Bank of America (BofA) is one of the largest and most trusted financial institutions in the US. While BofA offers loan products like mortgages, auto loans, and business loans, you’ll have to look elsewhere if you’re seeking a personal loan.
Though BofA doesn’t offer personal loans, many personal loan lenders provide competitive rates and an easy application process. Some also cater to borrowers with less-than-ideal credit scores. To help get you started, here are five alternatives to Bank of America for personal loans.
For borrowers with good to excellent credit, SoFi is a great personal loan alternative to BofA. Along with a personal loan, you'll have access to a variety of perks. For example, financial advice, career counseling and even discounts on future loans.
SoFi is one of the few lenders that doesn't charge any fees, including late fees. Because you'll need a credit score of at least 680 or higher, SoFi isn't the best choice if you haven't built up enough credit or have less-than-stellar credit. While SoFi is a good option for young professionals, if you're self-employed, you'll need at least two years of tax returns and income information to qualify.
Min. credit score
680
APR
6.99% to 35.49% with autopay and member discounts (0.25% each)
Loan amount
$5,000 to $100,000
Available in all states
For borrowers with good to excellent credit, SoFi is a great personal loan alternative to BofA. Along with a personal loan, you'll have access to a variety of perks. For example, financial advice, career counseling and even discounts on future loans.
SoFi is one of the few lenders that doesn't charge any fees, including late fees. Because you'll need a credit score of at least 680 or higher, SoFi isn't the best choice if you haven't built up enough credit or have less-than-stellar credit. While SoFi is a good option for young professionals, if you're self-employed, you'll need at least two years of tax returns and income information to qualify.
Pros
Member perks
No prepayment penalties or late fees
Joint applications accepted
Borrow up to $100,000
Cons
High minimum loan amount of $5,000
Coapplicant loans can take longer to process
Some complaints of higher-than-expected rates
Loan amount
$5,000 to $100,000
APR
6.99% to 35.49% with autopay and member discounts (0.25% each)
Interest Rate Type
Fixed
Min. credit score
680
Turnaround Time
Same day (if approved and signed by 5:30 p.m. ET)
Loan Term
2 to 7 years
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2025 was around $32K. Information current as of 07/20/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% member rate discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 07/20/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet.
Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
Direct deposit. To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Min. credit score
680
APR
6.99% to 35.49% with autopay and member discounts (0.25% each)
LightStream is similar to SoFi in terms of its loan amounts and fee-free structure. It is backed by Truist Bank and offers loan amounts up to $100,000 with flexible terms as long as 20 years, depending on the loan type.
LightStream also has competitive starting rates and offers rate discounts for autopay users. It has a quick turnaround, with funds potentially available the same day. While it requires a minimum loan amount of $5,000 and a hard credit check, LightStream is a good choice for borrowers with good to excellent credit who need large loans and want the flexibility of longer terms.
Min. credit score
Good to excellent credit
APR
Varies by loan purpose
Loan amount
$5,000 to $100,000
Not available in: Iowa, West Virginia
LightStream is similar to SoFi in terms of its loan amounts and fee-free structure. It is backed by Truist Bank and offers loan amounts up to $100,000 with flexible terms as long as 20 years, depending on the loan type.
LightStream also has competitive starting rates and offers rate discounts for autopay users. It has a quick turnaround, with funds potentially available the same day. While it requires a minimum loan amount of $5,000 and a hard credit check, LightStream is a good choice for borrowers with good to excellent credit who need large loans and want the flexibility of longer terms.
Pros
Up to 20 years to repay some loan types
Competitive rates starting at 6.49%
Get a 0.50% discount for using autopay
Cons
No preapproval process
Large minimum loan amount of $5,000
No customer service phone number
Loan amount
$5,000 to $100,000
APR
Varies by loan purpose
Interest Rate Type
Fixed
Min. credit score
Good to excellent credit
Turnaround Time
As soon as same day
Loan Term
Up to 20 years for home improvement; 2–7 years for most other purposes
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 27% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 10/01/2024 to 12/31/2024. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $25,000 loan at 6.49% APR with a term of 3 years would result in 36 monthly payments of $766.11.
Maximum APR for a LightStream loan is 25.79%. Loan terms range from 24 - 240 months depending on the loan type.
Upstart is a good option for borrowers with fair credit who need fast funding and may struggle to qualify for traditional loans. Unlike many lenders, Upstart considers more than just your credit score, evaluating factors like education and employment history to determine your eligibility, rates and terms. This approach makes it easier for those with limited credit histories or lower scores, even as low as 300, to qualify.
With prequalification available and funds disbursed as soon as the next business day after approval, Upstart is also a good choice for borrowers seeking quick access to cash without relying solely on their credit.
Min. credit score
300
APR
6.20%–35.99% (includes any origination fee)
Loan amount
$1,000 to $75,000
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Upstart is a good option for borrowers with fair credit who need fast funding and may struggle to qualify for traditional loans. Unlike many lenders, Upstart considers more than just your credit score, evaluating factors like education and employment history to determine your eligibility, rates and terms. This approach makes it easier for those with limited credit histories or lower scores, even as low as 300, to qualify.
With prequalification available and funds disbursed as soon as the next business day after approval, Upstart is also a good choice for borrowers seeking quick access to cash without relying solely on their credit.
Credible has a streamlined application process, and using the service won’t impact your credit score. Using a single form to compare multiple lenders is highly convenient, though loan amounts, rates and terms depend on the lender it matches you with.
” pros=”Apply with any credit score;Cosigned loans available;Data isn’t sold to lenders” cons=”Not a direct lender;Only 14 personal loan partners;Some complaints around customer service”]
Discover is an excellent alternative to BofA if you're interested in a lender who can also help you with debt consolidation. Its debt consolidation options pay off high-interest debts directly to creditors, saving you time and effort.
Discover has no origination fees or prepayment penalties, and it offers competitive interest rates and flexible terms up to 84 months. While the maximum loan amount is $40,000 — lower than some competitors — the quick disbursement and streamlined debt consolidation process make it a great option for borrowers looking to simplify and manage their debt effectively.
Min. credit score
660
APR
7.99% to 24.99%
Loan amount
$2,500 to $40,000
Available in all states
Discover is an excellent alternative to BofA if you're interested in a lender who can also help you with debt consolidation. Its debt consolidation options pay off high-interest debts directly to creditors, saving you time and effort.
Discover has no origination fees or prepayment penalties, and it offers competitive interest rates and flexible terms up to 84 months. While the maximum loan amount is $40,000 — lower than some competitors — the quick disbursement and streamlined debt consolidation process make it a great option for borrowers looking to simplify and manage their debt effectively.
Bank of America does not offer traditional personal loans, unlike many other banks. Student loans are also off the table, but we’ve gathered the best BofA student loan alternatives for you to compare. Instead, BofA offers alternatives to personal loans, like a variety of BofA credit cards.
It also offers small loans for unexpected expenses or emergencies, similar to small loans offered by federal credit unions. For example, its Balance Assist program allows qualifying customers to borrow up to $500 for a $5 fee, but this option is limited in both size and flexibility. To qualify, you must have a Bank of America checking account that is at least a year old. If you don’t have a credit score, you must have a BofA account for 2.5 years.
What other loans does Bank of America offer?
Bank of America extends loans to homebuyers, car buyers and small business owners.
Auto loans
BofA provides auto loans for new and used cars as well as lease buyouts and refinancing. Interest rates start at 3.59% for new cars and 3.79% for used models.
In as little as 24 hours, you can receive the funds needed to pay for your car — and you may even get a discounted rate if you have a BofA checking account. BofA also works with dealer networks and can recommend one that uses it to finance its auto loans.
Business loans
Need a business loan to purchase inventory or cover day-to-day expenses? Bank of America’s business loans may be what you need. It offers competitive rates and loan amounts starting at $25,000 and going up to $2 million.
Home mortgages
Bank of America offers mortgages for a wide range of borrowing needs, with two types to choose from.
Fixed-rate mortgage. Your interest rate remains consistent throughout the loan’s term, allowing for predictable monthly payments over 15, 20 or 30 years. Interest rates are competitive, and you won’t have to worry about them increasing during your loan.
Adjustable-rate mortgages (ARM). You’ll initially have a lower fixed interest rate, usually lasting up to 10 years. After the fixed-rate period, the interest rate adjusts to the going interest rate for the remainder of the loan.
Mortgage refinancing and home equity lines of credit
As part of its home loan products, Bank of America also offers several types of refinancing and home equity lines of credit.
The line of credit is quite simple: You borrow against the value you own in your home at a variable rate. Like all of BofA’s products, the APR is competitive. You’ll have a lower rate during your 12-month introductory period, then switch to a slightly higher APR for the remainder of your loan.
BofA’s mortgage refinancing is a little more complex. You can choose a fixed-rate, adjustable-rate, cash-out, FHA or VA refinancing. Each has different terms and eligibility criteria, so contact a BoA representative or visit your local branch to learn more.
Compare more personal loans
Bank of America doesn’t offer general-purpose personal loans, but you can compare other personal loans with competitive rates and terms here.
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What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Bank of America is a good place to start when you want an auto loan, mortgage or small business loan with an affordable rate. However, if you’re looking for a personal loan or a student loan, you’ll have to look elsewhere.
Many other lenders similar to Bank of America offer personal loans with competitive rates for people with varying credit scores. To explore more personal loans like BofA, check out our top picks for personal loans from banks.
Sarah Barness is the Head of Content at O.school and freelance writer at Finder, keeping up with the latest products in the industry to present readers with unbiased reviews and guides. She has over eight years of digital media industry experience in fast-paced newsrooms in New York City and Los Angeles. Before Finder, Sarah was ranked as a top-viewed HuffPost editor and writer. She was also a lifestyle senior editor for A Plus, a digital media publication founded by Ashton Kutcher. Sarah holds an MFA in creative nonfiction from The New School, as well as a certificate in editing from Poynter ACES.
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