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Bank of America personal loan alternatives

Large banks, local credit unions and online lenders are excellent ways to find the right loan.

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Bank of America doesn’t offer personal loans — but it does have a large variety of credit card, mortgage and auto loan options. Here are our top alternatives to Bank of America, based on factors like national availability and eligibility criteria, as well as a breakdown of its other financial products.

4 alternatives to Bank of America personal loans

  • If you’re looking to work with a bank: Wells Fargo
  • If you have good to excellent credit: SoFi
  • If you have fair credit: Upstart
  • If you want to consolidate debt: Discover

For bank loans

Wells Fargo personal loans

3.65 / 5 ★★★★★

Wells Fargo is a popular bank and offers many of the same services as Bank of America — and its personal loan options are an added bonus. It offers both secured and unsecured personal loans with competitive rates. Turnaround time is quick, and you may be eligible for a loan up to $100,000. Current customers may receive an APR discount of 0.5%. But if you aren’t a current customer, you’ll need to apply in person at your local branch.
Pros
  • Large maximum loan amount of $100,000
  • Interest rate discounts for Wells Fargo account holders
  • Accepts coapplicants
Cons
  • High maximum interest rate of 24.49%
  • Online applications limited
  • Poor customer reviews
Loan amount$3,000 - $100,000
APR5.99% to 24.49%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround TimeAs soon as 1 business day
Maximum Loan Term7 years
Minimum Loan Term1 year

For good to excellent credit

SoFi personal loans

4.3 / 5 ★★★★★

Go to site
on SoFi's secure site
SoFi is consistently on our list of top picks because of its lack of fees — including late fees — and large array of member benefits. Not only can you borrow a large personal loan, but you'll have access to job coaching, unemployment protection and networking events. However, it receives mixed customer reviews and you could wait up to 30 days to receive your loan funds. And some borrowers may be stuck with a high interest rate.
Pros
  • Large maximum loan amount of $100,000
  • No fees
  • Suite of additional member benefits
Cons
  • Turnaround may take up to 30 days
  • High maximum interest rate of 20.25%
  • Mixed customer reviews
Loan amount$5,000 - $100,000
APR5.99% to 18.85%
Interest Rate TypeFixed
Min. Credit Score680
Turnaround TimeUp to 30 days
Maximum Loan Term7 years
Minimum Loan Term2 years

For fair credit

Upstart personal loans

4.15 / 5 ★★★★★

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on Upstart Personal Loans's secure site
Upstart makes our list of alternatives to Bank of America because it works with borrowers who have credit scores as low as 580. You can borrow up to $50,000, and when you apply, Upstart will consider factors like your education and employment history. But unlike personal loans for borrowers with good credit, you may be stuck with an origination fee of up to 8% — and a high interest rate of 35.99%.
Pros
  • Works with limited credit history
  • Midsize loans of $1,000 to $50,000
  • Holistic underwriting process
Cons
  • Origination fee between up to 8%
  • Limited to two loan terms
  • Strict eligibility criteria for an online lender
Loan amount$1,000 - $50,000
APR7.68% to 35.99%
Interest Rate TypeFixed
Min. Credit Score580 or 600 depending on state of residence
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term3 years

For debt consolidation

Discover personal loans

4 / 5 ★★★★★

If you're looking to consolidate unsecured loans and credit card debt, Discover is a good choice. While you can only borrow up to $35,000, it doesn't all have to go to your debts. Discover allows you to use 70% of your loan for debt consolidation — and it sends the money directly to your creditors so you don't have to. The other 30% can be used for almost any expense. Just be aware of its high late fee and lack of autopay discount. These can impact the cost of your loan, even if you get a low interest rate.
Pros
  • 30-day money back guarantee
  • Split funds for debt consolidation and other purchases
  • Low starting interest rate of 6.99%
Cons
  • Low maximum loan amount of $35,000
  • Steep late fee
  • No discount for autopay
Loan amount$2,500 - $35,000
APR6.99% to 24.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Maximum Loan Term7 years
Minimum Loan Term3 years

Where to find other alternatives to Bank of America

Banks, credit unions and online lenders are all good places to start searching for an alternative to Bank of America.

Banks

Banks like Wells Fargo, Citibank and U.S. Bank all offer personal loans. In fact, there are a variety of banks that have personal loans. But to qualify, you may need to have a checking or savings account with the bank — along with good to excellent credit.

You may be able to find loans ranging from $1,000 to $100,000, although most banks typically offer loans of under $50,000. Interest rates are extremely competitive as well, making large banks one of the best options if you meet their more strict eligibility requirements.

Credit unions

Like banks, local and federal credit unions offer competitive interest rates on their personal loans. In almost every case, you’ll need to have an account to borrow. And to open an account, you may need to meet certain work or residency requirements.

But there are multiple credit unions, like Alliant and PenFed, that accept borrowers with fair credit. You’ll still need to meet other requirements, but a credit union is a good choice if you’re looking for a midsize personal loan without a bank’s strict eligibility criteria.

Online lenders

Most online lenders offer loans throughout the US. There are options for every type of credit, but expect higher rates if you have a lower credit score. In most cases, you should be able to check your rates through a preapproval process that won’t impact your credit. By doing this, you can find the most competitive rate.

Online lenders also have the benefit of being faster than many banks or credit unions, although it still takes one to two days to fully process and fund an application. You may want to consider an online lender alongside a bank or credit union to fully understand the type of loan you qualify for.

Compare personal loans

To see online lenders and connection services you can use, select your credit score and state. Then click Show me my personalized options.

Name Product Filter Values APR Min. Credit Score Loan amount
Best Egg personal loans
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
SoFi personal loans
5.99% to 18.85%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upgrade personal loans
Upgrade personal loans
6.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Credible personal loans
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
LendingClub personal loans
LendingClub personal loans
8.05% to 35.89%
640
$1,000 – $40,000
A peer-to-peer lender offering fair rates based on your credit score.
LendingPoint personal loans
LendingPoint personal loans
9.99% to 35.99%
585
$2,000 – $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Prosper personal loans
Prosper personal loans
7.95% to 35.99%
640
$2,000 – $40,000
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
Figure personal loans
Figure personal loans
5.99% to 15%
680
$5,000 – $50,000
Get prequalified in just a few clicks without hurting your credit. This lender offers offers quick turnaround for loans starting at $5,000.
PenFed Credit Union personal loans
PenFed Credit Union personal loans
6.49% to 17.99%
650
$600 – $35,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
Upstart personal loans
Upstart personal loans
7.68% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
OneMain Financial personal loans
OneMain Financial personal loans
18% to 35.99%
Varies
$1,500 – $20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Monevo personal loans
Monevo personal loans
1.99% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
NetCredit personal loans
NetCredit personal loans
34% to 155%
No minimum
$1,000 – $10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
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Compare up to 4 providers

More Bank of America loans

Bank of America is one of many banks that chooses not to offer personal loans. Instead, it focuses on mortgages, auto loans and credit cards. This limits its risk as a lender — but you still have a decently wide selection of options to choose from.

There are also a few business loans offered by Bank of America if you have an established business with an annual revenue of at least $100,000.

Bottom line

While Bank of America’s loan options are limited, you can still compare personal loans to find the right lender and learn more about how to finance your next expense.

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2 Responses

    Default Gravatar
    AnonymousOctober 29, 2018

    Does Bank of America give a loan to the person?

      Avatarfinder Customer Care
      JhezOctober 30, 2018Staff

      Hello,

      Thank you for your comment.

      Bank of America offers a number of financial products but personal loans aren’t one of them. They do not offer an online loan application process. For personal loans, you may consider Bank of America personal loan alternatives which are outlined above.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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