Life is filled with unexpected twists and turns, and sometimes, people are not prepared. Bank of America does not technically offer a personal loan product, but they do have other products.
There are many alternatives to consider if you were hoping to obtain a Bank of America personal loan.
Bank of America Doesn’t Offer Personal Loans
Bank of America is one of the largest and best-known lenders in the country for secured loans, many consider this bank to be a highly reputable and trustworthy option. Although numerous banks offer loans, Bank of America does not technically offer a “personal” loan, but they are known for offering competitive loans for various different reasons.
Personal loans from other lenders may be the solution that helps fund the wedding of your dreams, renovate your home, consolidate your credit card debt, etc.
Alternative Personal Loan Options
Types of Bank of America Loans
If you do not qualify for a personal loan for reasons other than credit or income, you may be able to take advantage of Bank of America’s other loan opportunities. Here are several alternatives.
- Refinance Loan – If you are looking to refinance your home, you may be able to secure a low interest rate. In fact, you may even be able to receive some of the equity in your home to use in place of a personal loan.
- Home Equity Line of Credit – With this option, you can take advantage of fixed payments along with a reduced interest rate.
- Credit Card – If you are not looking to borrow a large amount of money, you may benefit from a 0% credit card.
- Auto Loan – If you want a personal loan to purchase a car, taking out an auto loan through Bank of America may be the best option.
Bank of America is selective as to who they grant personal loans to, however, their process is similar to what most other banks follow for loan approval. The higher the credit score, the easier it is to secure a loan with this bank.
As for processing time, this typically takes a little longer than other banks. However, for current Bank of America customers, the overall procedure is typically easier. Interest rates vary depending on each applicant and their financial standing. Although you can apply for a loan over the phone or by visiting a local branch, Bank of America does not offer an online loan application process.
You will be required to submit a completed application, along with any necessary documents, to be eligible for a personal loan. In addition, you will probably need to provide your two most recent pay stubs, your last two bank statements, and last year’s tax return. After submitting all of the paperwork, a bank loan officer will review your application.
Secured and Unsecured Loans
Bank of America offers two types of loans: a secured loan and an unsecured loan. With a secured loan, you would be required to use your car, home, savings account, or some other asset as collateral. In exchange for providing collateral, the bank can offer you a reduced interest rate and a better loan term. An unsecured loan is for people with better-than-average credit, in which case, no collateral is required.
Your credit score and income are used to determine if you qualify for a secured or unsecured loan. To ensure that you get the right deal, it is always best to shop loans with Bank of America so you get the best possible rate.
Alternative Personal Loan Options
Once you choose the personal loan option that best fits your specific needs, you will be able to determine a repayment method with the representative. Usually, there are various options available based on the amount of monthly payment that you can comfortably afford. Bank of America does not want to see any of their customers fall behind on payments. To help prevent missed payments, they will work closely with each customer’s situation.
With customers as their main priority, Bank of America goes the extra mile to ensure that both current and potential customers receive the assistance they need. With the live chat option, you can speak directly with a representative to get answers to any questions you might have. By calling Bank of America, you will be on your way to securing a personal loan after providing the necessary information. Bank of America states, “We are here when you need us.” They strive to make sure each customer leaves satisfied.
Convenience Designed for You
Bank of America allows its customers to check their banking and loan information online. Toward the bottom of the bank’s website is a section dedicated to providing help with a loan or loan application. That way, you know exactly what steps to take next. Bank of America understands that financial difficulties are part of life, and therefore, they take a unique approach in helping people who need assistance. Through the Bank of America website you can easily check the status of your loan application. As a result, you do not have to sit around waiting to receive word by phone.
Talking with a representative from Bank of America will give you a better understanding of your financial situation. As a result, you’ll be able to secure the best type of loan for your specific needs. If you are not currently a Bank of America customer, you should know that Citizens Bank, Chase Bank, and TD Bank offer comparable products.
Author: Jeff Gitlen
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