Bank of America Installment Loan

Do Bank of America offer personal loans?

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June 2, 2020 4:18 PM

Unfortunately, Bank of America does not offer personal loans. However, the bank does provide a variety of loans for specific needs, such as mortgages, auto loans, credit cards, business loans and lines of credit.

June 2, 2020 4:19 PM

Bank of America doesn't offer personal loans. But the bank does provide other loan types with both secured and unsecured options. It is one of the largest lenders in the country and is known for providing loans with competitive rates and terms. It should be noted, however, that the bank has had a mixed history of consumer issues. Most recently, BofA was fined $45 million for poor treatment of some mortgage borrowers.

June 2, 2020 4:20 PM

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 If you want a personal loan to purchase a car, you should consider taking out an auto loan through Bank of America instead. The bank offers rates from 3.39% with discounts for Bank of America customers. That's a lower than average rate. Most other auto loans are offered at interest rates around 4.21%. You can also lock in your rate for 30 days, if you haven't yet found the car you want.

June 2, 2020 4:25 PM

 Bank of America also has a wide variety of mortgage products available to borrowers in almost every state, with competitive rates and closing costs. However, the lender has had some servicing issues in the past and continues to have a high proportion of borrower complaints.

June 2, 2020 4:30 PM

Bank of America offers over 20 credit cards for different types of spenders, including people with varied spending, students and those that want to earn airline miles. Credit cards work well for everyday spending and larger purchases, but you will be restricted by your credit limit

June 2, 2020 4:34 PM