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Bank of America does not offer large, unsecured personal loans. But Bank of America does offer other types of loans and a short-term loan program called Balance Assist for amounts under $500. For anything long term or over $500, you’ll need to look elsewhere.
We’ve gathered your options, and you’ll find some solid Bank of America personal loan alternatives below. Keep reading to discover which company offering personal loans is the right fit for you and, as a bonus, more information on Bank of America’s Balance Assist and the other types of loans Bank of America does offer.
Personal Loan Options
While getting a personal loan used to simply mean heading down to your local bank, these days there are so many more options for personal loans on the market because of the many online banking possibilities.
The great news for borrowers is whether you’re looking to cover debt consolidation, home improvements or emergency expenses, you’ll find the loan and lender that fits your needs.
Finding out which type of lender is the best match for you comes down to your credit score, your timeline, and your comfort zone.
Read on to understand the categories of lenders, with a few recommendations to get headed in the right direction
Online Lenders
Online lenders have stepped into the personal loan market in a big way, offering online-only lending services with competitive rates. Because they’re fully online, these lenders’ processes are streamlined, creating fast turnarounds for approval and disbursement, sometimes as quick as the same day.
We also love that most online lenders offer pre-approval, which allows you to check rates, monthly payments, and compare personal loan services through a soft credit check that doesn’t affect your FICO credit score.
Online lenders often offer competitive rates, sometimes as low as 4.49% APR if you have good credit, but if you’re a subprime borrower, rates can jump up to as high as 36% APR which is nearly…
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