Bank Of America Personal Loans Review
If you have a variety of bills and expenses that you want to pay off, a personal loan is a very attractive option. Personal loans are unsecured loans, so you don't need to put up any kind of security or collateral to get one. Unfortunately, you do need to have a very good credit rating and the ability to prove your trustworthiness. For this reason, a personal loan is not always an option for all borrowers.
If you do have excellent credit and/or you are already a Bank of America customer, you may very well qualify for a Bank of America personal loan. If so, this is a very attractive option for covering emergency expenses, consolidating bills and meeting any other sort of expense you may need.
SEE ALSO: Loans For People With Bad Credit
With a personal loan, you are not required to disclose or justify your use of the funds. Many people turn to personal lending as a way of funding one-time expenses such as weddings, home repair and more.
How To Get A Personal Loan From Bank Of America
It is quite difficult to get a personal loan for Bank of America. Nonetheless, BofA is one of the largest unsecured loan providers in the United States. A personal loan from Bank of America has very competitive interest rates. Rates vary depending upon the amount offered and the creditworthiness of the borrower.
To apply, you must naturally fill out a Bank of America personal loan application.
The difference between applying for a personal loan and a secured loan is that with Bank of America it is not possible to apply for an unsecured loan online.
The first step in personal loan application with B of A is a visit to your local branch. Here you will talk with a loan officer and fill out an application.
If you are already a customer in good standing with Bank of America, you may have a foot in the door. It is also helpful if you can have any documentation that may be required in hand when you visit your branch.
Examples of typically required loan application documentation include current pay stubs and your most recent tax returns.
Bank Of America Loan Status
Once you have made your application, you can visit Bank of America’s website to check your application status. You can also research different types of loan products that the bank offers. You may find some other type of loan more attractive than a personal loan because personal loans tend to have higher rates of interest.
When you visit the B of A website to check your application status, you may wish to research some of the other types of loans available from Bank of America.
Although there is not much information on their website regarding personal loans, there is a wealth of information regarding auto loans, home equity loans and home equity lines of credit and more.
Personal Loan Options
When you visit the BofA website you will find that there are number of loan products that you can apply for online. Among them are:
1. Home Equity Line of Credit: This loan product gives you cash for your equity in your home. You pay it back with fixed payments at a low rate of interest. This is a nice choice because it is fairly easy to qualify if you own your home outright.
2. Home Refinance Loan: Another option that uses your home as collateral is a refinance loan. This also has a low rate of interest and gives you cash for the equity in your home. Refinancing your existing mortgage can be a smart way to get a better rate of interest and put some cash in your pocket.
3. Auto Loan: If you're looking for a new car, you would do well to see if you qualify for financing through Bank of America before you head out to the car dealerships. You will naturally get a better rate of interest from an established bank then you will from a car dealership. When you finance your car through BofA, they will hold your title until you have paid off your loan.
4. BofA Credit Card: Bank of America offers a number of different credit card options with a variety of cash back rewards, travel rewards, attractive balance transfer incentives and the like. Applying for a credit card is quick and easy and may very well solve all your problems.
What If BofA Turns You Down?
If you try to get a personal loan or other type of financing from Bank of America without success, there are other alternatives. A few of the best ones include peer-to-peer lenders such as Circle Back Lending, Prosper Personal Loans and Lending Club.
SEE ALSO: How To Build Credit Fast
Peer-to-peer lenders are financed by individuals who invest their money in making loans. This provides them with the opportunity of earning a higher rate of interest than they would if they simply put their money in a bank. This type of loan is often faster and easier secure than a bank loan.
P2P loans can be very attractive for borrowers because:
- When compared with credit cards, you may save as much as 70% in fees and interest.
- You have the opportunity to explain your mitigating circumstances.
- There are fewer fees than with traditional loans.
- Interest rates are often quite competitive.
- Wait times are usually very short.
While securing a personal loan from B of A or another established bank is generally a very desirable method of financing, if you try and fail don’t lose heart.
When you take time to research the other options available through both traditional and non-traditional lenders, you will surely find a way to secure the funds you need for your project.