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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.

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 need a debt consolidation loan: Discover
  • 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

For debt consolidation

Discover personal loans

4 / 5 ★★★★★

Bank of America may not offer debt consolidation loans but Discover’s are one of the best alternatives. 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 affect the cost of your loan, even if you get a low interest rate.
  • Available in all states
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 to $35,000
APR5.99% to 24.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround Time1 to 7 days
Maximum Loan Term7 years
Minimum Loan Term3 years

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.
  • Available in all states
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 to $100,000
APR5.74% to 20.99%
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

4.45 / 5 ★★★★★

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.
  • Not available in: Mississippi
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 23.43%
  • Mixed customer reviews
Loan Amount$5,000 to $100,000
APR7.99% to 23.43%
Interest Rate TypeFixed
Min. Credit Score680
Turnaround TimeAs soon as the same day
Maximum Loan Term7 years
Minimum Loan Term2 years

For fair credit

Upstart personal loans

4.15 / 5 ★★★★★

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%.
  • Not available in: West Virginia
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 to $50,000
APR5.6% to 35.99%
Interest Rate TypeFixed
Min. Credit Score300
Turnaround Time1 to 3 business days
Maximum Loan Term5 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 numerous 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, and some online lenders like Payoff specialize in debt consolidation loans. There are options for every credit type, 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 available to you, select your credit score and state. Then hit Show me my personalized options.

1 – 5 of 5
Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
Best Egg personal loans
7.99% to 35.99%
640
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
Upstart personal loans
5.6% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
SoFi personal loans
7.99% to 23.43%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
LendingClub personal loans
6.34% to 35.89%
600
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on 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.

  • Credit cards. There are a variety of credit card options through Bank of America. These range from general travel and cashback rewards cards to secured cards that can help you build credit.
  • Home loans. Other than home loan products like mortgage refinancing and home equity lines of credit, Bank of America offers mortgages.
  • Auto loans. Auto loans through Bank of America typically have low rates — and you can borrow up to $100,000 for your next car. In addition, it also offers lease buyouts, refinancing and loans for private party sales.

There are also a few business loans through BoA 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

  1. 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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