Bank of America Personal Loan Alternatives
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Personal loan alternatives to Bank of America
Banks
- Credit scores accepted: Good to excellent (mid-600s or higher).
- APR range: 11.66% at national banks for a two-year loan.
- Loan amounts: $1,000 to $100,000.
Online lenders
- Credit scores accepted: Bad (high 500s or lower) to excellent (mid-700s or higher).
- APR range: 6% to 36%.
- Loan amounts: $1,000 to $100,000.
Compare personal loans
 |  |
|---|---|
| Get rate | Get rate |
Est. APR6.70-35.99% | Est. APR6.49-25.29% |
Loan term3 to 5 years | Loan term2 to 7 years |
Loan amount$1,000-$50,000 | Loan amount$5,000-$100,000 |
Min. credit scoreNone | Min. credit score660 |
Credit unions
- Credit scores accepted: Bad to excellent.
- APR range: Average 10.75% at federal credit unions for a three-year loan.
- Loan amounts: $250 to $50,000.
Other Bank of America loans
Article sources
- 1. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 24, 2025.
- 2. Angi.com. How Much Does It Cost to Make My Home Accessible?. Accessed Nov 12, 2024.
- 3. Internal Revenue Service. Home energy tax credits. Accessed Mar 6, 2024.
- 4. Solar Energy Industries Association. Solar Power Purchase Agreements. Accessed Mar 7, 2024.
- 1. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 27, 2025.
- 6. SolarReviews.com. Homes with Solar Sell for 6.8% More [2024 Zillow Data Study]. Accessed Dec 10, 2024.
- 7. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 4, 2025.
- 8. The Pew Charitable Trusts. Payday Loans Cost 4 Times More in States With Few Consumer Protections. Accessed Apr 4, 2025.
- 9. Federal Reserve. Military Lending Act. Accessed Apr 4, 2025.
- 10. Internal Revenue Service. Retirement Topics - Plan Loans. Accessed Apr 8, 2025.
- 11. National Bureau of Economic Research. Prodigals and Projecture: An Economic History of Usury Laws in the United States from Colonial Times to 1900. Accessed May 2, 2025.
- 12. Federal Register. Federal Interest Rate Authority: A Rule by the Federal Deposit Insurance Corporation on 07/22/2020. Accessed May 2, 2025.
- 13. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed May 23, 2025.
- 14. Experian and Oliver Wyman. Financial Inclusion and Access to Credit. Accessed Jan 23, 2025.
- 15. National Credit Union Administration. Credit Union and Bank Rates 2024 Q4. Accessed May 23, 2025.
- 9. Federal Reserve. Military Lending Act. Accessed May 2, 2025.
- 17. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans. Accessed May 2, 2025.
- 18. Internal Revenue Service. Retirement topics: Exceptions to tax on early distributions. Accessed Apr 8, 2025.
- 19. Administrative Office of the U.S. Courts. Bankruptcy Basics. Accessed Apr 8, 2025.
- 20. Consumer Financial Protection Bureau. What are the costs and fees for a payday loan?. Accessed Jun 6, 2025.
- 21. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Lending. Accessed Jun 6, 2025.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
70+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
