Bank of America Personal Loan Alternatives
Bank of America doesn't offer personal loans, but the companies below can be good alternatives to consider.

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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 to Bank of America personal loans, you can compare the companies below or read on to learn more about what loans are offered by the bank.
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
Compare Personal Loans

- Rates between 3.99% and 19.99% APR
- A minimum credit score of 660 is required
- No fees whatsoever

- Rates between 7.99% and 35.97% APR
- A minimum credit score of 620 is required
- You can check rates without hurting your credit score

- Rates are typically between 8.41% and 35.99% APR1
- A minimum credit score of 600 in most states
- Funds can be received in as fast as one business day
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
Rates (APR)
3.49% – 19.99%
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
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 you will be satisfied with your 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
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months
Upgrade
Rates (APR)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
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
Upstart
Rates (APR)
8.41% – 35.99%1
Loan Amounts
$1,000 – $50,0002
Credit Score
600+
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
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.
If you’re considering an online lender, you can check out our top-rated partner lender, LightStream.
Rates (APR)
3.49% – 19.99%
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
>> 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% | 660+ |
Upgrade | 7.99% – 35.97% | 620+ |
Upstart | 8.41% – 35.99% | 600+ |
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 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
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.
4As reported by the Consumer Financial Protection Bureau, based on an internal Upstart study which compares outcomes from Upstart’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).
Author: Christy Rakoczy
