Bank of America Personal Loan Alternatives

Bank of America (BoA) doesn’t offer personal loans, but many other lenders can help you cover unexpected expenses or finance larger purchases. Whether you’re looking for a loan with low rates, fast approval, or flexible terms, we’ll guide you to the best alternatives to Bank of America for personal loans.

Bank of America personal loan alternatives

If you were considering a personal loan from Bank of America, we’ve found five excellent alternatives that provide competitive rates, flexible terms, and fast approvals. We’ve researched the best options to help you find the right lender for your needs and credit profile.

Credible

Best Marketplace

5.0 _/5

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Why it’s an excellent BoA alternative

• Compare prequalified rates
• Get a $200 reward if another lender offers you a lower rate
• Doesn’t affect your credit score

If you’re looking for a personal loan, Credible could be a terrific choice. It’s an online marketplace that lets you compare prequalified rates from multiple lenders with just one quick application, making it easy to find the best deal.

With a wide range of lenders, Credible gives you plenty of options whether you have excellent credit or are working to rebuild it. Each lender on the platform has its own requirements, so you’ll likely find something that fits your needs and financial situation.

Loan details

Rates (APR)	6.99% – 35.99%
Loan amounts	$600 – $200,000
Repayment terms	12 – 84 months

SoFi

Best for Good Credit

5.0 _/5

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Why it’s an excellent BoA alternative

• Same-day funding may be available
• Origination, prepayment, and late payment fees are not required
• Check your rate in 60 seconds without affecting your credit score

If you have good credit (a FICO score between 670 and 739) and are looking for a personal loan, SoFi^® could be a top pick. SoFi is known for offering competitive rates and flexible terms to borrowers with solid credit profiles, and its application process is straightforward and fully online.

With no fees and plenty of added benefits, SoFi is a smart choice.

Loan details

Fixed rates (APR)	8.99% – 29.99% with all discounts
Loan amounts	$5,000 – $100,000
Term lengths	24 – 84 months

Upgrade

Best for Fair Credit

4.9 _/5

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Why it’s an excellent BoA alternative

• Choose your monthly payment and term length
• Ability to adjust your payment date during repayment
• Funds can be available within one day
• Accepts joint applications

Upgrade is ideal if you have a fair credit score (FICO between 580 and 669) and need a personal loan. Unlike many lenders, Upgrade aims to help those with fair credit access funds with reasonable rates and flexible repayment options. The platform also provides tools to help you monitor your credit score and build a better financial future.

With Upgrade, you’ll benefit from a streamlined online application, fast funding, and no prepayment penalties, making it a solid choice if you want to explore personal loan options despite having less-than-perfect credit.

Loan details

Rates (APR)	9.99% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	24 – 84 months

LightStream

Best for Excellent Credit

4.8 _/5

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Why it’s an excellent BoA alternative

• Customized loans that match your financing needs
• Funds can be available as soon as today
• Will beat the rate from other lenders if the loan terms match
• No fees or prepayment penalties

LightStream is a top choice if you have excellent credit (FICO score of 740 or higher). Known for offering some of the lowest rates in the market, LightStream doesn’t provide a soft credit check to prequalify, making it ideal for those confident in their strong credit history.

With LightStream, you can enjoy flexible loan terms and a hassle-free online application process. Plus, with no fees or prepayment penalties, you can pay off your loan early without added costs. If you’re looking for a lender that rewards excellent credit with great rates and terms, LightStream is a standout option.

Loan details

Rates (APR)	7.49% – 25.49%
Loan amounts	$5,000 – $100,000
Repayment terms	24 – 144 months

Upstart

Best for Little to No Credit

4.8 _/5

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Why it’s an excellent BoA alternative

• Rates are determined by more than just your credit score
• Funds can be available in as little as one business day
• Checking your rate won’t affect your credit score

If you’re looking for a Bank of America personal loan alternative and have little to no credit history, Upstart could be a solid match. Upstart stands out by considering more than just your credit score; it uses education, employment, and income to help you qualify for a loan. This makes it an option for those with a thin credit profile who might struggle to get approved elsewhere.

Upstart’s flexible approval criteria and competitive rates give you a chance to access the funds you need while building your credit. Plus, the application process is quick, with many borrowers receiving funds as soon as the next business day.

Loan details

Rates (APR)	7.80% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	36 or 60 months

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For additional information about these lenders and several others, 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, which a wide array of financial institutions offer. These include the following: Click the lender type in the table below to find out more about it.

Alternative	Credit score category
Traditional banks	Good to excellent
Online lenders	Bad to excellent
Peer-to-peer lenders	Bad to excellent
Credit unions	Good to excellent

Other traditional banks

Other traditional banks offer personal loans. These include big banks as well as local and regional banks.

Pros

• May offer low rates to borrowers with excellent credit

• The option to apply at a branch

Cons

• Longer approval process

• Slower funding

Online lenders

Many online lenders offer unsecured personal loans.

Pros

• Generous loan amounts

• Fast funding

Cons

• Some lenders charge origination fees or prepayment penalties

Peer-to-peer lenders

Peer-to-peer lending marketplaces help connect people who need to borrow money with investors who are interested in funding loans. You submit your information, the marketplace checks your credit report and other financial details, and it posts your loan for investors to fund. 

Pros

• May be easier for poor-credit borrowers to qualify 

Cons

• Interest rates can be high

• No guarantee your loan request will be funded

Credit unions

Credit unions are nonprofits. Unlike banks, their goal isn’t to make money for shareholders. They might offer lower personal loan rates and charge fewer fees than other lenders. 

To get a loan from a credit union, you first need to become a member. You may need to qualify for membership based on where you go to school, membership in a particular group, your profession, or where you live. 

Pros

• Can offer competitive rates

• Excellent customer service

Cons

• Not everyone qualifies to join a credit union 

Find personal loans by credit score

Lenders use different factors to approve borrowers for personal loans, but credit scores are often at the top of the list. Narrowing down your search for a personal loan by credit score category can make it easier to find the right loan.

If you haven’t checked your credit score recently, you may want to do that first so you have an idea of what kind of loans you’re most likely to qualify for. Remember, credit scores operate on a range, and where you land in that range can determine which of the following you have the best chances of being approved for.

See more:

• Best personal loans
• Good-credit personal loans
• Fair-credit personal loans
• Bad-credit personal loans

Why does the difference matter? It all comes down to interest rates. The better your credit scores are, the more likely you are to qualify for the most favorable personal loan rates. 

What kind of Bank of America loans are available?

Bank of America doesn’t offer personal loans. But 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 to purchase a home as well as home refinance loans to save on your mortgage. 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.
• 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 (HELOC) 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 can be lower than the rate on a personal loan because the loan is secured.
• Credit cards: Though not a loan, Bank of America offers many credit cards you may be interested in.

Those with a Bank of America checking account they make regular monthly deposits into have one more option: Balance Assist is a small-dollar loan to help you meet short-term needs. You can apply online to borrow up to $500 if you meet the eligibility requirements. 

Balance Assist is designed to help you manage temporary cash flow gaps. If approved, you’ll pay back what you borrow plus a $5 fee in three equal monthly installments. Bank of America checks your credit for approval, but a positive banking history could help outweigh a low or nonexistent credit score. 

FAQ

Why doesn’t Bank of America offer personal loans?

Bank of America does not offer personal loans as part of its product lineup, focusing instead on other financial services such as credit cards, mortgages, auto loans, and business loans. This strategy aligns with other large banks like Chase and Capital One, which have also chosen not to provide personal loans.

How do I choose the right personal loan lender?

To choose the right lender, start by comparing interest rates, fees, and loan terms from multiple providers. Look for lenders that match your credit profile and offer flexible repayment options. Consider customer reviews, the ease of the application process, and the quality of customer service. Think about whether the lender provides features important to you, such as prequalification with a soft credit check or options for debt consolidation.

Will applying for a personal loan affect my credit score?

Applying for a personal loan can affect your credit score, but the impact varies. When you apply, most lenders conduct a hard credit inquiry, which can lower your score by a few points. However, some lenders allow you to check your rate with a soft inquiry, which doesn’t affect your score. If approved, making consistent, on-time payments can help your credit over time.

Are there fees associated with personal loans?

Yes, personal loans may come with various fees, depending on the lender. Common fees include origination fees (usually 1% to 8% of the loan amount), late payment fees, and sometimes prepayment penalties. Always read the loan terms, and compare different lenders to understand the total cost of the loan, including any fees that may apply.

What is the typical repayment period for personal loans?

The typical repayment period for personal loans ranges from 12 to 60 months, though some lenders may offer terms as short as 6 months or as long as 84 months. Shorter terms generally mean higher monthly payments but less interest paid overall. Longer terms have lower monthly payments but can result in higher total interest costs. Choose a term that fits your financial situation and goals.

Recap of Bank of America personal loan alternatives