Bank of America Personal Loan Alternatives
Bank of America offers a small-dollar loan, but borrowers seeking large personal loans have options with other lenders.
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Bank of America doesn’t offer large unsecured personal loans. For customers with a Bank of America checking account for at least one year, the bank provides Balance Assist loans which are short-term, small-dollar loans of up to $500 for a flat fee.
If you're looking for a larger personal loan, consider options at other banks, online lenders and credit unions.
» MORE: Where to get a personal loan
Personal loan alternatives to Bank of America
Banks
Citibank, Wells Fargo and PNC are some banks that offer personal loans. You typically have 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 (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
Online lenders cater to all credit profiles. Most give you estimated rates without a hard inquiry on your credit. It pays to shop around because each company has its own formula to set your interest 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 (high 500s or lower) to excellent (mid-700s or higher).
APR range: 6% to 36%.
Loan amounts: $1,000 to $100,000.
» MORE: Compare the best online loans
Compare personal loans
Here are three online lenders to consider as alternatives to Bank of America. NerdWallet recommends pre-qualifying for multiple loans.
 |  |  |
|---|---|---|
Est. APR6.70-35.99% | Est. APR6.49-24.89% | Est. APR8.99-35.49% |
Loan term3 to 5 years | Loan term2 to 7 years | Loan term2 to 7 years |
Loan amount$1,000-$75,000 | Loan amount$5,000-$100,000 | Loan amount$5,000-$100,000 |
Min. credit scoreNone | Min. credit score660 | Min. credit scoreNone |
Credit unions
Most credit unions offer personal loans at lower rates than traditional banks and online lenders. Credit unions don’t require good credit scores to qualify but you’ll need to become a member before applying. 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 10.75% at federal credit unions for a three-year loan.
Loan amounts: $250 to $50,000.
Other Bank of America loans
Bank of America offers other types of loans, including:
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.
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Lenders reviewed
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Data points analyzed
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 30 financial technology companies and financial institutions. We collect over 60 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.
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