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Personal Loans

Bank of America Personal Loan Alternatives

Bank of America doesn't offer personal loans but there are many alternatives you can consider such as LightStream, SoFi, PNC, and Citizens Bank.

01/20/2020

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Despite it being one of the largest financial service providers in the United States, Bank of America doesn’t offer personal loans. To find an alternative, you can compare the best personal loans rated by our Editorial Team or read on to learn more about some of your options.

In this guide: 

Bank of America Personal Loan Alternatives

All companies seen in the table below are LendEDU partners who provide compensation to LendEDU. This compensation impacts where products appear within our advertisements.
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Alternatives to Bank of America Personal Loans
LightStream
4.99%–16.99%
APR Range
$100,000
Max Amount
660
Credit Score
Check Rate
APR Range
4.99%–16.99%
Loan Amount
$100,000
Credit Score
660
Check Rate
Credible
4.99%–35.99%
APR Range
$100,000
Max Amount
580
Credit Score
Check Rate
APR Range
4.99%–35.99%
Loan Amount
$100,000
Credit Score
580
Check Rate
Prosper
6.95% – 35.99%
APR Range
$40,000
Max Amount
640
Credit Score
Check Rate
APR Range
6.95% – 35.99%
Loan Amount
$40,000
Credit Score
640
Check Rate
LendingClub
6.95%–35.89%
APR Range
$40,000
Max Amount
600
Credit Score
Check Rate
APR Range
6.95%–35.89%
Loan Amount
$40,000
Credit Score
600
Check Rate
Opploans
99.00%–199.00%
APR Range
$4,000
Max Amount
N/A
Credit Score
Check Rate
APR Range
99.00%–199.00%
Loan Amount
$4,000
Credit Score
N/A
Check Rate

Although Bank of America personal loans don’t exist, you still have many other options. Here are several alternatives to borrowing from Bank of America:

LightStream

LightStreamLearn More

Rates (APR)

4.99% – 16.99%

Loan Terms

2 – 7 years

Loan Amounts

$5,000 – $100,000

LightStream allows you to borrow more than many competitors and its starting APR is among the lowest of all personal loans. LightStream also provides a $100 guarantee that your borrowing experience will be the best ever. However, only borrowers with very good to excellent credit can qualify.

Some of the key features of LightStream personal loans include the following:

  • APRs ranging from 3.34% – 16.99% if you sign up for autopay
  • Loan amounts from $5,000 – $100,000
  • Repayment terms between two to seven years
  • $0 origination fee
  • Loans funded as soon as the same day you apply
  • Read our full LightStream Personal Loans Review

SoFi

SoFiLearn More

Rates (APR)

5.74% – 16.99%

Loan Terms

2 – 7 years

Loan Amounts

$5,000 – $100,000

SoFi personal loans are a great alternative to Bank of America personal loans because they provide very quick access to funding and flexibility in how much you can borrow. SoFi’s personal loans have reasonable interest rates and you won’t have to pay an origination fee, which is a big benefit.

Some of the key features of SoFi personal loans include:

  • APRs ranging from 5.74% – 15.49% if you sign up for autopay to qualify for a rate reduction
  • Loan amounts from $5,000 – $100,000
  • Loan payment terms between three years and seven years
  • $0 origination fee
  • Loans are funded as soon as a few days following the completion of your loan application
  • Read our full SoFi Personal Loans Review

PNC

PNCLearn More

Rates (APR)

5.74% – 11.24%

Loan Terms

6 – 60 months

Loan Amounts

$1,000 – $35,000

With a minimum loan amount of $1,000, PNC is an option if you want to borrow less than the minimum of many competitors. PNC is also a good choice if you are interested in borrowing from a large bank as opposed to a online lender like LightStream or SoFi.

Like the other options listed, you can expect to receive your money within a few days of being approved and there is no origination fee.

Some of the key terms of PNC personal loans include:

  • APRs ranging from 5.74% – 11.24%
  • Loan amounts from $1,000 – $35,000
  • Repayment terms of 6 – 60 months
  • $0 origination fee
  • Loans are funded within a few days of application
  • Read our full PNC Personal Loans Review

Citizens Bank

Citizens BankLearn More

Rates (APR)

6.79% – 20.39%

Loan Terms

3 – 7 years

Loan Amounts

$5,000 – $50,000

Citizens Bank personal loans are a good choice for people looking for a longer repayment term and a loan with no origination fees from a big bank.

Interest rates are comparable with the rates offered by competitors and you can get your loan funds quickly. In fact, most Citizen Bank personal loans are funded within two days of the time of loan approval, and the entire process can be completed online.

While the interest rates are competitive, their APR range is typically slightly higher than some alternatives, such as SoFi, so you’ll need to shop around to ensure you get the best rate.

Some of the key features of Citizens Bank personal loans include:

  • APRs ranging from 7.99% – 16.24%
  • Loan amounts from $5,000 – $50,000
  • Repayment terms between three and seven years
  • $0 application fee
  • Loans are funded within two business days from the time of approval

Other Places to Look for Personal Loans

You also have a host of other options for personal loans, as a wide array of financial institutions offer them. Some of your other options include:

Other Traditional Banks

While Bank of America doesn’t offer personal loans, many other banks do, including M&T Bank, TD Bank, and Wells Fargo. Small local banks may also provide personal loan funding.

Banks can provide reasonable interest rates if you have a good credit score, and small local banks often have good customer service as well.

Be aware, however, that some banks take longer to approve funding than online lenders, or they may have more stringent qualifying requirements. And customer service may not be as good as it is with member-owned credit unions.

>> See Options: Personal Loans from Banks

Online Lenders

Online lenders including Avant and Earnest provide an alternative to traditional brick-and-mortar financial institutions. Many online lenders provide quick access to unsecured loans, sometimes by the next business day.

It may also be easier to find online lenders willing to work with you even if you have bad credit, as many online lenders have more lenient qualifying requirements than traditional loan providers.

>> See Options: Best Online Personal Loans

Peer-to-Peer Lenders

There are several peer-to-peer lending marketplaces, including Prosper and LendingClub. These marketplaces don’t fund loans themselves. Instead, you submit your information, they’ll check your credit report and other financial details, and they’ll post your loan for investors to fund.

You have flexibility in loan terms and borrowed amounts with peer-to-peer lenders, and you may be able to qualify for an unsecured personal loan more easily than with traditional banks.

>> See Options: Peer-to-Peer Loans

Credit Unions

Credit unions such as Navy Federal are non-profits, so unlike banks, they aren’t trying to make money for shareholders. They’re known for good customer service because they are member-owned and not as driven by profits as traditional banks.

Many credit unions also have more competitive rates and more lenient qualifying requirements than traditional banks. 

However, to get a loan from a credit union, you need to be a member. You may need to qualify for membership based on where you go to school, being a member of a particular group, working in a particular profession, or living in a specific place. Some credit unions also let anyone join.

>> See Options: Credit Union Personal Loans

What Loans Bank of America Offers

If you were hoping to borrow for a home or a car, or if you have enough equity in your home, you could consider the following Bank of America loans. Note that Bank of America also doesn’t offer student loans.

  • Mortgages & mortgage refinancing: Bank of America offers mortgages for purchasing homes as well as home refinance loans for saving on existing mortgages. The house you buy or own will serve as collateral for the loan, and the interest you pay should be tax deductible up to federal limits. Read our full Bank of America Mortgage Review.
  • Home equity lines of credit: When you want to borrow against the equity in your home, Bank of America has you covered. A home equity line of credit can allow you to tap into the equity you’ve built in your property for home improvements or other purchases. Read our full Bank of America HELOC Review.
  • Auto loans: Car loans are also secured loans because the car acts as collateral. The interest rate on a car loan is usually lower than the rate on a personal loan because the loan is secured. Learn more about Bank of America’s auto loans.
  • Credit Cards: Though not technically a loan, Bank of America also offers many credit cards that you may be interested in.
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Author: Christy Rakoczy

Christy Rakoczy is an experienced personal finance and legal writer who has been writing full time since 2008. She earned her JD at UCLA and graduated from the University of Rochester with a degree in media and communications. Her work has been featured on CNN Money, MSN Money, Yahoo Finance, USA Today, and more.
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