Bank of America Personal Loan Alternatives

Bank of America doesn’t offer personal loans. We recommend LightStream for people with good or excellent credit.

To find other alternatives to Bank of America personal loans, you can compare the companies below:

• Best for good credit: LightStream 
• Best for fair credit: Upgrade
• Best for thin credit: Upstart

In this guide: 

• Bank of America Personal Loan Alternatives
• Other Places to Look for Personal Loans
• What Loans Bank of America Offers

Bank of America Personal Loan Alternatives

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 (Best for excellent credit)

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 loan experience guarantee where you’ll receive cash back if you are not satisfied with your borrowing experience. However, only borrowers with good to excellent credit can qualify. You’ll need a minimum credit score of 660.

• Credit score category: Excellent, good
• Soft credit pull to check rates: Not available
• Deposit time: As soon as the same day (conditions apply)
• Origination fee: 0%
• Late fee: None
• Discounts: 0.50% interest rate reduction for enrolling in autopay
• Repayment terms: 24 – 144 months depending on the loan purpose^**

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Upgrade (Best for fair credit)

Upgrade is a great option for borrowers with bad or fair credit, as well as those that need smaller loans, as they have a lower minimum loan amount than most lenders. They also base their eligibility more on your free cash flow than other lenders do. You’ll need a minimum credit score of 620.

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As soon as the next day
• Origination fee: 2.9% – 8%
• Late fee: $10
• Repayment terms: 36 or 60 months

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Upstart (Best for thin credit)

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.³ This model leads to 27% more approvals and 16% lower rates than traditional models.⁴

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As fast as one business day
• Origination fee: 0% – 8%
• Late fee: $15 or 5% of payment
• Repayment terms: 36 or 60 months

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Want to compare additional options, check out our guide to the best personal loans.

Other Places to Look for Personal Loans

You also have a host of other personal loan options, 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. 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 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 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 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 Kind of Bank of America Loans Are Available?

Though Bank of America doesn’t offer personal loans, 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 products. 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.

Recap of Bank of America Personal Loan Alternatives

Here is a recap of some alternative options to Bank of America personal loans. Make sure to consider all eligibility requirements before applying with a lender. If a soft credit check is available, that is preferred as it won’t impact your credit score. A hard credit check can stay on your credit report for around two years.

Both Upgrade and Upstart offer soft credit checks.

Lender	Rates (APR)	Min Credit Score
LightStream	3.49% – 19.99%* with Autopay	660+
Upgrade	7.99% – 35.97%	620+
Upstart	8.41% – 35.99%	600+

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*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

^**Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of thre years would result in 36 monthly payments of $303.99.”

¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

²Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.