Bank of America Doesn’t Offer Personal Loans, But These Lenders Do

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While Bank of America is one of the largest and most popular banks in the country, taking out a Bank of America personal loan isn’t an option; the bank simply doesn’t offer them.

Whether you want to consolidate high-interest debt or finance a major purchase, you’ll have to find another lender if you want to apply for a personal loan. You have many different options, including banks, credit unions and online lenders, so you can shop around to find a personal loan that meets your needs.

Bank of America personal loan alternatives


Bank of America is the second-largest bank in the United States by assets, just after Chase. Like Bank of America, Chase doesn’t offer personal loans, either. But the next two largest banks — Wells Fargo and Citibank — do, so they can be a smart Bank of America alternative if you want to take out a personal loan from a traditional bank.

Wells Fargo Bank

  • APR: 5.74% to 24.24%
  • Loan terms: 12 to 84 months
  • Loan amount: $3,000 to $100,000
  • Minimum credit score: Not specified

With a Wells Fargo personal loan, you can get the money you requested quickly. If approved, you can often get the money you need by the next business day. None and no prepayment penalty help make your personal loan more affordable, especially if you want to pay it off ahead of schedule.

If you’re an existing Wells Fargo customer, you could qualify for an interest rate discount, helping you save money. Consumer checking trương mục members qualify for a 0.25% interest rate deduction.


  • APR: 7.99% to 23.99%
  • Loan terms: 12 to 60 months
  • Loan amount: $2,000 to $50,000
  • Minimum credit score: Not specified

With Citibank, you may qualify for a personal loan as long as you have a minimum income of at least $10,500 per year. The bank does not outline credit requirements, however. If approved for a personal loan, you’ll receive a check for the amount of the loan within five business days.

To be eligible for a loan, you must have an eligible Citibank deposit trương mục open for at least three months before applying. You can apply online for loans up to $30,000. If you need more than that, you’ll have to visit a branch in-person.

Credit unions

Unlike banks, credit unions are nonprofit organizations. Credit unions can have competitive personal loan options because they tend to offer lower interest rates on loans than banks. They also may have more relaxed qualification requirements, increasing your chances of getting approved for a loan.

According to DepositAccounts, the two biggest credit unions by assets that are available in multiple states are Navy Federal and PenFed.

Navy Federal Credit Union

  • APR: 7.49% to 18.00%
  • Loan terms: 60 months
  • Loan amount: $250 to $50,000
  • Minimum credit score: Not specified

If you need money quickly, a Navy Federal Credit Union personal loan may be a good choice, if you qualify. In most cases, the credit union can offer you immediate funding, depositing the funds directly into your checking or savings trương mục as soon as you’re approved for a loan.

Eligibility for a Navy Federal Credit Union personal loan

You must be a member of the Navy Federal Credit Union. Membership is limited to current and retired members of the armed forces, their immediate family and household members, and Department of Defense civilian personnel.

PenFed Credit Union

  • APR: Starting at 6.74%
  • Loan terms: 12 to 60 months
  • Loan amount: $600 to $50,000
  • Minimum credit score: Not specified

PenFed personal loans have no fee for originating your loan, and you can get access to your funds right away. Loans can be used for vacations, debt consolidation, auto repairs and even home renovations.

Eligibility for a PenFed Credit Union personal loan

There are two ways to become a PenFed Credit Union member

  1. Qualify for membership based on employment or membership with a qualifying organization: If you are currently serving in the military, are a retired service member or are an employee of a qualifying organization or the United States government, you may be eligible for membership. If you are a member of an affinity organization, you can also qualify for membership.
  2. Open a Savings/Share trương mục and deposit at least $5: If you don’t meet any of the other criteria for membership, you can still join the PenFed Credit Union by opening a Savings/Share trương mục and depositing at least $5.

Online lenders

There are a wide range of online lenders that cater to different types of borrowers. Online lenders can offer competitive interest rates as they don’t have the same overhead costs as brick-and-mortar institutions. SoFi and Lightstream are two options with competitively low minimum APRs.

SoFi Bank, N.A

  • APR: 6.99% to 22.23% (including autopay discount)
  • Loan terms: 24 to 84 months
  • Loan amount: $5,000 to $100,000
  • Minimum credit score: 680

At SoFi, there are no fees – not even a late fee. Borrowers can take advantage of SoFi’s prequalification tool, where you can get a rate quote with just a soft credit check. A soft credit check has no effect on your credit score.


  • APR: 3.99% to 19.99% (including autopay discount)
  • Loan terms: 24 to 144 months
  • Loan amount: $5,000 to $100,000
  • Minimum credit score: Not specified

LightStream personal loans are designed for people with good to excellent credit. The loans have low interest rates, and depending on the intended use for the loan, you can have up to 12 years to repay the debt.

LightStream offers a loan experience guarantee, as well. If you’re not satisfied after receiving a loan from the lender, it will send you $100. It will also beat other lenders’ rates. If you find a competing lender with a lower rate, LightStream will offer you a rate that is 0.10 percentage points lower.

PenFed Credit Union is a client of Kat Tretina.

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