Bank of America does not offer personal loans, but you can still borrow from it through many other financial products. Bank of America still is one of the biggest lenders in the U.S., after all, ranked second in the nation in terms of assets. One reason is that Bank of America offers a variety of credit cards, with worthwhile offers for all types of applicants, from those with bad credit to those with excellent credit.
Bank of America also offers auto loans with rates starting as low as 2.69% for a new car and 2.99% for a used car. BofA refinances cars and buys out leases, too. Similarly, Bank of America offers mortgage loans, home refinancing loans and home equity loans.
Although Bank of America personal loans are not available, plenty of other banks, credit unions and online lenders do have good personal loan offers right now. Each category of lender has its own pros and cons, so WalletHub compared over two dozen of the top options to find the best deals.
Best Bank of America Personal Loan Alternatives
- Best Bank: Wells Fargo
- Best Credit Union: Alliant Credit Union
- Best Online Lender: LightStream
- Other Ways to Borrow From Bank of America: Credit cards, Car loans and Mortgages
Below, you can learn more about the top alternatives to Bank of America personal loans, including other finalists in each category.
Bank of America Personal Loan Alternative #1: Banks
Banks are the place to go when you want low interest rates. You may be able to get APRS as low as 6%, and they typically won’t exceed 25%. And if you visit a branch in person, you can apply as a credit specialist helps you through the process, though most banks allow you to apply online or by phone as well. However, bank personal loans aren’t always accessible to everyone, as they typically require credit scores of 660 or above.
|Bank||Wells Fargo||American Express||Citizens Bank|
|APR||5.99% - 24.49%||6.98% - 19.98%||6.79% - 20.88%|
|Loan amounts||$3,000 - $100,000||$3,500 - $40,000||$5,000 - $15,000|
|Loan lengths||12 - 84 months||12, 24 or 36 months||36, 48, 60, 72 or 84 months|
|Credit score required||660* (but has secured personal loans for bad credit)||660||680|
Bank of America is not the only major bank with no personal loan offers, but there are still plenty of banks that do have them. You can easily compare personal loans on WalletHub.
Bank of America Personal Loan Alternative #2: Credit Unions
Unlike banks, credit unions are not-for-profit institutions. They’re more likely than banks to consider people with subpar credit for personal loans. Personal loans from credit unions also have fairly low interest rates, as federal credit unions can’t charge more than 18% on most loans (and on credit cards). State credit union maximums are determined by the state. Credit unions also let you apply in person.
|Credit Union||First Tech Federal Credit Union||Alliant Credit Union||Connexus Credit Union|
|APR||7.70% - 18.00%||6.24% - 10.24%||7.99% - 18.00%|
|Loan amounts||$500 - $50,000||$1,000 - $50,000||$2,500 - $25,000|
|Loan lengths||24, 36, 48, 60, 72 or 84 months||12, 24, 48 or 60 months||24, 36, 48, 60, 72 or 84 months|
The only trouble with credit unions is that you have to become a member first. In order to be eligible to join, you will likely have to live, work or go to school in the area in which the credit union is based. Other ways to join include working for certain companies or having someone in your family who is an existing member. Some credit unions, such as First Tech FCU, Alliant CU and Connexus CU, let anyone join, though they typically charge a small one-time fee.
Bank of America Personal Loan Alternative #3: Online Lenders
People who want the fastest decisions and funding should consider online lenders. Some might even be able to fund your loan the day you apply, though a few business days is more common. The drawback is that online lenders tend to have higher interest rate caps. Many offer APRs of 6% or lower but some can charge as much as 36%.
|APR||2.49% - 19.99%||5.99% - 21%||5.99% - 29.99%|
|Loan amount||$5,000 - $100,000||$5,000 - $100,000||$2,000 - $35,000 (up to $50,000 with mail offer)|
|Loan length||24 - 144 months||12 - 84 months||Up to 60 months|
|Credit score needed||660*||680||640*|
Other Ways to Borrow From Bank of America
In order to find the best alternatives to Bank of America personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.