Bank of America does not offer debt consolidation loans, or personal loans for any purpose. However, BofA does provide two different non-loan methods for consolidating debt. They are home equity lines of credit and balance transfer credit cards. Alternatively, you could look outside of Bank of America. Plenty of different lenders do offer debt consolidation loans.
Bank of America’s first option is a home equity line of credit, or HELOC. A HELOC is a line of credit where the amount you can borrow depends on the difference between how much your house is worth and how much you still have left to pay on it. This means you may be able to borrow very high amounts. BofA also offers APRs as low as 5.9%. The catch is that you have to use your house as collateral on the loan. So it’s dangerous if you default.
The second option is to apply for a balance transfer credit card. Bank of America has a number of balance transfer offers, the best of which is the BankAmericard credit card. Its balance transfer APR is 0% for 18 billing cycles for any balance transfers made in the first 60 days. And the balance transfer fee is 3% (min $10) for each balance consolidated.
Depending on the amount of debt you need to consolidate and what rates you can qualify for, either a HELOC or a balance transfer card may be a good option for you. However, you may also want to consider debt consolidation loans from other lenders, like Wells Fargo or Marcus by Goldman Sachs.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.