Bank of America is one of the largest banks in the United States of America, and offers a wide variety of back-end loans. However, it also offers a wide variety of other loans for specific purposes.
And all of which require some sort of collateral. Find out what types of loans Bank of America offers, as well as where you can get a personal loan if you need it.
bank of america personal loan
Citibank, Wells Fargo and PNC are among the larger banks that offer personal loans. And you generally have to sign up to be a bank customer. And there are minimum credit and income requirements to qualify for the loan.
Secured personal loans
Why Consider Wells Fargo The bank is a national lender with branches in 36 states and offers unsecured loans. Here are some more details about Wells Fargo.
- Large loan amounts Available fixed-rate unsecured loans range from $3,000 to $100,000.
- Repayment Terms The terms of the loan range from one to seven years.
- Competitive Interest Rates and Discounts – Wells Fargo offers competitive interest rates. And depending on your account type, you may be eligible for an interest rate discount of 0.25% or 0.50% if you have automatic payments from an eligible Wells Fargo checking account.
- Origination Fee There is no origination fee on an unsecured personal loan.
Extra perks
As a SoFi member, you will get a 0.125% discount in the interest rate on certain types of loans. And you’ll also get access to career services and member experiences, complimentary guidance from licensed financial advisors, unemployment protection, and even a referral bonus for every person you refer who happens to be a SoFi member.
Loan amounts how much is
And if approved, you can borrow up to $5,000 to $100,000, which you’ll need to repay over a period of two to seven years. So keep in mind that SoFi may offer different terms on Credit Karma.
Pre qualification available
Which you can check your rate without hurting your credit score. And just keep in mind that pre-qualifying for a loan doesn’t mean you’re actually approved. And for that, you’ll need to submit a formal loan application, which can involve a hard credit inquiry and can cause your credit score to drop.
Low interest rates take loan in
- Joe Rate Beat Program Lightstream provides a rate
- which is 0.1 percent lower than the rates offered by competing lenders
- And if you meet certain requirements.
- Loan Amount The loan amount ranges from $5,000 to $100,000,
- Which you can repay in two to 12 years.
- And you may be able to get the loan amount as soon as possible within the same working day.
- Which if you want to pay off your loan quickly
- So Lightstream does not charge any prepayment penalty.
- It also doesn’t charge origination or late payment fees.
Which are the types of loans given by Bank of America
- which credit card
- mortgage
- equipment loan
- business credit lines
- secure business lines of credit
- business term loan
- Home Equity Line of Credit (HELOC)
- auto loan
To secure credit and term loans
Which if you need a line of credit or a term loan that exceeds the maximum limit offered by Bank of America unsecured loans. And then you can apply for a secured loan.
These loans are backed by a lien on your company’s assets, so if you default on the loan, Bank of America has a better chance of paying it off. And if your business requires significant cash, then this loan is your best bet.
Good-credit loans
Those good-credit loans offer competitive interest rates and generally low fees. You are considered to have good credit if you have a credit score between 690 and 719.
And with such a high score, you can get an average APR for as low as 13.5 percent. However, if you have good credit. And you are interested in personal loan. So go shopping; You may be able to qualify for an even lower interest rate.
Bank of America Video
FAQ
Q: Can I take a loan from Bank of America?
A: Bank of America does not offer personal loans.
Q: How much money does it take to open an account with Bank of America?
A: The minimum initial deposit amount for many Bank of America accounts is $100.
Q: Who owns Bank of America?
A: Berkshire Hathaway
Q: Is Bank of America owned by the US government?
A: The largest of the banks is Bank of America. and is now partially owned by the United States.
