This bank offers loans of up to $100,000 with quick turnaround after you’re approved.
What makes a BBVA Compass Express Personal Loan unique?
BBVA Compass’s loyalty discounts, high loan amounts and competitive rates set it apart. These might be all possible because BBVA Compass is one of a handful of banks that actually offers personal loans. If you qualify, you may be able to borrow a large amount of money at less cost than with a credit card.
However, BBVA Compass only has branch locations in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, which limits your ability to qualify for the largest amounts. And if you don’t have a reservation code, you won’t be able to apply online. Even with one, you can only borrow up to $35,000 out of state.
What is a BBVA Compass Express Personal Loan?
A BBVA Compass Express Personal loan is an unsecured loan from $2,000 to $100,000 — one of the larger personal loan options out there — with a loan term between 12 to 72 months. APRs rates range between 5.99% to 29.99%, and with a qualified BBVA Compass checking account, you can save 1% off your APR if you sign up for automatic payments.
You can apply online, over the phone or in-person at a branch. You can use your loan funds for just about anything, and best of all, you may even be able to get same-day funding if your loan is deposited into a BBVA Compass checking account.
How much can I expect to pay for a Signature Express Loan with BBVA Compass?According to the bank, a 12-month loan for $2000 at 35.06% APR will result in 12 monthly payments of $193.98 each. This result does not include an interest surcharge of $60 payable at closing.
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What are the benefits of a BBVA Express Personal Loan?
- Large loan amounts. BBVA Compass has one of the largest loan amounts out there. It’s hard to beat the spending power of $100,000, but you’ll have to meet stringent requirements to qualify.
- Rate discounts. Save more with autopay from a BBVA Compass checking account, which knocks 1% off your APR, or by signing up with the Premier Personal Banking Program at the time the loan is finalized for 0.25% off the APR rate.
- Potential same-day funding. If you already have a BBVA Compass checking account, you may be able to receive your loan funds on the same day you’re approved.
What to watch out for
- High APR. If you have poor credit, you could face an APR as high as 29.99%.
- Surcharge. You’ll pay a surcharge of $60 for loans from $2,000 to $9,999 and $120 for loans of $10,000 or more.
- Limited online application. You’ll need a reservation code to apply online, and even then, you’ll only be able to borrow up to $35,000 — not the $100,000 maximum that borrowers who apply at a branch or over the phone can get.
Am I eligible?
To be approved for an Express Personal Loan with BBVA Compass, you must
- Live in one of BBVA Compass’s serviced states
- Be at least 18 years old
- Be a US citizen or permanent resident
How do I apply?
You can apply for a BBVA Compass Express Personal Loan one of three ways: online, over the phone or at a branch, but you’ll need a reservation code to apply online. When you do, BBVA Compass will perform a soft credit pull that won’t affect your score.
In addition to some basic information about yourself, you’ll need to supply BBVA Compass with
- Your Social Security number and date of birth
- How much money you want to borrow
- How you plan to spend your loan funds
- Information about your current employment and income
BBVA Compass will review your application and give you a preview of your potential terms if you qualify. Generally, you can choose from one of a few loan setups that best suits you. After, you’ll complete the application, which will result in a hard pull of your credit. If you’re approved, you may be able to receive funding on the same day.
I got a BBVA Compass Express Personal Loan. Now what?
Once you have your loan, consider setting up autopay to avoid late payments and receive the 1% interest rate discount. If you run into any problems paying your loan or have questions, you can contact customer service by calling at 1-800-239-1996, sending a secure form online or requesting customer service contact you online.
BBVA Compass Express Personal Loans can get you the money you need for just about anything you need it for. Quick turnaround and a lump-sum payment of up to $100,000 are just a few of the benefits that come with borrowing from this large bank.
But if you’re not in BBVA Compass’s seven-state service area or don’t have the best credit, you may want to compare your loan other options to find a better deal.