BBVA Compass 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? Look to this leading US bank for personal loans that feature flexible terms and payment plans with same-day funding on approval.
BBVA Compass has about 700 locations in seven states, nearly half of its branches in Texas. Customers in other areas of the US can learn more on BBVA’s comprehensive website.
First, am I eligible?
To meet BBVA’s most basic eligibility requirements, you must:
- Be at least 18 years old.
- Be a US citizen.
- Have good credit or collateral.
- Live in an eligible state.
BBVA Compass offers loans in…
- New Mexico
What type of loans does BBVA Compass offer?
With loans that start at $2,000, BBVA can get you a personal loan customized to your needs.
- Signature Express loans. Get same-day funding on approval for loans of $2,000 to $100,000. APRs vary from 6.07% to a high 35.06% based on your creditworthiness and terms that range 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 with varying term lengths. Learn more about car loans.
- Mortgage loans. Access a fixed- or adjustable-rate mortgages, jumbo loans, government loan programs, even professional mortgages with terms of five, 10 or 30 years, depending on your loan. Learn more about mortgages.
- Home equity loans. Use your home’s equity to borrow a lump sum $10,000 to $500,000 or more to fund improvements, debt consolidation, vacations and more at competitive APRs of 4.09% to 7.09%, depending on your loan and state of residence.
- Small business loans. Start or expand a business with secured and unsecured loans and lines of credit at fixed or variable interest. Learn more about small business loans.
Compare BBVA Compass loans
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Why should I consider taking out a BBVA Compass loan?
Recognized as one of the nation’s leading lenders by the SBA, BBVA Compass could be a place to turn when you’re looking to fund life’s next big step.
- Big-name bank. BBVA Compass is among the 25 largest banks in the US with operations well outside its Sunbelt headquarters.
- No max for secured loans. With sufficient collateral, you can borrow higher amounts.
- Autopay discount. Set up autopay from a BBVA Compass checking account to knock 0.5% or 1% off your APR, depending on the loan.
- No prepayment penalty. If you’re able to pay off your loan early, you won’t pay a fee to do so.
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 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.
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.
To further protect yourself 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. Other benefits include an accidental death and dismemberment policy, cell phone protection and shopping discounts.
What does the Internet say about BBVA Compass?
Not as much as some other banks. It’s not accredited with the Better Business Bureau, though it does — somehow — get an A+ rating based on 39 customer reviews, 100% of which were negative. It has no rating on Trustpilot — not the greatest sign for a bank with its 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.” BBVA gave the same form response to each customer — not a sign of great customer service. If customer service is something you strongly value, you might want togo for another option.
How to apply for a BBVA Compass loan
1. Visit BBVA Compass online and click the Lending tab.
2. Select the type of loan you’re interested in.
3. Click Learn more and follow the prompts to apply or set up an appointment with a BBVA Compass representative.
While eligibility will vary by the loan type you’re interested in, in general:
- You must be at least 18 years old.
- You must be able to prove US citizenship.
- You must have good credit or collateral for secured loans.
- You must live in one of the seven states where BBVA Compass offers loans.
- Big-name bank. BBVA Compass is among the 25 largest banks in the US.
- Flexible terms. Apply for a traditional personal loan or one a range of options customized for your borrowing needs.
- Autopay discount. Set up autopay to knock 0.5% or 1% off your APR, depending on the loan.
- Limited availablility. BBVA Compass loans are available in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas only.
- Poor customer service. Almost all customer reviews were complaints about BBVA’s customer service.
- May require collateral. A few business and home equity loans require collateral to secure the loan.
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 and your first repayment will soon be due. 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.
BBVA Compass is an option if you’re looking for flexible loans and live within this bank’s limited service area. Be sure to compare your loan options before making a decision.
Frequently asked questions about BBVA Compass
In which states are BBVA Compass loans available?
BBVA Compass is licensed to service Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas only.
Is there a fee to join the BBVA Compass ClearBenefits Program?
Yes. You’ll pay $5 a month to access the wide-ranging security, protection and shopping discounts that come with this membership.
How long does it take for BBVA Compass to come to a loan decision?
BBVA Compass typically contacts potential borrowers within two business days, depending on the loans. Signature Express loans can be funded the next day.