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Bank of America Personal Loan Alternatives

Jan. 18, 2018
Loans, Personal Loans, Personal Loans Reviews
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Bank of America — like most other large U.S. banks — no longer offers 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 credit unions

Personal loans from online lenders

Banks

Among the five largest banks by assets, only Citibank and Wells Fargo offer personal loans and personal lines of credit. You 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: 7% to 24%
  • Loan amounts: $2,000 to $100,000

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

Online lenders

Online lenders cater to all kinds of credit profiles and most give you estimated rates without a hard inquiry on your credit. It pays to shop around at online lenders, 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: 2.9% to 36%
  • Loan amounts: $500 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

4.5 NerdWallet rating

sofilogoforbox
5.0 NerdWallet rating

APR

6.99% - 24.99%





Minimum credit score

660





Best for

Debt consolidation



APR

6.16% - 35.89%





Minimum credit score

600





Best for

Good credit borrowers



APR

5.81% - 15.37% (with autopay)





Minimum credit score

680





Best for

New credit borrowers



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

Other types of Bank of America loans

Bank of America still offers other types of loans, including:

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