Getting access to affordable credit is a key step toward achieving financial goals. Many Americans turn to Bank of America when they need a trusted institution to help with borrowing.
But does Bank of America actually offer personal loans? Let’s break it down.
Does Bank of America Offer Personal Loans?
Unlike many competitors, Bank of America does not currently offer unsecured personal loans to the public. Instead, they focus on other loan products.
For example, customers looking for cash might consider secured lending options or short-term credit alternatives within the bank’s ecosystem.
What Are the Alternatives Available?
Bank of America offers a few other types of loans that can work depending on your financial needs. The most popular include Home Equity Lines of Credit (HELOC), auto loans, and the Balance Assist® program.
Each of these options serves different use cases and comes with unique terms.
What Is Balance Assist®?
Balance Assist® is a small-dollar loan program created for short-term needs. It’s designed for customers who need a quick cash boost without going through a traditional loan process.
You can borrow up to $500 for a flat $5 fee, and repay in three equal monthly installments directly from your Bank of America checking account.
Who Can Apply for Balance Assist®?
To be eligible, you must have a Bank of America checking account that has been open for at least one year. You also need to have consistent account activity and meet the bank’s internal criteria.
There’s no credit check required, which makes it ideal for those with limited credit history.
Home Equity Line of Credit (HELOC)
If you’re a homeowner, a HELOC can be a powerful way to access cash. This loan allows you to borrow against the equity in your home with relatively low interest rates.
The funds can be used for home improvements, education expenses, or debt consolidation.
How Does a HELOC Work?
HELOCs function like a credit card: you’re approved for a maximum credit limit and can draw from it as needed. You only pay interest on what you borrow, not the full amount.
Bank of America offers competitive rates, flexible terms, and no annual fee on most HELOCs.
Auto Loans from Bank of America
Bank of America also provides direct auto financing for new, used, and refinance vehicles. It’s a great option if you’re buying from a dealership or a private seller.
Loan amounts typically range from $7,500 to $100,000, with fixed rates and terms up to 72 months.
What Are the Interest Rates?
Rates start around 6.39% APR for qualified applicants. Those with excellent credit scores and solid income can secure better terms.
Online applications often return pre-approvals within minutes, speeding up the buying process.
How to Apply for a Loan at Bank of America
If you’re already a customer, the easiest way to apply is through the online banking portal or mobile app. Select the loan product you’re interested in, fill in the application, and upload required documents.
Most applications take 24–48 hours to process.
What Documents Are Required?
Typical requirements include proof of income (like pay stubs or tax returns), identification, and employment verification. For secured loans, asset documentation is also required.
Once approved, funds are either disbursed to your account or to a third party like a dealership.
Loan Eligibility Criteria
To qualify for loans with Bank of America, you generally need to have a good banking history and creditworthiness. This includes:
- A FICO score of 680 or higher
- A steady source of income
- A low debt-to-income ratio
Having a long-term relationship with the bank may improve your chances.
Can You Get Pre-Approved?
Yes, Bank of America offers pre-approval for auto loans and HELOCs. Pre-approval allows you to see your estimated rate and terms without a hard credit inquiry.
This helps you shop with confidence and compare with other lenders before committing.
What If You Need a Traditional Personal Loan?
Since Bank of America doesn’t offer unsecured personal loans, you may want to explore other reputable options. Several online lenders provide these products with quick approval.
Examples include SoFi, LightStream, Marcus by Goldman Sachs, and Discover Personal Loans.
Comparison With Other Lenders
Let’s compare what you get from Bank of America versus other personal loan providers:
| Lender | Loan Type | APR Range |
|---|---|---|
| Bank of America | HELOC, Auto, Small-dollar | 6.39%+ |
| SoFi | Personal Loan | 7.99% – 23.43% |
| LightStream | Personal Loan | 7.49% – 25.49% |
| Upstart | Personal Loan | 9.9% – 35.99% |
These online lenders cater to both high and fair credit borrowers, often with no origination fees.
Pros of Using Bank of America
Bank of America provides the advantage of established infrastructure, strong customer support, and digital tools for managing loans.
You also benefit from their fraud protection and streamlined approval process for existing customers.
Cons to Be Aware Of
The main downside is the lack of traditional personal loan products. If you need quick, unsecured cash over $500, Bank of America may not be the best choice.
They also have stricter eligibility compared to fintech lenders.
Business Loans at Bank of America
If you’re a business owner, Bank of America has solid commercial lending products. This includes SBA loans, business lines of credit, and equipment financing.
Eligibility depends on revenue, time in business, and your credit profile.
Is Bank of America the Right Choice?
Bank of America is ideal for those who want to borrow from a well-established, regulated bank. If you’re already a customer and meet the criteria, their products can be convenient and affordable.
However, if flexibility or larger unsecured funds are your goal, explore other lenders.