Find competitive rates on personal loans, mortgages, small business loans and more.
Planning to purchase or refinance a home, buy a car, consolidate debt, start a business or renovate? BBVA Compass is a leading bank that offers both personal and small business loans with flexible terms and payment plans. However, with only about 700 locations in seven states, you may not be able to take advantage of BBVA’s competitive terms.
What type of loans does BBVA Compass offer?
BBVA Compass offers a few different loan types to cover 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.
- Express loans. You can borrow between $2,000 and $100,000 with a BBVA Compass Express loan. Fixed APRs range from 4.99% to 28.99% when you sign up for autopay from your BBVA Compass checking account. Terms last from one to six years.
- Auto loans. Finance a new or used car with fixed rates that start at 6.74% APR for amounts between $5,000 and $14,999 and 5.24% APR for loans over $15,000. Term lengths vary from one to six years based on how much you borrow.
- Mortgage loans. BBVA Compass has a variety of mortgage loans, including fixed- and adjustable-rate mortgages, jumbo loans, government loan programs and even professional mortgages. Terms range from 10 to 30 years.
- Home equity loans and line of credit. Use your home’s equity to borrow a lump sum or take out a line of credit between $10,000 and $500,000. Your APR will depend on your loan and state of residence, but will generally fall between 4.09% and 7.09% for a home equity loan.
- Small business loans. Start or expand a business with secured and unsecured loans and lines of credit with fixed and variable interest rates.
Where is BBVA Compass located?
- New Mexico
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Why should I consider taking out a loan with BBVA Compass?
- Big-name bank. BBVA Compass is one of the 25 largest banks in the US, despite only being available in a limited number of states.
- Potentially fast turnaround. If you already have a BBVA Compass checking account, you may be able to receive your personal loan funds the same day you’re approved. And some business loans also come with nearly immediate disbursement of funds.
- Autopay discount. Depending on the type of loan you borrow, setting up autopay from a BBVA Compass checking account may knock 0.5% to 1% off your APR.
Where does BBVA Compass fall short
- Limited availability. BBVA Compass loans are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. If you don’t live in one of these states, you’ll need to consider your other options.
- Poor customer service reviews. Almost every online review for BBVA Compass’s products were complaints about the bank’s customer service. If you want top-notch representatives, BBVA Compass may not be the bank for you.
- May require collateral. A few business and home equity loans require collateral to secure the loan. This isn’t always a bad thing, but it does mean you could lose your assets if you default.
How much will it cost me to borrow with BBVA Compass?
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 loan type. For instance, you’ll pay an interest surcharge of $60 for personal loans of $2,000 to $9,999 and $120 for loans of $10,000 or more if you borrow an Express loan.
It doesn’t state if you’ll need to pay an origination fee or what types of fees it charges for late payments. However, this information should be available on your loan contract. You can also inquire about these details during the application process — and if you don’t like what you hear, you’re under no obligation to go through with the loan.
What does the Internet say about BBVA Compass?
BBVA Compass gets mostly negative online reviews as of January 2019. It’s not accredited with the Better Business Bureau (BBB) and only managed a B- rating based on its failure to respond to customer complaints. It scores just 1 star based on 72 customer reviews — the majority of which were negative — and over 600 customers have filed complaints against the bank.
Nearly every review disparaged its customer service department. 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.
And BBVA gave the same form response to each customer — not a sign of great customer service. So if a strong customer support team is something you value, you might want to consider your other options first.
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.
How to apply for a BBVA Compass loan
Because BBVA Compass has a variety of loans, the exact steps will change based on the type of loan you’re interested in. However, you can follow these three simple steps to find out what you need to do to apply.
Confirm and understand the fees that you can expect to pay with your loan before signing a contract with BBVA Compass.
BBVA Compass has a few basic eligibility requirements you’ll need to meet in order to qualify, including:
- Good credit or collateral for secured loans.
- Resident of one of the seven states where BBVA Compass offers loans.
- US citizen or permanent resident.
- At least 18 years old.
I got the BBVA loan. Now what?
What happens next depends on your loan type. With a mortgage or auto loan, you’ll likely need to make your 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. If you borrowed a personal loan, you can use your funds as soon as you get them to pay for that big expense.
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. But 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?
Request BBVA Compass’ reason for rejection if it isn’t given to you. The likely answer is a problem with your credit or 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.
More about the company
BBVA Compass was founded in 1964 and is a subsidiary of Banco Bilbao Vizcaya Argentaria, a Spanish multinational bank. Like all banks, it offers checking and savings accounts as well as credit cards and investing programs. Recently, it’s been looking to expand its financial education workshops. It plans on partnering with nonprofit organizations throughout 2019 to increase the reach of its programs to low- and moderate-income families, as well as small businesses in underserved areas.
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BBVA Compass offers flexible loans for residents of its serviced states. But with a number of negative borrower 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.