Does Bank of America offer personal loans? No – Here Are 5 Alternatives in 2026

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.

• Available in all states

• Why we like it

  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 and cons

  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

• More details

  Loan amount	$5,000 to $100,000
  APR	6.49% 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

• Partner terms and conditions

  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.

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.

• Not available in: Iowa, West Virginia

• Why we like it

  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 and cons

  Pros

  • Up to 20 years to repay some loan types
  • Competitive rates starting at 9.99%
  • Get a 0.50% discount for using autopay

  Cons

  • No preapproval process
  • Large minimum loan amount of $5,000
  • No customer service phone number

• More details

  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

• Partner terms and conditions

  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.

• Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia

• Why we like it

  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.

• Pros and cons

  Pros

  • Holistic underwriting process
  • Prequalification available
  • 15-day grace period before late fees are charged

  Cons

  • 0% to 12% origination fee
  • No joint loans or cosigners allowed
  • Only two loan term options

• More details

  Loan amount	$1,000 to $75,000
  APR	6.30%–35.99% (includes any origination fee)
  Interest Rate Type	Fixed
  Min. credit score	300
  Turnaround Time	As soon as the next business day
  Loan Term	3 or 5 years

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.

• Available in all states

• Why we like it

  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.

• Pros and cons

  Pros

  • Sends funds directly to creditors
  • No origination fee or prepayment penalties
  • Next-day turnaround

  Cons

  • $39 late fee with no grace period
  • Must have minimum annual income of $25,000
  • Low maximum loan amount compared to other lenders

• More details

  Loan amount	$2,500 to $40,000
  APR	7.99% to 24.99%
  Interest Rate Type	Fixed
  Min. credit score	660
  Turnaround Time	As soon as the next business day
  Loan Term	36 to 84 months