Bank of America offers personal loans through its consumer banking division, but availability and terms depend on your credit profile and account history with the bank.
Bank of America markets personal loans under the name BankAmericard Personal Loan to existing customers. The loan is unsecured, meaning you don't pledge collateral, and the money can be used for most purposes—debt consolidation, home improvement, medical expenses, or other needs. However, not every customer who applies will be offered a loan, and the interest rate you receive (if approved) varies based on your credit score, income, and relationship with the bank.
The process starts online through your Bank of America account or by visiting a branch. You'll provide basic financial information, and the bank will pull your credit report. The decision typically comes within minutes to a few business days. If approved, funds usually arrive within one to three business days after you sign the loan agreement.
Key Takeaways
- Bank of America personal loans are available to existing customers and some new applicants, with approval based on credit score, income, and banking history.
- Interest rates range widely depending on creditworthiness; the bank does not publish a standard rate, so you must check your own offer.
- Loan amounts typically range from $1,000 to $100,000, though the actual maximum depends on your financial profile.
- You can check whether you're pre-approved for a personal loan by logging into your Bank of America account or calling 1-800-933-6262.
Who can get a Bank of America personal loan
Bank of America prioritizes existing customers—those with a checking or savings account, credit card, or other product with the bank. If you already bank there, you may see a pre-approval offer in your online account or receive a mailed offer. Existing customers often have faster approval and may receive better rates than new applicants.
New customers can also explore, but approval is less certain. The bank will evaluate your credit score, income, employment status, and debt-to-income ratio. A credit score of 600 or higher generally improves your chances, though the bank does not publish a minimum score requirement. If you have no credit history or a very low score, approval becomes unlikely.
You must be at least 18 years old and a U.S. citizen or permanent resident with a valid Social Security number. Bank of America will verify your identity and income before funding the loan.
Interest rates and loan terms
Bank of America does not publish standard interest rates for personal loans. Instead, each person receives an individualized rate offer based on their creditworthiness. Rates have historically ranged from around 6% to 36% APR, but your actual rate depends on your credit score, income, and the loan amount you request.
Loan terms are typically 24, 36, 48, or 60 months. A longer term means a lower monthly payment but more total interest paid over the life of the loan. A shorter term costs more per month but less in total interest. You can use the bank's loan calculator on its website to estimate payments before you explore.
The bank charges no origination fee, prepayment penalty, or process fee. This means you won't lose money upfront, and you can pay off the loan early without penalty if your financial situation improves.
How to check if you're pre-approved
If you're a Bank of America customer, the fastest way to see if you have a pre-approval offer is to log into your online banking account. The bank often displays pre-approval offers on your dashboard or in a dedicated offers section. You can also call the personal loan department at 1-800-933-6262 to ask whether you're pre-approved.
A pre-approval offer is not a may provide of funding—it's an indication that you likely meet the bank's basic criteria. When you formally explore, the bank will pull your credit report and verify your income, which may result in a different rate or a decline. Pre-approval offers typically expire after 30 to 90 days, so check the terms on any offer you receive.
If you don't see a pre-approval offer and want to explore anyway, you can start an process online or in a branch. The bank will then run a hard credit inquiry, which temporarily lowers your credit score by a few points.
Comparing Bank of America personal loans to other lenders
Bank of America's main advantage is convenience if you already bank there—you can manage the loan alongside your checking account and set up automatic payments easily. The lack of origination fees also saves money compared to some competitors.
However, Bank of America's rates are not always the most competitive. Online lenders like LendingClub, Upstart, or SoFi often advertise lower starting rates, especially for borrowers with good credit. Credit unions sometimes offer lower rates to members. If you have a credit score above 700, comparing offers from at least two or three other lenders before accepting a Bank of America offer can save you hundreds in interest.
Bank of America also requires you to be a customer or willing to become one, whereas many online lenders have no such requirement. If you prefer to keep your banking and borrowing separate, or if you don't want to open a new account, another lender may be a better fit.
What happens after you're approved
Once you sign the loan agreement, Bank of America deposits the funds into your designated account within one to three business days. You'll receive a loan document that shows the loan amount, interest rate, monthly payment, and payoff date. Keep this document for your records.
Your first payment is typically due 30 days after the funds are deposited. You can set up automatic payments from your Bank of America account to may support you never miss a due date. If you miss a payment, the bank will charge a late fee (usually $25 to $35) and may report the missed payment to credit bureaus, which damages your credit score.
If your financial situation changes and you can pay off the loan early, you can do so without penalty. Some borrowers use a personal loan to consolidate higher-interest debt, then pay off the personal loan faster than the stated term to save on interest.
Frequently Asked Questions
What's the difference between a Bank of America personal loan and a line of credit?
A personal loan gives you a lump sum upfront that you repay in fixed monthly installments over a set term. A line of credit works like a credit card—you borrow what you need, when you need it, and pay interest only on what you use. Bank of America offers both products, but they work differently. A personal loan is better if you need a specific amount for one purpose; a line of credit is better if you need ongoing access to funds.
Can I use a Bank of America personal loan to pay off credit card debt?
Yes. Many people use personal loans for debt consolidation because the interest rate on a personal loan is often lower than a credit card's APR. If you consolidate, make sure you don't run up new credit card balances while paying off the personal loan, or you'll end up with more total debt.
What if I'm denied for a Bank of America personal loan?
If you're denied, the bank will send you a notice explaining the reason—usually a low credit score, high debt-to-income ratio, or insufficient income. You can dispute inaccuracies on your credit report for free at annualcreditreport.com. Waiting a few months while you pay down debt or improve your credit score may help you may have access to later.
Do I need to have a checking account with Bank of America to get a personal loan?
You don't strictly need one, but existing customers have better odds of approval and often receive better rates. If you don't have an account, you'll need to open one to receive the loan funds anyway, so the bank will require that step before funding.
How long does it take to get approved for a Bank of America personal loan?
If you're a pre-approved customer explore online, approval can happen in minutes. For new applicants or those explore in a branch, the decision typically comes within one to three business days. Funds arrive one to three business days after you sign the agreement, so the total timeline from process to money in your account is usually one to two weeks.