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Bank of America does not offer personal loans but these lenders do

Bank of America personal loans are not available but don't miss out on affordable loans from online lenders with loan amounts up to $50,000.
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Bank of America personal loans do not exist – but there are direct lenders that offer affordable, low-rate personal loans.

When shopping for a personal loan, affordable loans should be your goal. You don't want to take out a loan with high interest that may end up in default. Consider the price and how long the lender is giving you to pay back the loan.

Personal loan interest rates currently range from about 5% to 36%; and that's if you have decent credit. The actual rate you receive depends on your credit score, income, debt ratios, and other factors. Personal loans for bad credit may come at much higher rates.

Bank of America Personal Loans

These are the types of loans Bank of America does offer:

  • Credit cards
  • Mortgage loans
  • Home equity lines of credit (HELOCs)
  • Auto loans
  • Business loans
  • Equipment loans

5 Lenders that offer direct personal loans

Online direct lenders cater to all credit scores and most give you estimated rates without a hard inquiry on your credit report.

Snapshot of a typical online personal loan:

  • Credit scores accepted: bad to excellent.
  • APR range: 5.99% to 36% APR.
  • Loan amounts: $1,000 to $50,000.
  • Loan terms: 2 to 7 years

1. Upgrade Loans – Best for average credit

Loan amount $1,000 – $50,000
APR 5.94% – 35.97 APR
Minimum credit score 620
Time to receive funds As soon as a day
Repayment terms 36 or 60 months

Upgrade is an online lender that offers personal loans and lines of credit nationwide. Borrowers can qualify for up to $50,000 in financing. Upgrade accepts borrowers with a minimum 620 FICO credit score and maximum 45% debt-to-income ratio. You can get prequalified and check loan offers without a hard credit check. An origination fee is charged on all of its loans that range from 2.9% to 8%. The fee is deducted from your loan proceeds.

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2. Axos Personal Loans – Best for good credit

Loan amount $5,000 – $50,000
APR 7.15% – 17.99% APR
Minimum credit score 700
Time to receive funds Within 2 days after approval
Repayment terms 36 or 72 months

Axos Bank Loans is an online lender that offers personal loans nationwide. Borrowers can qualify for up to $50,000 in financing. Axos accepts borrowers with a minimum 700 FICO credit score and allows for co-signors. A one-time fee of 1-2% of your loan amount based on your credit rating and deducted from the funded amount when you receive your loan. There is no pre-payment fee.

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3. Lendingpoint – Best for fair credit

Loan amount $2,000 – $36,500
APR 7.99% to 35.99% APR
Minimum credit score 600
Time to receive funds Next business day upon approv
Repayment terms 24 to 60 months

LendingPoint is an online lender that offers personal loans nationwide. Borrowers can qualify for up to $36,500 in financing. You can get prequalified without any impact on your credit score. An origination fee is charged that ranges from 0% to 7%, depending on your state of residence. The fee is deducted from your loan proceeds.

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4. UpStart – Best for poor credit

upstart-online-direct-lender

Loan amount $5,000 to $35,000
APR 5.99% – 35.99% APR
Minimum credit score 580
Time to receive funds Next business day
Repayment terms 36 or 60 months

UpStart is an online lender that offers loans nationwide. Borrowers can qualify for up to $35,000 in financing. UpStart accepts borrowers with a minimum 580 FICO credit score. You can get prequalified with no impact to your credit score. An origination fee is charged on all of its loans up to 8% of the loan amount. The fee is deducted from your loan proceeds. Upstart does not charge prepayment penalties for borrowers who wish to pay off their loan early.

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5. OppLoans – Best for bad credit

loans-for-bad-credit

Loan amount $500 to $4,000
APR 99% to 199% APR
Minimum credit score 350
Time to receive funds As soon as a day
Repayment terms 6 to 24 months

Opploans is an online lender that offers personal loans for people with bad and lower credit scores. Borrowers can qualify for up to $4,000 in financing. Opploans accepts borrowers with a minimum 350 FICO credit score. You can get prequalified and check loan offers without a hard credit check. OppLoans doesn’t charge an application fee, origination fee or a prepayment penalty. Becasue the personal loans are designed for borrowers with bad credit, the lender only offers high-interest loans to offset the potential default risk.

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Final thoughts

Just because Bank of America persoal loans are not available, don't miss out on affordable direct loans from online lenders. One of the benefits of online personal loans is you don't have to leave your house to apply and get funded. The entire loan process can safely take place on your computer, tablet or smart phone in a matter of days.

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