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.
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.
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 4.99% - 16.24%. 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 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!
|Lender||Rates (APR)||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
* Important Disclosures for Upgrade Bank
Upgrade Bank Disclosures
|7.73% - 29.99%||$1,000 - $50,000|
|5.83% - 14.74%1||$5,000 - $100,000|
|5.96% - 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% - 25.00%||$5,000 - $35,000|
|4.99% - 29.99%||$10,000 - $35,000||Visit FreedomPlus|
|4.99% - 16.24%2||$5,000 - $50,000||Visit Citizens|
|15.49% - 34.49%||$2,000 - $25,000||Visit LendingPoint|
|5.99% - 35.89%||$1,000 - $40,000||Visit LendingClub|
|5.49% - 18.24%||$5,000 - $75,000||Visit Earnest|
|9.95% - 35.99%||$2,000 - $35,000||Visit Avant|