Personal financing is a major component of Bank of America’s nationwide business profile. As one of the largest banks in the country, it easily attracts the attention of borrowers who seek secured or unsecured personal loans at low interest rates and flexible terms.
While the bank maintains a healthy profile of secured loan options, people won’t find too many options when they need to obtain funds quickly and without putting down collateral. To elaborate further, Bank of America has stopped making unsecured personal loans and offers no information online in this regard.
However, there can be ways to take advantage of the financial resources that Bank of America has to offer in the United States. The following few paragraphs are an attempt to explore these options.
Personal Financing Options at Bank of America
If you are an existing customer, you may find it easy to go. Just visit your branch or talk to a loan officer and explore the possibilities. Depending upon your relationship with the bank, you may be eligible for the following.
If you have more than one account at Bank of America, you can consider enrolling in overdraft protection at no extra cost. For example, you can have a checking account linked to a credit card issued by the bank. This will allow the checking account to automatically transfer available funds from the linked credit card to help cover purchases or prevent returned checks in case of low balance.
Moreover using the overdraft services, you can also withdraw cash at a BofA ATM when you have insufficient funds in your account. Please note that a fee will apply if your account remains overdrawn at the end of the day. Though this can’t be anything like a personal loan, you may find a way to fund your immediate financial need.
Get a low interest credit card or the one with no annual fee. A great option would be BankAmericard, which comes with 0% intro APR on balance transfers for 18 billing cycles. It also has no annual fee and requires average credit score to qualify. If you have credit issues, you might begin by applying for a secured credit card. However, you will have to wait until your credit improves to qualify for an unsecured credit card.
Home Equity Line of Credit
If you are a homeowner, then you won’t find anything cheaper than a secured personal loan or line. Bank of America home equity line of credit can offer a variable APR as low as 3.525%. Of course, you have to put your home at risk, but the low interest rate reduces the chances of payment delinquencies or defaults, helping you improve your financial situation gradually over time. A home equity line can be a better alternative to high-rate credit cards, though you will have to put your home at stake.
Call 1.866.290.4674 to get started with a personal loan alternative at Bank of America.