Yes, Bank of America offers personal loans through its consumer lending division

Bank of America personal loans are unsecured loans, meaning you don't have to put up collateral like a car or house to borrow the money. You borrow a fixed amount, repay it in monthly installments over a set period (typically 24 to 84 months), and pay interest on what you owe. The bank markets these loans under the name BankAmericard Personal Loan for existing customers and through its general personal loan product for others.

The actual terms—how much you can borrow, what interest rate you'll pay, and how long you have to repay—depend on your credit history, income, and other financial information the bank reviews. Bank of America does not publish a single interest rate; instead, rates vary by person based on their creditworthiness.

These loans are different from credit cards (which let you borrow repeatedly up to a limit) and different from secured loans like mortgages or auto loans (which are tied to a specific asset). A personal loan gives you one lump sum upfront and a fixed repayment schedule.

Key Takeaways

  • Bank of America personal loans are unsecured, fixed-rate loans you repay in monthly installments over 2 to 7 years.
  • Interest rates and loan amounts vary based on your credit score, income, and financial history—the bank does not publish a single rate for everyone.
  • You can check your rate and terms without affecting your credit score by using the bank's online rate-check tool.
  • Bank of America customers may see different terms or offers than non-customers, and some existing customers may be pre-approved.
  • Personal loans from Bank of America are typically funded within one to three business days after approval.

How much you can borrow and what it costs

Bank of America personal loans range from $1,000 to $100,000, though the actual amount you can borrow depends on what the bank determines you can afford to repay. The interest rate you receive—which determines your monthly payment and total cost—is based on factors including your credit score, how long you've had credit accounts open, your payment history, your income, and your existing debt.

Because rates are individualized, two people explore on the same day may receive very different offers. The bank publishes a range (for example, 6.99% to 20.99% APR), but your specific rate falls somewhere within that range based on your financial profile. You can check what rate the bank would offer you by using their online rate-check tool, which shows you an estimate without a hard inquiry that would lower your credit score.

The loan term—how long you have to repay—ranges from 24 to 84 months. A shorter term means higher monthly payments but less total interest paid. A longer term spreads payments out but costs more in interest over time.

Who can get a Bank of America personal loan

Bank of America requires you to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number. You must have a verifiable income and a credit history that the bank can review. The bank does not publish a minimum credit score requirement, but in practice, approval is more likely with a credit score of 600 or higher.

If your credit score is lower or your credit history is thin, you may still be considered, but you would likely receive a higher interest rate or a smaller loan amount. Some applicants with poor credit histories may be declined.

Bank of America customers—especially those with a checking or savings account and a longer relationship with the bank—sometimes receive pre-approval offers or better terms than non-customers. However, being a customer is not required to explore.

How to check rates and terms without committing

Bank of America's website includes a rate-check tool that shows you estimated terms based on information you provide. This tool uses a soft inquiry, which means it doesn't affect your credit score. You enter basic information: your annual income, employment status, the loan amount you're interested in, and the purpose of the loan.

The tool then displays an estimated interest rate range and monthly payment. This estimate is not a may provide—the actual rate depends on a full credit review—but it gives you a realistic picture of what to expect before you formally explore. If the terms don't work for you, you can walk away without any impact on your credit.

If you decide to move forward and submit a formal process, Bank of America will perform a hard inquiry, which does appear on your credit report and may lower your score slightly (usually by a few points). This inquiry stays on your report for about two years but stops affecting your score after roughly 12 months.

The process and funding process

You can explore for a Bank of America personal loan online through their website, by phone, or in person at a branch. The online process takes about 10 to 15 minutes and asks for personal information, income details, employment history, and the purpose of the loan.

After you submit your process, the bank reviews your credit report and financial information. Some applicants receive a decision within minutes; others may take up to a few business days. If approved, you'll receive a loan agreement that spells out the interest rate, monthly payment, loan term, and any fees.

Once you sign the agreement, the bank typically funds the loan (deposits the money into your account) within one to three business days. You can then use the funds for whatever purpose you stated in your process—debt consolidation, home improvement, medical expenses, or other needs.

Fees and what happens if you pay early

Bank of America personal loans do not charge an origination fee (a fee for processing the loan) or a prepayment penalty (a fee for paying off the loan early). This means you can pay down the loan faster without being penalized, which can save you money on interest.

However, you will pay interest on the outstanding balance each month. The amount of interest in each payment is highest at the beginning of the loan and decreases as you pay down the principal. If you make extra payments or pay the loan off early, you'll pay less interest overall.

Some Bank of America personal loans may include other features, such as the option to skip a payment in hardship situations, though terms vary. Review your loan agreement to understand what options are available to you.

Bank of America personal loans versus other borrowing options

A personal loan from Bank of America is one of several ways to borrow money. A credit card lets you borrow repeatedly up to a credit limit and pay interest only on what you use, but interest rates are typically higher and you're not required to pay off the balance on any schedule. A home equity loan or home equity line of credit uses your home as collateral and usually carries a lower interest rate, but you risk losing your home if you can't repay.

A debt consolidation loan is a personal loan used specifically to pay off other debts (credit cards, medical bills, or other loans). Bank of America personal loans can be used for this purpose, and consolidating multiple debts into one loan can simplify your payments and potentially lower your interest rate if you may have access to for a better rate than you're currently paying.

If you need to borrow a smaller amount or have limited credit history, a credit-builder loan or secured credit card from Bank of America or another bank may be an alternative, though these work differently and are designed to help you build credit rather than borrow large sums.

Frequently Asked Questions

What is the difference between a Bank of America personal loan and a BankAmericard Personal Loan?

BankAmericard Personal Loan is Bank of America's branded product for existing customers, often with pre-approval offers or slightly better terms. The standard Bank of America personal loan is available to anyone who meets their requirements. Both work the same way—fixed rate, fixed term, monthly payments—but existing customers may see different offers.

Can I use a Bank of America personal loan to pay off credit card debt?

Yes. Many people use personal loans for debt consolidation, borrowing enough to pay off multiple credit cards at once. If the personal loan's interest rate is lower than your credit card rates, this can save you money. However, you must be disciplined about not running up the credit cards again after paying them off.

What happens if I miss a payment on a Bank of America personal loan?

Missing a payment can result in late fees, a higher interest rate, and damage to your credit score. If you're struggling to make a payment, contact Bank of America as soon as possible—they may offer options like a temporary payment reduction or deferment, though terms vary by situation.

How long does it take to get approved for a Bank of America personal loan?

Some applicants receive approval within minutes of explore online. Others may take one to three business days. Once approved, funding typically happens within one to three business days after you sign the loan agreement, so the full process from process to money in your account usually takes less than a week.

Can I get a Bank of America personal loan with bad credit?

Bank of America does not publish a minimum credit score, so applicants with lower scores may still be considered. However, approval is less likely, and if you are approved, you'll likely receive a higher interest rate and possibly a smaller loan amount. If you're declined, you might explore credit-builder products or a co-signer option.