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.

Overdraft Services

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.

Credit Cards

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.


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2 thoughts on “Bank of America Personal Loans”

  1. These days, most of the well-known financial institutions offer unsecured personal loans to borrowers with not so good credit score. It is important for you to understand that if your credit score is below 500 and you have no access to cash or regular income, it may become difficult for you to qualify for a personal loan from most financial institutions. It will be convenient for you if you are able to improve your credit score to somewhere above 700. An effective way to improve your credit score is to make sure that all your bills are paid in full and on time. If you have some kind of debt, make dedicated efforts to pay off your debt to improve your credit score.

  2. Bank of America is one of the leading financial organizations in the country that survived many financial crisis and the recession. The bank ceased to provide bad credit loans after the credit crisis and one of its main reasons was that they acquired many lenders that had several bad credit loans on their books. As a result, borrowers who were loyal to the bank had to look for alternative options from other financial institutions. Many people hinted that Bank of America might start offering bad credit personal loans in future, but I never saw officially by the bank.

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