Bank of America offers personal loans through its standard lending products

Bank of America does offer personal loans to customers who meet their requirements. These are unsecured loans, meaning you don't have to put up collateral like a house or car. The bank funds them through its retail banking division, and the terms, rates, and amounts depend on your credit profile and income.

The loans are marketed under the name Bank of America Personal Loan, though the product name and availability can shift. You can request one through your existing Bank of America account if you're a customer, or you can start the process as a new applicant. The bank will pull your credit report and verify your income before deciding whether to lend to you and at what rate.

Key Takeaways

  • Bank of America personal loans are unsecured, so you don't pledge any asset as collateral, but the interest rate depends on your credit score and income.
  • Loan amounts, terms, and interest rates vary by individual and are not published as fixed numbers on the Bank of America website.
  • You can request a personal loan through your existing Bank of America account online, by phone, or in a branch.
  • The bank will conduct a hard credit pull, which temporarily lowers your credit score, so comparing rates across multiple lenders before explore is worth the effort.

How Bank of America determines your rate and loan amount

Bank of America uses your credit score, income, debt-to-income ratio, and employment history to decide whether to lend to you and at what rate. The bank does not publish a single interest rate for personal loans because the rate you receive depends entirely on your financial profile. Someone with a 750 credit score will see a different rate than someone with a 650 score.

The bank typically offers loan amounts between $1,000 and $100,000, though the actual maximum you can borrow depends on your income and creditworthiness. Loan terms usually range from 24 to 84 months. You can see an estimate of your rate before you formally submit an process, but that estimate is not a may provide—the actual rate may differ once Bank of America completes its full review.

Where to request a Bank of America personal loan

If you already have a Bank of America checking or savings account, you can request a personal loan through your online banking portal, the mobile app, or by calling the bank's customer service line. Existing customers often see a faster process because the bank already has your financial information on file.

If you don't have a Bank of America account, you can still request a personal loan through the bank's website or by visiting a branch in person. The bank will ask for proof of income (usually a recent pay stub or tax return), your Social Security number, and basic employment information. The entire process can take anywhere from a few days to a couple of weeks, depending on how quickly you provide documents and how busy the bank is.

What happens after you submit your request

Bank of America will conduct a hard inquiry on your credit report, which means the bank pulls your full credit history and score. This hard pull temporarily lowers your credit score by a few points, usually 5 to 10 points, and stays on your credit report for about two years. If you're shopping around with multiple lenders, try to do all your applications within a 14-day window—credit scoring models treat multiple inquiries in a short period as a single inquiry.

Once the bank reviews your information, you'll receive a decision. If approved, you'll see the exact interest rate, monthly payment, and loan term. You can accept or decline the offer. If you accept, the bank deposits the funds into your Bank of America account, usually within one to three business days. You then begin making monthly payments according to the schedule.

Comparing Bank of America personal loans to other lenders

Bank of America is one option among many for personal loans. Other banks, credit unions, and online lenders also offer unsecured personal loans. The main differences are in interest rates, fees, loan amounts, and how quickly funds are disbursed.

Bank of America may charge an origination fee (a one-time fee deducted from your loan amount before you receive it), though the bank sometimes waives this fee for existing customers or those with strong credit. Other lenders may have different fee structures. Before you commit to a Bank of America personal loan, it's worth getting rate quotes from at least two or three other lenders so you understand what the market is offering for your credit profile. Each hard inquiry will lower your score slightly, but doing this within a short window minimizes the damage.

What you'll need to provide

Bank of America will ask for your Social Security number, date of birth, and current address. You'll need to verify your income, which usually means providing a recent pay stub (within the last 30 days) or a tax return from the past two years. If you're self-employed, the bank may ask for additional documentation like profit-and-loss statements or business tax returns.

You'll also need to disclose your employment status and employer name. If you have other debts—credit cards, car loans, mortgages—the bank will ask about those as well, since your debt-to-income ratio affects the decision. Have these details ready before you start the request process so you can move through it quickly.

Frequently Asked Questions

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

Bank of America typically lends to people with fair credit and above, though the exact threshold varies. If your credit score is below 600, you may be declined or offered a much higher interest rate. Credit unions and some online lenders may have more flexible requirements, so it's worth checking with them as well.

How long does it take to get the money after I'm approved?

Once you accept a loan offer, Bank of America usually deposits the funds into your account within one to three business days. If you need money faster, ask the bank whether expedited funding is available, though this may not always be an option.

Can I pay off a Bank of America personal loan early without a penalty?

Bank of America personal loans typically do not have a prepayment penalty, meaning you can pay off the loan early without owing extra fees. Check your loan agreement to confirm, as terms can vary.

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. A line of credit lets you borrow up to a limit, pay interest only on what you use, and draw from it again as you repay. Bank of America offers both products, and which one suits you depends on whether you need a one-time amount or ongoing access to funds.

Will Bank of America let me borrow more if I already have a personal loan with them?

You can request a second personal loan, but Bank of America will review your income and existing debt to decide whether you can afford another monthly payment. Having an existing loan with the bank doesn't may provide approval for a second one.