Whether you need money for home improvements, unexpected expenses or debt reconsolidation, a personal loan can be the perfect solution. Bank of America, one of the largest banks in the United States, doesn’t offer personal loans, but it does offer a wide variety of other types of loans. Most Bank of America loans require collateral, with the exception of unsecured credit cards. Below, we discuss some of the key benefits of personal loans and how to get them.
Alternatives to Bank of America personal loans
Though Bank of America does not offer personal loans, it does have a range of other financial products and services. The company is one of the largest financial service providers in the United States, ranking second in the nation for assets. Its credit cards are also widely available, and it accepts borrowers with all types of credit. Here are some alternatives to Bank of America personal loans. While these alternatives are not perfect, they are still a solid option if you’re in need of a personal loan.
Interest rates on personal loans
While the interest rate on a personal loan can vary, on average, these are around 9 percent. Your specific rate can vary as much as 30 percent. The interest rate you receive depends on several factors, including your credit score and debt-to-income ratio. You should also consider the loan term and fees, such as origination fees or late payments. While interest rates on personal loans from Bank of America are usually higher than the national average, they can still be reasonable for people with good to excellent credit.
Repayment periods on personal loans
If you’re looking for a loan but don’t want to take out one from Bank of America, you can find a personal loan from a different lender. The best way to get the best rate and repayment terms is to compare personal loans from different lenders. You can even use a personal loan calculator to determine your monthly payments and interest rates. This way, you can determine if a personal loan is right for you.
Soft and hard credit checks
You’ve probably had to deal with soft and hard credit checks before getting a loan. After all, you may be concerned about whether your credit history is safe, or if a new landlord is going to make a hard inquiry before approving your application. Fortunately, both types of inquiries are legitimate. Learn more about these types of credit checks and how they work. In general, soft credit checks won’t harm your credit score, and they’ll probably cost you nothing.
Cost of personal loans
While Bank of America is a very well known bank and ranks sixth in customer satisfaction in a J.D. Power survey, they do not offer personal loans. Instead, they offer mortgage products that are competitive in terms of interest rate, closing costs, and terms. Additionally, they offer a low interest rate if you are an existing customer. However, if you need a personal loan of a larger amount, Bank of America is not your best choice. You can look for loans from other banks, credit unions, and online lenders.