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Bank of America Personal Loan Alternatives

Feb. 13, 2019
Loans, Personal Loans, Personal Loans Reviews
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Bank of America — like most other large U.S. banks — does not offer unsecured personal loans. However, you still have options from other lenders, including other banks, credit unions and online lenders.

Personal loan alternatives to Bank of America

IN THIS ARTICLE

Personal loans from banks

Personal loans from online lenders

Personal loans from credit unions

Banks

Citibank and Wells Fargo are two among a short list of banks that offer personal loans. You typically have to sign up to be a bank customer, and there are minimum credit and income requirements to qualify for a loan.

Snapshot of a typical bank-issued personal loan:

  • Credit scores accepted: good to excellent
  • APR range: 6% to 24%
  • Loan amounts: $2,000 to $100,000

» MORE: Top banks offering personal loans

Online lenders

Online lenders cater to all credit profiles and most give you estimated rates without a hard inquiry on your credit. It pays to shop around, because each company uses its own formula to set your rate. NerdWallet’s comparison tool lets you check rates at multiple online lenders without affecting your credit.

Snapshot of a typical online personal loan:

  • Credit scores accepted: bad to excellent
  • APR range: 6% to 36%
  • Loan amounts: $1,000 to $100,000

Compare personal loans

Here are three online lenders to consider as alternatives to Bank of America. NerdWallet recommends pre-qualifying for multiple loans to compare rates.

5.0 NerdWallet rating

at Marcus
4.5 NerdWallet rating

at LendingClub
sofilogoforbox
5.0 NerdWallet rating

at SoFi

APR

5.99% - 28.99%





Minimum credit score

660





Best for

Debt consolidation



APR

6.95% - 35.89%





Minimum credit score

600





Best for

Good credit borrowers



APR

5.74% - 16.24% (with autopay)





Minimum credit score

680





Best for

New credit borrowers



Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.

» MORECompare the best online loans in 2019

Credit unions

Most credit unions also offer personal loans, with lower rates than traditional banks and online lenders. They do not require good credit profiles to qualify. Your local credit union is a good first choice for a personal loan.

Snapshot of a typical credit union personal loan:

  • Credit scores accepted: bad to excellent
  • APR range: Average 9.3% at federal credit unions for a 3-year loan
  • Loan amounts: $500 to $50,000

» MOREHow to get a credit union personal loan

Other Bank of America loans

Bank of America offers other types of loans, including:

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