Bank of America Personal Loans
If you have been thinking about checking out Bank of America personal loans and have a checking or savings with them, keep reading.
While looking at the BOA site for example, there is no real way to apply online specifically for personal loans. After searching for a personal loan, there is not really an option online.
You could go in personally to a branch with a bank representative to tell them your situation.
They do have other options to obtain financing through a home equity line of credit. This basically uses your home as collateral and secures the loan.
When looking for a car, they also offer auto loans over the site as well as business loans.
Below we will list Bank of America loans that they do offer as well as online options for unsecured personal loans.
What Types of Loans are Available?
There are a few good options to get funded for a loan.
You can review a few of these below and when you visit your local BOA branch you can discuss them with an advisor.
Home loan options are for of course those who own their homes and have equity in them.
Car loans are secured with the vehicle itself and amounts of loans depend on the year and condition of the automobile you are purchasing.
Business loans are usually dependent on the number of years your business has been established and net income.
1) Refinance Loan – If you want to refinance your home you could get a low interest rate as well as the possibility of pulling some equity.
2) Home Equity Line of Credit – This is known as a HELOC and is a good option for having a revolving credit line to access. You will only pay interest on the loan when you borrow from the line of credit.
3) Credit Card – If you don’t need a larger amount of cash, a 0% interest credit card could be another option. Many times you can get these lower introductory rates that can save interest on a purchase.
4) Auto Loans – If you were looking for a personal loan to cover the purchase of a car, you could just apply through the bank for an auto loan. This may be a good option with a lower interest rate. They will hold the title on the vehicle until it is paid off in full.
As you can see they do have some good loan options through Bank of America for loans.
Talking directly to the Bank is a great idea and by visiting your local branch you can explore all your options.
You can also just visit their website at www.bankofamerica.com to review all of their products and services as well as to get contact numbers for customer service.
What Are Alternative Online Personal Loan Options?
When it comes down to a specific category for personal loans, many banks do not have this category for loans. Many of the option are for secured loans. There are some good online unsecured personal loan alternatives we will discuss below.
In todays high tech age we have many online personal loans and lending platforms that utilize multiple lending sources. We will review a couple of the best options.
A lending network for online personal loans can be a great tool.
When you fill out the online form from a lending network like PersonalLoans.com you get access to a large network of their lenders and personal loans up to $35,000.
Once they review your information, they will then let someone in the network take the loan based on the criteria you provided. They will then get back to you with the rate and terms of the loan. If you accept, they will work with you on completing the entire process online. Money is can usually be deposited in your account within a day of being approved.
Another option for an online personal loan is a peer-to-peer lending company like LendingClub.com. They fund your loan through individual investors.
You will fill out a simple online application and then get a rate quote based on your credit score and info you provided. When you accept the loan is then funded through their lending platform. Money from the personal loan will be deposited in the account you provided electronically. It is a quick, easy and simple process that is 100% done online.
What If I Have Bad Credit or a Low Credit Score?
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They are a great option for those with a low credit score.
Basically to summarize:
Many banks do not have personal loans on their website as a category or option and are not available online. They only have categories such as mortgage loans, refinancing or equity loans. They also do offer auto and business loans. For smaller amounts Bank of America has a number of credit card options.
There are a few good online options for personal loans such as a lending network or peer-to-peer personal loans.
A good approach is to review all of your options and alternatives and then decide what makes the most sense for you.