This bank offers competitive rates on a range of loans to fit your personal funding needs.
Planning to buy or refinance a home, buy a car, consolidate debt, pay for a vacation or renovate? BBVA Compass is a leading bank that offers personal loans with flexible terms and payment plans. However, with only about 700 locations in seven states, you may not live in an area serviced by BBVA Compass.
Am I eligible?
BBVA Compass has a few basic eligibility requirements you’ll need to meet in order to qualify. You should
- Have good credit or collateral
- Live in an eligible state
- Be at least 18 years old
- Be a US citizen or permanent resident
Where is BBVA Compass located?
- New Mexico
What type of loans does BBVA Compass offer?
BBVA Compass offers a few different loan types to cover many of life’s expenses. Many are customizable to your unique needs and start at $2,000 so you have the capital to pay for whatever comes up.
- Signature Express loans. You can borrow between $2,000 to $100,000 with a Signature Express loan from BBVA Compass. APR ranges from 6.07% to a high 35.06% based on your credit and other financial factors. Terms last from 12 to 36 months.
- Auto loans. Finance a new or used car with loans that start at 4.99% APR for $5,000 and 3.49% APR for up to $15,000. Term lengths vary by loan.
- Mortgage loans. Borrow a fixed- or adjustable-rate mortgages, jumbo loans, government loan programs, even professional mortgages with terms of 5, 10 or 30 years.
- Home equity loans. Use your home’s equity to borrow a lump sum $10,000 to $500,000. APR will depend on your loan and state of residence, but generally falls between 4.09% to 7.09%.
- Small business loans. Start or expand a business with secured and unsecured loans and lines of credit with fixed or variable interest rates.
Compare your personal loan options
What are the benefits of borrowing a loan from BBVA Compass?
- Big-name bank. BBVA Compass is among the 25 largest banks in the US, despite only being available in a limited number of states.
- No max for secured loans. With sufficient collateral, you can borrow higher amounts. BBVA doesn’t set an upper limit for its loans.
- Autopay discount. Set up autopay from a BBVA Compass checking account to knock 0.50% or 1% off your APR, depending on the loan.
Drawbacks to be aware of
- Limited availability. BBVA Compass loans are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.
- Poor customer service. Almost every online review for BBVA Compass’s products were complaints about the bank’s customer service.
- May require collateral. A few business and home equity loans require collateral to secure the loan, which can put you at risk of losing the collateral should you default.
Are BBVA Compass loans safe?
BBVA Compass’s website uses a layered security system to protect your personal and financial information. Mobile and online banking alerts are available to notify you of any suspicious activity. And to further protect you from hackers or identity theft, BBVA Compass offers membership in its ClearBenefits Program. For $5 a month, you get up to $25,000 in identity theft insurance and identity restoration advocates available 24/7 to investigate suspicious activity and send fraud alerts to state agencies.
What does the Internet say about BBVA Compass?
BBVA Compass mostly gets negative online reviews as of November 2018. It’s not accredited with the Better Business Bureau and only managed a B- rating based on 72 customer reviews, 100% of which were negative. In addition, there are almost 600 complaints filed against the bank, and it has no rating on Trustpilot. None of this is a good sign for a bank with BBVA’s level of name-recognition.
Nearly every review disparaged its customer service, regardless of what type of customer was writing it. One wrote: “I should have came here first to read all the bad reviews before opening an account.” The majority of reviewers detailed frustrating situations where they tried and failed to get customer service to resolve their issue. In fact, only one reviewer had a positive customer service experience.
BBVA gave the same form response to each customer — not a sign of great customer service. So if customer service is something you strongly value, you might want to choose another option.
- You must have good credit or collateral for secured loans.
- You must live in one of the seven states where BBVA Compass offers loans.
- You must be able to prove US citizenship.
- You must be at least 18 years old.
How to apply for a BBVA Compass loan
- Visit BBVA Compass online and click the Lending tab.
- Select the type of loan you’re interested in.
- Click Learn more and follow the prompts to apply or set up an appointment with a BBVA Compass representative.
BBVA Compass conducts a hard pull of your credit history to determine your interest rate. Unlike many lenders, BBVA may impose fees that vary by the type of loan you’re approved for. For instance, for its Signature Express loans, you’ll pay an interest surcharge of $60 for loans of $2,000 to $9,999 and $120 for loans of $10,000 or more.
Confirm and understand the fees that you can expect to pay with your loan before signing a contract with BBVA Compass.
I got the BBVA loan. Now what?
What happens next depends on your loan type: With a mortgage or auto loan, the next step might be making a purchase. Your point of contact at BBVA should be able to help you through the purchasing process and setting up payment to your realtor or dealership.
Once your funds are disbursed, interest starts accumulating. Try setting up autopay with your Online Bill Pay account — it’s one less thing you need to keep track of. This doesn’t mean that you can just forget about your loan. Mistakes happen, even with automated payments, so it’s best to keep an eye on your account and your loan balance.
If you’re having trouble, contact BBVA’s loan payment assistance line by calling 866-681-1662. If you have any other problems or questions about your loan, contact the loan customer service line at 800-239-1996.
I didn’t get the loan. What should I do?
The first step you should take after being rejected by a lender is to find out why. It might have had something to do with your credit report, your income or that you just didn’t meet all of its credit requirements.
Check your credit report to make sure there are no mistakes. If you find any, contact your credit bureau and the organization that misreported that information to fix it. It’s also a good idea to take steps to improve your credit score (and wait for it to recover from that hard credit check BBVA pulled) before you apply for another loan.
Banks have a reputation for having tighter requirements than other lending institutions. Instead of reapplying with BBVA Compass again, take a look at your local credit unions and online lenders to see if they might be a better fit.
Compare BBVA Compass loans
|BBVA Compass loan options|
|Signature Express personal loans review||Auto loans review|
|Business loans review||Home equity loans review|
BBVA Compass is an option if you’re looking for flexible loans and live in one of its serviced states. But with a number of negative borrow reviews, you’ll be better off getting in contact with BBVA Compass directly to be sure you want to work with a bank said to have bad customer service.
If you decide BBVA Compass isn’t the bank for you, compare your other loan options before making a final decision.