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.
Learn More2. 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.
Learn More3. 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.
Learn More4. UpStart – Best for poor credit
| 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.
Learn More5. OppLoans – Best 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.
Learn MoreFinal 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.
