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Bank of America personal loan alternatives
This big bank may not offer personal loans, but that doesn't mean you can't find funding elsewhere.
If you bank with Bank of America, you may have gone there first looking for a loan only to find that there are no personal loan options available. It’s inconvenient, but it shouldn’t stop you from getting the money you need. There are plenty of other lenders out there that can work with you. These are our top three alternatives to Bank of America personal loans.
Why doesn’t Bank of America offer personal 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. Why? With mortgages and car loans, the property acts as collateral to secure the loan, which makes the loans much less risky than unsecured personal loans. If a borrower defaults, Bank of America collects the property to help pay back the loan. And with credit cards, the interest rate is much higher than personal loans, making it much more profitable — even if the risk of default is the same.
How we chose these lenders
We selected lenders based on a few factors. All three of our top lenders are either banks or backed by a bank. Range of loan amounts and APRs also played a role, as did interest rate discounts and repayment flexibility.
What’s new in 2020?
To better meet your needs, we changed our categories so you can compare lenders that are a close match to Bank of America — in services and national scope.
Bank of America personal loan alternatives
You still have options outside of Bank of America if you need a personal loan. Below are three viable alternatives to a personal loan from Bank of America. We selected these providers based on the variety of loan types offered. If you have fair to excellent credit, you may be able to find a loan to suit your unique needs.
Best for borrowing from a bank: Wells Fargo
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.
But you’ll need good to excellent credit to qualify. Current customers with qualifying accounts may receive an APR discount of 0.5%. However, if you aren’t a current customer, you’ll need to apply in person at your local branch.
- Loan amounts: $3,000 to $100,000
- APRs: 5.74% to 20.24%
- Loan term: 1 to 7 years
- Eligibility: Proof that you can pay back the loan, be 18+ years old and US citizen or permanent resident.
Best for large loan amounts: LightStream
LightStream is an online lender, but it’s technically the personal loan arm of SunTrust Bank. It offers competitive rates and a large maximum loan amount. Other benefits include its rate beat program, a hefty 0.5% rate discount for signing up for autopay and possible same-day funding.
But like with Wells Fargo, you need to have good to excellent credit to qualify. And you can’t borrow less than $5,000. It also lacks a customer service number — you’ll need to fill out an online form to get in touch with a representative.
- Loan amounts: $5,000 to $100,000
- APRs: Varies
- Loan term: 2 to 7 years
- Eligibility: You must have a good or excellent FICO and be an American citizen or a permanent resident of the US.
Best for borrowers with good credit: HSBC
HSBC offers personal loans to borrowers with credit scores of 700 or higher — the lower end of the good-credit range. Its rates are capped at 22.99%, and its loans are open to residents of all states except Wisconsin. Same-day turnaround is also available.
But loans for new customers are capped at $30,000. And although you won’t have to make a payment for 50 days, interest starts accruing immediately. This means the sooner you make your first payment, the less you’ll pay over the life of your loan.
- Loan amounts: $3,000 to $30,000
- APRs: 6.99% to 22.99%
- Loan term: 2 to 5 years
- Eligibility: 680+ credit score, US permanent resident (Not Wisconsin or any US territory resident), ages 18+ — or 19+ in Nebraska and Alabama
Does Bank of America offer any similar loans?
Bank of America may not offer personal loans, but it does have secured loans and credit cards for personal use.
- Credit cards. Bank of America has a variety of credit cards that suit different needs, from individuals looking to build their credit to people who want to earn points toward travel. With a large line of credit, you may be able to finance a big expense without needing a personal loan. But since credit cards typically have higher APRs, take advantage of those cards offering 0% intro APRs like the BankAmericard credit card and the MLB® Credit Card.
- Home loans. Whether you need a mortgage for a new home, want to refinance your existing mortgage or simply want to draw on your equity through a line of credit, Bank of America can help. It has both fixed-rate and adjustable-rate mortgages available.
- Auto loans. You can use an auto loan from Bank of America to purchase a car from a dealership or private seller, buy out a lease or refinance an existing auto loan to a lower rate. You can borrow up to $125,000, and APR starts as low was 3.09%.
Compare more personal loan options
Personal loans can be a necessary tool in handling the expensive parts of life. Bank of America may not offer them, but that doesn’t mean you don’t have options. No matter if you’re looking to compare lenders easily, are interested in a wider range of loan terms or want to try out p2p lending, a variety of alternative providers can help you get the financing you need. Visit our guide to personal loans to explore even more lenders, find tips for getting the best rate on a loan, see steps for applying and more.
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