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 specifically for a personal loan there is not really an option online.
You would be better off going in personally and talking with a bank representative to tell them your situation. Technically they do not have options for personal loans.
Most do have options to obtain financing through a mortgage, refinance or using your home equity. This basically uses your home as collateral and secures the loan.
When looking for a car, they do offer auto loans over the site as well as business loans.
Below we will list some of the loan options they do offer as well as alternatives to provide a solution.
What Types of Bank Loan Applications are Available?
There are a few good options to a personal 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 that own their homes and have equity in them. Auto loans are secured with the car itself and will depend on the year and condition of the automobile. Business loans are usually dependent on the number of years your business has been established and 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 out to use as a personal loan.
2) Home Equity Line of Credit – This is a nice option as it will give you fixed payments at a low interest rate and you are essentially pre qualified.
3) Credit Card – If you don’t need a large amount a 0% credit card could be another option.
4) Auto Loans – If you were looking for a personal loan to cover the purchase of a car you will be in luck as most banks do have auto loans. This may be a good option with a lower interest rate. They will maintain the title on the vehicle until it is paid off in full.
As you can see they do have some good loan options. But if you are specifically looking for personal loans you will need to go into the branch office to discuss. There are some good online personal loan alternatives we will discuss below.
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?
In todays high tech age we have many online personal loan applications from 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 bank personal loans are not online. They only have categories such as mortgage loans, refinancing or equity loans. They also offer auto and business loans.
There are a few good online options for personal loans such as a lending network or peer-to-peer loan.
A good way to check out your options for Bank of America personal loans is to go into a branch office and speak to one of their representatives.