Bank of America Personal Loan Alternatives

Bank of America doesn’t offer large unsecured personal loans. For customers with a Bank of America checking account for at least one year, the bank provides Balance Assist loans which are short-term, small-dollar loans of up to $500 for a flat fee.

If you're looking for a larger personal loan, consider options at other banks, online lenders and credit unions.

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Personal loan alternatives to Bank of America

Citibank, Wells Fargo and PNC are some banks that offer personal loans. You typically have 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 (above 689).

• APR range: 6% to 36%.

• Loan amounts: $1,000 to $100,000.

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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 has its own formula to set your interest 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 (above 500).

• APR range: 6% to 36%.

• Loan amounts: $1,000 to $100,000.

Compare personal loans

Here are three online lenders to consider as alternatives to Bank of America. NerdWallet recommends pre-qualifying for multiple loans.

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Most credit unions offer personal loans at lower rates than traditional banks and online lenders. Credit unions don’t require good credit scores to qualify but you’ll need to become a member before applying. 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 10.83% at federal credit unions for a three-year loan.

• Loan amounts: $250 to $50,000.

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Other Bank of America loans

Bank of America offers other types of loans, including:

• Home loans

• Auto loans

• Credit cards