[Warning Government Action] Bank Of America Personal Loans Review (2020)
By Mark B. Huntley, Esq.
Last Updated 01/01/2020
Summary: At this time Bank of America does not offer personal loans and if they did they'd come with poorly rated customer service from a company that has recently settled multiple government lawsuits for multiple fraudulent activities.
Bank of America has been around since 1904 and offers a wide variety of loan products and financial services. There is no charge to apply for a Bank of America personal loan and even non customers can get a Bank of America personal loan application but none will be approved until they offer this product.
Quick & Easy To Apply With Instant Pre-Approvals
If we could give them 0 stars we would!
If offered, they'd be fairly priced.
EASE OF USE
Everything could be done online.
Poor customer service and disorganized.
Credit Knocks Overall Star Rating:
Customer reviews complain of long hold times and general disorganization within Bank of America loans departments.
If you are a customer, you may qualify for significant loan rate discounts if you are a Rewards Member.
And if those reasons weren't enough for you to find another personal loan lender...
Probably because you are wondering, 'Does Bank of America offer personal loans?'
Bank of America does not offer unsecured personal loans at this time, however, click on the button below to see our top rated personal loan options.
Who Is Bank Of America?
Bank of America can trace its roots back to when Amadeo Giannini founded the Bank of Italy in 1904, headquartered in San Francisco.
Through many mergers and acquisitions, BofA has become one of the largest financial institutions.
Today they are the 13th largest company in the world and have over 4,600 branches, 15,900 ATMs, and 205,000 employees.
They offer a wide range of loans and banking products but do not offer Bank of America personal loans.
What Makes Them Different?
BofA holds the dubious distinction of paying the largest settlement amount in history when they agreed to pay 16.65 billion to resolve multiple U.S. Government lawsuits for improper financial practices.
BofA also recently settled a class-action lawsuit brought by a troop of military members who were overcharged fees on their auto loans.
It is not uncommon for large banks to not offer unsecured personal loans.
A nice offering would be Bank of America personal loans for bad credit but unfortunately they do not offer any unsecured personal loans at this time.
Personal loans Bank of America not offering this product is unfortunate for their members who may need a personal loan for an emergency and will have to look elsewhere.
If you were looking for Bank of America personal loan rates, don't be discouraged, there are many other lenders out there, check out our top rated personal loan companies by clicking the view rates button below.
How Does Bank Of America Personal Loans Work?
Bank of America Personal Loans work in the fact that they don't work because they do not offer them.
Bank of America personal loans for bad credit would be a nice program for them to offer in the future.
Luckily, there are many lenders out there who specialize in personal loans for bad credit that you can access by clicking on the view rates button.
Until that time, our top rated personal loan lenders work in the following way...
1. Find Your Rate
The first thing you do is select "Personal Loans" and fill out the short form. It takes about 1 - 2 minutes to enter your information.
You need to provide basic information and financial income, as well as the amount of the personal loan you are looking to apply for.
And guess what:
Our top lenders do not check your credit score to get lender offers, they only do a soft credit check.
This means you get to see what rates you can qualify for without the worry of it affecting your credit.
You would find your Bank of America personal loan rates at this time if they offered personal loans.
2. Compare Your Options
Once you put your information in and submit the form you will be taken to a dashboard.
This dashboard will have multiple pre-approval offers from different lenders.
The personal loans rate Bank of America is nothing new, everyone wants to get the best rates and with our top lenders you will have multiple to choose from.
Keep in mind, these are Pre-Approvals and your actual approval is not guaranteed; however, you will get to see your actual pre-qualified rates.
The rates you see are usually very accurate as long as you can verify your information and nothing changes on your credit report.
Once you confirm and verify everything the rates are pretty solid. The best thing is that you get to see your options up-front and know exactly which option is best for you.
3. Apply For Your Personal Loan
Once you pick a lender, it's time for you to apply. Unfortunately, you won't be able to apply for personal loan Bank of America since they do not offer them at this time. During the application process, you'll get asked more in-depth questions about your use of the loan, your financial history, and the lender will run a credit check. *Note: This all happens on the personal loan website.
Once this step is done the lender will work with you directly to finalize all of the loan details.
Bank Of America Loan Eligibility
In order to be eligible for our top lenders Personal loans you must meet at least these below requirements:
What Information Will You Need To Apply?
The Bank of America personal loans application for pre-approval would include the same things that our top lenders request.
Before filling out the online form make sure you have the below information ready:
Bank Of America Personal Loan (Basics)
Bank of America does not offer personal loans at this time.
However, our top lenders will let you see offers from multiple lenders, we wanted to show you the absolute minimum and maximums you can be offered. Actual rates and terms will change by lender.
Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.
Bank Of America Personal Loan Calculator
While there is no Bank of America personal loan calculator, you can use our top lender's Personal Loan Calculators to help determine the payment amounts based on interest, length of personal loan and amount borrowed.
The interest rate will be determined primarily by your credit score and your ability to repay the the personal loan.
Their calculator lets you adjust the different loan variables to give you a good understanding of how each affects your monthly payment.
As you increase the length of the loan the monthly payments decrease.
If you are able to find a personal loan with a lower interest rate that will decrease your monthly payment amounts, also.
What To Use Bank Of America Personal Loans For?
While Bank of America may not offer personal loans, there are several reasons you may need a personal loan and below we list out some of the reasons you may need a Bank of America personal loan:
As you can see, there is a huge list of reasons for getting a personal loan.
Of course our favorite reasons is for Debt Consolidation, Education, and Starting a Business.
Bank Of America Personal Loan Reviews
Bank of America auto loan reviews are mostly very negative.
Customer reviews regularly complain of poor customers serivice and disorganization in the Bank of America loans department.
Maybe you should be thankful that Bank of America doesn't offer personal loans?!?!
Bank Of America Better Business Bureau Reviews
Bank of America Auto Loan BBB has had a file at the Better Business Bureau since 1949.
Bank of America has a A+ BBB rating but they do have a staggering 5,506 complaints in the past three years (as of 10/04/2019).
Bank of America BBB complaints tend to be financial related with claims of fees being charged outside of the contract or loan payments continued to be debited from customers accounts after being paid off.
The Bank of America BBB Reviews generally point to a company that wants your business so long as it is all of the online and of the automated variety.
BofA BBB reviews and customer complaints are taken seriously by the company as most receive a response which is why they have an A+ BBB rating.
Steps To Take After Bank Of America Loan Approval
It feels great getting approved for something, no matter what it is, you feel like you have just won something.
But, after you have been approved, there are some things you should be doing with your accounts.
Make On Time Payments
I am sure you are tired of seeing everyone saying "on-time payments".
If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.
But it is super important and is one of the largest factors in helping grow your credit score.
Of course you probably didn't obtain this loan for building your credit.
However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.
No matter what, avoid late payments.
Pay Back The Loan ASAP
Along with making on-time payments you should definitely pay this loan off as super fast as possible.
Large personal loans tend to linger and we usually only pay the minimums.
While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.
Getting the credit utilization below 30% will also be great for helping your credit score grow.
Taking Action & Getting A Loan
Hopefully, you found this Bank of America Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business.
If you need a personal loan then don't waste any time getting your loan through anyone but Bank of America.
You can click the link below to complete your application process and get a loan in under 2 minutes through our top rated personal loan companies.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.