Advertiser Disclosure

Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Bankiful site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, Bankiful does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

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.

Written by:S.J. Jones
Updated:August 28, 2025

Bank of America traditional unsecured personal loans do not exist.

Many big banks have determined that personal loans are better served through online lenders, specialized financial institutions, or credit unions, and have opted instead to allocate their resources toward secured lending and revolving credit products.

Bank of America Personal Loans

The only personal loan option Bank of America offers to its customers is the short-term Balance Assist® loan (up to $500), which is not a traditional unsecured personal loan and is intended for emergencies.

Here are the types of loan products Bank of America typically offers:

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

Lenders that offer unsecured 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 with much higher rates.

Est. APR

7.99 - 35.99%

Loan Amount

$1K - $50K

Min. Credit Score

600

Loan Terms

2 to 7 years

About Upgrade Loans

Upgrade personal loans are best fit for individuals with good to excellent credit who want fast, fixed-rate funding for debt consolidation, home improvements, or major purchases, while benefiting from a simple online application and transparent terms, including a high origination fee that ranges from 1.85% to 9.99%.

Est. APR

8.99 - 35.49%

Loan Amount

$5K - $100K

Min. Credit Score

None

Loan Terms

2 to 7 years

About SoFi Personal Loans

SoFi personal loans are best fit for creditworthy U.S. residents seeking fast, flexible funding for personal or household expenses, with transparent terms and special benefits for debt consolidation and strong customer reviews. SoFi personal loans may have optional origination fees ranging from 0% to 7%, depending on your credit profile and chosen loan terms; borrowers with excellent credit may qualify for fee-free loans, while some applicants might opt to pay an origination fee in exchange for a lower interest rate.

Est. APR

11.69 - 35.99%

Loan Amount

$1K - $50K

Min. Credit Score

None

Loan Terms

3 to 5 years

About Universal Personal Loans

Universal personal loans are the best fit for individuals with bad to fair credit seeking fast, fixed-rate funding up to $50,000 with simple online approval, flexible payoff options, and no prepayment fee. Expect a loan origination fee ranging from 5.25% to 9.99% of the loan amount, which will be deducted upfront from the loan proceeds.

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.