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

bank-of-america-personal-loans

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 $100,000.
  • Loan terms: 2 to 7 years

1. Upgrade Loans – Best for average or above credit

Loan amount $1,000 – $35,000
APR 6.98% – 35.89% 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 credits nationwide. Borrowers can qualify for up to $35,000 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 ranges from 1.5% to 6%. The fee is deducted from your loan proceeds.


2. SoFi Loans – Get a $300 bonus after funding

Loan amount $5,000 – $100,000
APR 5.99% – 21.11% APR
Minimum credit score 680
Time to receive funds Within a few days
Repayment terms 24 or 84 months

SoFi Loans is an online lender that offers personal loans nationwide. Borrowers can qualify for up to $100,000 in financing. SoFi accepts borrowers with a minimum 680 FICO credit score and allows for co-signors. You can get prequalified and check loan offers without a hard credit check. SoFi personal loans are 100% completely fee-free. There are no origination, pre-payment or late fees. You only pay interest.


3. Prosper Loans – Best if you want multiple offers

Loan amount $2,000 – $40,000
APR 6.95% – 35.99% APR
Minimum credit score 640
Time to receive funds Within 5 days of accepting your offer
Repayment terms 3 or 5 years

Prosper is an online lender that offers personal loans nationwide. Borrowers can qualify for up to $40,000 in financing. Prosper is a peer-to-peer, online loan marketplace where you can borrow money that’s provided by investors who choose the loans they’d like to fund. You can get prequalified without any impact to your credit score. If you meet Prosper’s qualifications, your loan request will be evaluated and assigned a Prosper letter grade rating. The rating indicates how likely Prosper thinks you’ll repay the loan. An origination fee is charged that ranges from 2.4% to 5%. The fee is deducted from your loan proceeds.


4. Payoff – Best for credit card consolidation

debt-consolidation-loans

Loan amount $5,000 to $35,000
APR 5.99% – 24.99% APR
Minimum credit score 640
Time to receive funds Up to 5 business days
Repayment terms 2 to 5 years

Payoff is an online lender that offers debt consolidation loans nationwide. Borrowers can qualify for up to $35,000 in financing. Payoff accepts borrowers with a minimum 640 FICO credit score and a maximum 50% or less debt-to-income ratio, plus three years of good credit. You can get prequalified with no impact to your credit score. An origination fee is charged on all of its loans that ranges from 0% to 5%. The fee is deducted from your loan proceeds. Payoff says that paying off your credit cards can help increase your credit score by 40+ points. The only con is the loan must be used to consolidate credit card debt only.


5. OppLoans – Best for poor credit borrowers

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.


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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