However, it does provide a variety of loans for specific needs, including mortgages, auto loans, credit cards, business loans and lines of credit.
This guide features an overview of the loan products BofA does offer, as well as a list of alternative lenders – including other banks, credit unions and online lenders – that do offer personal loans.
Bank of America doesn’t offer personal loans, but the bank does provide several other loan types that include both secured and unsecured options. It is one of the largest lenders in the country and is known for providing loans with competitive rates and terms.
Although Bank of America doesn’t offer personal loans, there are plenty of other banks, credit unions and online lenders that do. See where you can get a personal loan in the breakdown below.
Personal loans aren’t available at all banks. In fact, many large traditional banks, like Bank of America, don’t offer personal loans. But if you’re searching for a personal loan, it might help to start with the bank where you have a checking or savings account, or credit card. Some banks offer rate discounts or other loyalty benefits to their existing customers who open personal loans.
Discover and Citibank aren’t your only option for banks that offer personal loans. You can also find personal loans from the following banks:
Some lenders have tapped into the personal loans market by offering online-only lending experiences that let you compare APRs and loan offers without having to visit a branch. These lenders tend to offer some of the most competitive rates for borrowers with great credit histories. APRs can start at as low as 6% and go up to 36%, which is twice the rate cap of personal loans offered by credit unions. We compare two online lenders in the table below:
There are also online lenders that cater specifically to borrowers with subprime credit, which is between 580 and 669. This gives subprime borrowers access to credit they might not otherwise have, but those loans can be expensive due to high interest rates.
LightStream caters its offerings to excellent-credit borrowers and is able to offer high loan amounts and low APRs to its most eligible borrowers. On the other hand, Upstart opens its loan products to subprime borrowers, but these loans tend to come with higher ounts.
Credit unions have a personal loan rate cap of 18% APR, which makes them a potentially good option for borrowers who have subprime credit. Credit unions are nonprofit and member-owned, so it might be easier to qualify for a personal loan through one as compared with a for-profit bank.