If you’re considering borrowing money, it’s normal to feel unsure about where to start. Bank of America, one of the biggest names in banking, could be on your list. But is it the right fit for your situation?
Let’s break it down in a way that helps you make the most informed choice possible.
Can You Get a Personal Loan from Bank of America?
Here’s the straight answer: Bank of America doesn’t offer traditional unsecured personal loans. That might be a dealbreaker for some, but don’t click away just yet.
There are still several flexible credit options that may give you exactly what you need, depending on how you plan to use the funds.
What Are Your Real Options?
If you’re already a BofA customer or planning to become one, your main loan options will come in three categories: auto loans, HELOCs (home equity lines of credit), and credit card-based lending.
Each comes with its own pros, cons, and specific use cases.
Auto Loans for Straightforward Financing
Need to buy a car? Bank of America offers auto loans with competitive fixed rates. Whether you’re shopping for a new ride, a used one, or looking to refinance, they’ve got you covered.
Loan amounts start at $7,500, which makes sense for most cars in today’s market.
What About the Rates?
Rates vary depending on your credit score, income, and loan term. But if your financials are strong, expect to see offers around 6.39% APR or better.
Apply online, and in many cases, you’ll get a preapproval within minutes — with no impact on your credit score.
When a HELOC Might Make More Sense
Own your home? Then you’re sitting on one of the most flexible credit tools out there — equity. A HELOC from Bank of America can turn your home’s value into a revolving credit line.
Use what you need, pay it down, and borrow again as necessary.
How Flexible Is It?
Very. You typically get a 10-year draw period followed by a repayment phase. The interest rate is variable, but existing BofA clients may get discounts or intro offers.
Perfect for big, irregular expenses — think renovations, tuition, or debt consolidation.
Don’t Overlook Credit Card Lending
This one flies under the radar, but it’s real: Bank of America credit cards offer My Balance Transfer® and Cash Advance options. These allow you to move or access cash with a defined repayment plan.
Not ideal for big-ticket loans, but extremely useful in emergencies.
What Are the Downsides?
Cash advances often come with steep interest rates — sometimes above 20%. Use them wisely and only for short-term needs you know you can repay quickly.
Long-term borrowing? Stick with auto loans or a HELOC.
Business Owners, Take Note
Running a small business? Bank of America offers lines of credit, business term loans, and SBA-backed funding. These loans are structured, flexible, and often come with a dedicated advisor.
Qualification depends on time in business, revenue, and credit score.
Is Online Application Available?
Yes. You can apply for auto loans, credit cards, and even initiate HELOC inquiries online. Business loan applications typically start with a banker or branch visit, but the process is still streamlined.
Expect digital support every step of the way.
What Do You Need to Apply?
Here’s what you’ll generally need:
- A valid photo ID
- Proof of income (recent pay stubs or tax returns)
- Credit report access
- Mortgage documentation if applying for a HELOC
For business loans, add your EIN, P&L statements, and business bank records to the list.
How Fast Is the Process?
For auto loans, funding can happen in as little as one business day. HELOCs usually take a few weeks because of property evaluations and documentation.
Credit card features are often instantly available if you qualify.
Relationship Rewards That Actually Help
Bank of America offers relationship pricing — which means if you already use their checking or savings accounts, you may qualify for rate discounts on loans.
Set up automatic payments and reduce your APR even further.
Not the Right Fit for Everyone
Let’s be clear — if you need a true personal loan with no collateral, this isn’t the bank for you. You’re better off looking at Marcus by Goldman Sachs, SoFi, or LightStream.
But if you’re already a Bank of America client, it makes sense to explore what they do offer.
When a BofA Loan Is the Right Move
Here’s when it works well:
- You’re buying a car and want fast, low-hassle financing
- You own a home and want flexible equity access
- You need structured capital for your business
- You already bank with them and want loyalty perks
The key is aligning your needs with the right product.
Alternatives Worth Considering
Still not sure? Here are some lenders offering traditional personal loans:
- SoFi – Offers unsecured loans up to $100K with no fees
- Upgrade – Works with credit scores as low as 560
- Discover – Great if you want a fixed rate and reliable brand
- Avant – Accepts fair credit applicants and funds quickly
These can be good fallback plans if BofA doesn’t meet your criteria.
Credit Requirements to Watch
Bank of America tends to favor borrowers with credit scores of 680 and up. But requirements vary based on the loan type.
Using their prequalification tools can give you a preview before committing.
Tips Before You Apply
Before submitting any application:
- Check your credit report for errors
- Reduce outstanding debts if possible
- Avoid multiple hard inquiries
- Use BofA’s online calculators to estimate your rate
Being prepared boosts your approval chances and may improve the rate you receive.
Final Thoughts on Bank of America Loans
Bank of America might not hand out unsecured personal loans, but what they do offer is reliable, secure, and efficient.
Whether you’re financing a car, leveraging home equity, or growing your business, their tools are solid — especially if you already bank with them.
