000 to $100,000. You can choose a repayment term between 12 and 60 months. You can use the Wells Fargo rate and payment calculator to determine costs.

Although Bank of America doesn’t offer personal loans, other banks do. Look to other institutions to find Bank of America personal loan alternatives.

Credit unions

Credit unions also offer personal loans, but you might need to fulfill membership requirements. For example, you could be required to live in a certain area or have a specific affiliation in order to join a credit union.

Alliant Credit Union, for example, is a member-owned, online credit union that offers unsecured personal loans with rates as low as 12.40% as of April 5, 2018. Loan amounts range from $1,000 to $50,000 with term lengths between one month and five years.

To become an Alliant member, you must be:

  • An employee or retiree of a qualifying organization
  • A member of a select organization
  • Related to a current Alliant member
  • Living or working in an eligible community
  • A member of Foster Care to Success

Each credit union sets its own membership requirements. Although not necessarily the best option for a personal loan, credit unions are known for having competitive rates, membership benefits, and personalized customer service.

Have weak credit? You can try a secured personal loan

If you don’t qualify for an unsecured personal loan, you could try applying for a secured personal loan. With a secured personal loan, you must put up collateral, such as your car, home, or savings.

Although this move might be what you need to cover an expense, be careful about risking your assets. In the event you can’t pay, the lender could seize your collateral, leaving you in a worse financial position than when you started.

The following are lenders that offer secured personal loans. Listed rates are current as of April 3, 2018:

  • OneMain Financial (17.59% – 35.99%)
  • Finova Financial (maximum 30.00% APR)
  • TD Bank (select a region to view rates)
  • Wells Fargo (5.50% – 13.79%)

Compare multiple offers to find the most competitive terms

You might be disappointed to learn that Bank of America doesn’t offer personal loans. But you can find plenty of Bank of America personal loan alternatives. Even if you didn’t have to go searching for alternatives, it’s always a good idea to explore your options.

Every lender offers different terms. Find a loan with the lowest cost of borrowing. By comparing several choices, you can find the right personal loan that saves you the most on interest and fees.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.58% APR to 14.87% APR (with AutoPay). Variable rates from 6.275% APR to 12.575% APR (with AutoPay). SoFi rate ranges are current as of July 16, 2018 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. 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.
  2. 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.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. 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.
  2. 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.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.28% – 14.87%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Loans, Personal Finance