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BBVA Compass Express Personal Loans review
Last updated:
This bank offers loans of up to $100,000 with quick turnaround after you're approved.
finder.com’s rating: 4.4 / 5.0
★★★★★
- Best for borrowers looking for a large loan amount fast.
- Pick something else if you don't live in one of the seven states it services.
$100,000
Max. Loan Amount
4.99% to 29.49%
APR
Details
| Product Name | BBVA Compass Express Personal Loans |
|---|---|
| Min. Loan Amount | $2,000 |
| Max. Loan Amount | $100,000 |
| APR | 4.99% to 29.49% |
| Interest Rate Type | Fixed |
| Loan Term | 1 to 6 years |
| Turnaround Time | Up to 1 business days |
Expert review
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Expert review
BBVA Compass Express Personal Loan is ideal if you’re looking to borrow a large amount and already have a relationship with the bank. If offers a 1% rate discount for signing up for autopay from an eligible BBVA Compass checking account. And you could get your funds the same day you’re approved — fast for a bank.
But you’ll need to live in one of the seven states it services to apply. And you can only apply for amounts under $35,000 online — you’ll have to call or visit a branch in person for any loans larger than that. It’s also not upfront about credit or income requirements — though banks tend to have stricter eligibility criteria than online lenders.
Not sold on BBVA Compass? Find more options by using our comparison table.
How much will this loan cost me?
BBVA Compass personal loans come with 4.99% to 29.49% APR. Rates include a 0.5% discount for online applications, and 1% for in-person applications — but only if you sign up for autopay from a BBVA checking account. BBVA doesn’t disclose if this rate includes any fees.
You can borrow between $2,000 and $100,000. And terms run from 1 year to 6 years. Use the calculator below to find out how much a loan might cost at different loan amounts, rates and terms.
How it works
To qualify for that 4.99% rate, you’ll need to apply in person, already have a BBVA account and sign up for autopay from that account. And you’ll likely need to have a good credit score of around 760 or higher and enough cash flow to afford your monthly repayments with money to spare.
You’ll also need good credit and cash flow to qualify for that $100,000 loan. And if you live in California, the most you can borrow is $15,000 — regardless of your credit or income.
What do I need to qualify?
To be approved for an Express Personal Loan with BBVA Compass, you must meet the following requirements:
- US citizen or permanent resident.
- At least 18 years old.
- Resident of one of the seven states where BBVA Compass offers loans.
- Good credit or collateral for secured loans.
What states does BBVA Compass service?
BBVA Compass has branches the following states:
- Alabama
- Arizona
- California
- Colorado
- Florida
- New Mexico
- Texas
What information do I need to apply?
In addition to some basic information about yourself, you’ll need:
- Social Security number
- Proof of income or employment
Pros and cons
A BBVA personal loan can be a great option when you need a large loan with a long term. But it’s not right for everyone.
Pros
- Large loans up to $100,000
- Up to 1% rate discount for autopay from BBVA account
- Same-day funding available
- Loan terms up to six years
Cons
- Limited state availability
- APRs up to 28.99%
- Funds limited with online application
See other personal loan options
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Is BBVA Compass legit?
Yes, BBVA Compass is insured by the Federal Deposit Insurance Corporation (FDIC), meaning that it meets certain federal standards for banks. It has several privacy policies that outline how it uses the information in general, online, using its app and more. Residents of California can access additional policies that outline their options when it comes to limiting information sharing.
Do BBVA Compass personal loans get good reviews?
| BBB accredited | No |
|---|---|
| BBB rating | B- |
| BBB customer reviews | 1 out of 5 stars, based on 87 customer reviews No reviews |
| Trustpilot Score | 3.1 out of 5 stars, based on 8 customer reviews |
| Customer reviews verified as of | 27 May 2020 |
BBVA Compass gets mixed online reviews, though most are about BBVA’s other loans and products. However many customers said they struggled to get through to customer service or make changes to their accounts. It also got points knocked off of its BBB rating after failing to respond to four complaints filed against the bank.
How do I apply?
You can apply for a BBVA Compass Express Personal Loan online, over the phone or at a branch. But to apply online, you’ll need a reservation code — and you’ll only have access to loans up to $35,000. To get started with your online application, follow these steps:
- Visit the BBVA Compass website and navigate to the Personal loans page.
- Click Respond to an invitation.
- Enter your reservation code and select how you received it — as a letter or an email.
BBVA Compass will then direct you to fill out its application online.
Can I apply if I didn’t receive an invitation?
Yes. You can call 800-239-1009 to speak to a BBVA Compass representative over the phone or visit one of its branch locations to start an application.
What happens after I apply?
BBVA Compass will review your application and send you a preview of your potential terms if you qualify. If you decide to finalize your application, BBVA Compass will do a hard pull of your credit. If you’re approved, you may be able to receive funding on the same day.
How do repayments work with BBVA Compass?
Once you have your loan, consider setting up autopay to avoid late payments and receive the interest rate discount. If you run into any problems paying your loan or have questions, you can contact customer service by calling 800-239-1996, submitting a secure form online or requesting customer service contact you online.
Not in one of the seven states that BBVA Compass services? Compare your other options with our guide to personal loans.
Frequently asked questions
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