Bank of America — like some other large U.S. banks — does not offer large unsecured personal loans. For customers with a checking account, the lender does provide a short-term, small-dollar loan called Balance Assist, but the loan is capped at $500.
Personal loan alternatives to Bank of America
Banks
Citibank, Wells Fargo and PNC are among large banks that offer personal loans. You typically have to sign up to be a bank customer, and there are minimum credit and income requirements to qualify for a loan.
Snapshot of a typical bank-issued personal loan:
Credit scores accepted: good to excellent.
APR range: 5% to 29%.
Loan amounts: $1,000 to $100,000.
Online lenders
Online lenders cater to all credit profiles and most give you estimated rates without a hard inquiry on your credit. It pays to shop around, because each company uses its own formula to set your rate. NerdWallet’s comparison tool lets you check rates at multiple online lenders without affecting your credit.
Snapshot of a typical online personal loan:
Credit scores accepted: bad to excellent.
APR range: 6% to 36%.
Loan amounts: $1,000 to $100,000.
Credit unions
Most credit unions also offer personal loans, with lower rates than traditional banks and online lenders. They do not require good credit profiles to qualify. Your local credit union is a good first choice for a personal loan.
Snapshot of a typical credit union personal loan:
Credit scores accepted: bad to excellent.
APR range: Average 8.86% at federal credit unions for a three-year loan.
Loan amounts: $250 to $50,000.
