6 Best Bank of America Personal Loan Alternatives

If you are seeking Bank of America personal loan alternatives due to their company policies, note that terms and conditions often apply with each of these options. However, we have collected the best alternative options for your loan delight.

Six (6) Best Bank of America Personal Loan Alternatives

Bank of America Personal Loan Alternatives

Bank of America is one of the largest financial service providers in the United States (U.S.), with operations in all 50 states that serve more than 67 million consumer and small business customers.

But despite its otherwise diverse offerings, Bank of America’s personal loans don’t exist.

Bank of America’s wide array of financial products includes credit cards, savings accounts, checking accounts, home equity lines of credit, and small business loans

It also offers home and auto loans to buy a house or vehicle. But you’ll have to turn elsewhere for your personal loan needs.

Here are the Six (6) Best Bank of America Personal Loan Alternatives you should note:

1. LightStream

LightStream allows you to borrow more than many competitors and its starting APR is among the lowest of all personal loans.

They also provide a $100 guarantee that your borrowing experience will be the best ever. However, only borrowers with very good to excellent credit can qualify.

Some of the key features of LightStream personal loans include the following:

  • APRs range from 4.99% – 16.79% if you sign up for autopay
  • Loan amounts from $5,000 – $100,000
  • Repayment terms between 24 – 144 months
  • $0 origination fee
  • Loans are funded as soon as the same day you apply


2. Wells Fargo

Wells Fargo is a popular bank and offers many of the same services as Bank of America. And its personal loan options are an added bonus.

It offers both secured and unsecured personal loans with competitive rates. Turnaround time is quick, and you may be eligible for a loan of up to $100,000.

But you’ll need good to excellent credit to qualify. Current customers with qualifying accounts may receive an APR discount of 0.5%.

However, if you aren’t a current customer, you’ll need to apply in person at your local branch.

  • Loan amounts: $3,000 to $100,000
  • APRs: 5.24% to 20.24%
  • Loan term: 1 to 7 years
  • Eligibility: Proof that you can pay back the loan, be 18+ years old, and US citizen or permanent resident.


HSBC offers personal loans to borrowers with credit scores of 700 or higher, the lower end of the good-credit range.

Its rates are capped at 22.99%, and its loans are open to residents of all states except Wisconsin. Same-day turnaround is also available.

But loans for new customers are capped at $30,000. And although you won’t have to make a payment for 50 days, interest starts accruing immediately.

This means the sooner you make your first payment, the less you’ll pay over the life of your loan.

  • Loan amounts: $3,000 to $30,000
  • APRs: 6.99% to 22.99%
  • Loan term: 2 to 5 years
  • Eligibility: 680+ credit score, US permanent resident (Not Wisconsin or any US territory resident), ages 18+, or 19+ in Nebraska and Alabama

4. Citizens Bank

Citizens Bank personal loans are a good choice for people looking for a longer repayment term and a loan with no origination fees from a big bank.

Interest rates are comparable with the rates offered by competitors and you can get your loan funds quickly.

In fact, most Citizen Bank personal loans are funded within two days of the time of loan approval, and the entire process can be completed online.

While the interest rates are competitive, their APR range is typically slightly higher than some alternatives, such as SoFi, so you’ll need to shop around to ensure you get the best rate.

Some of the key features of Citizens Bank personal loans include:

  • APRs ranging from 6.77% – 20.86%
  • Loan amounts from $5,000 – $50,000
  • Repayment terms between 3 – 7 years
  • $0 application fee
  • Loans are funded within two business days from the time of approval

5. PNC

With a minimum loan amount of $1,000, PNC is an option if you want to borrow less than the minimum of many competitors.

PNC is also a good choice if you are interested in borrowing from a large bank as opposed to an online lender like LightStream or SoFi.

Like the other options listed, you can expect to receive your money within a few days of being approved and there is no origination fee.

Some of the key terms of PNC personal loans include:

  • APRs ranging from 5.74% – 11.24%
  • Loan amounts from $1,000 – $35,000
  • Repayment terms of 6 – 60 months
  • $0 origination fee
  • Loans are funded within a few days of application

6. Navy Federal Credit Union

Some credit unions require you to live within the surrounding community to be eligible for membership; however, Navy Federal Credit Union loans are available nationally.

While you normally don’t have to join the credit union to apply for a loan, you’ll probably need to become a member if you’re approved and want to accept the loan.


Types of Loans Offered by Bank of America

Bank of America Personal Loan Alternatives

If you were hoping to borrow for a home or a car, or if you have enough equity in your home, you could consider the following Bank of America loans.

Note that Bank of America also doesn’t offer student loans.

1. Mortgages & Mortgage Refinancing

Bank of America offers mortgages for purchasing homes as well as home refinance loans for saving on existing mortgages.

The house you buy or own will serve as collateral for the loan, and the interest you pay should be tax deductible up to federal limits.

2. Home Equity Lines of Credit

When you want to borrow against the equity in your home, Bank of America has you covered.

A home equity line of credit can allow you to tap into the equity you’ve built in your property for home improvements or other purchases.

3. Auto Loans

Car loans are also secured loans because the car acts as collateral. The interest rate on a car loan is usually lower than the rate on a personal loan because the loan is secured.

4. Credit Cards

Though not technically a loan, Bank of America also offers many credit cards that you may be interested in.

To round up, note that Personal loans can be a necessary tool in handling expensive parts of life.

Bank of America may not offer them, but that doesn’t mean you don’t have options.

No matter if you’re looking to compare lenders easily, are interested in a wider range of loan terms, or want to try out p2p lending, a variety of alternative providers can help you get the financing you need.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *