Bank of America offers personal loans through its consumer lending 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 (for credit card holders) and a general Personal Loan product for non-cardholders. Both are unsecured loans, meaning you don't pledge collateral. The bank funds loans between $1,000 and $100,000, with repayment terms ranging from 24 to 84 months. Interest rates vary based on your credit score, income, and existing relationship with the bank—existing customers typically see better rates than new applicants.

The loan process is handled online or in-branch. You'll need to provide proof of income (recent pay stubs, tax returns, or bank statements showing deposits), a valid ID, and Social Security number. Bank of America pulls a hard credit inquiry, which temporarily lowers your credit score by a few points. Approval decisions usually come within one to three business days, though funding can take an additional one to two business days after you sign the promissory note.

Key Takeaways

  • Bank of America personal loans range from $1,000 to $100,000 with terms of 24 to 84 months, and rates depend on your credit score and banking history with the bank.
  • The bank offers a dedicated product for existing credit card holders (BankAmericard Personal Loan) and a separate product for customers without a Bank of America card.
  • You'll need recent income documentation, a valid ID, and your Social Security number; the bank will perform a hard credit pull that temporarily affects your credit score.
  • Approval typically takes one to three business days, with funding arriving one to two business days after you sign the loan agreement.
  • Bank of America charges origination fees (typically 1% to 10% of the loan amount) and may charge prepayment penalties depending on the loan terms.

Interest rates and fees you'll encounter

Bank of America's personal loan rates are not published on their website—you must request a quote to see your actual rate. The bank uses a tiered system based on credit score ranges. Customers with excellent credit (typically 740 and above) may see rates starting around 6% to 8%, while those with fair credit (typically 620 to 659) may see rates in the 18% to 24% range. These are estimates; your actual rate depends on the bank's internal assessment of your creditworthiness and income stability.

Beyond the interest rate, Bank of America charges an origination fee deducted from your loan proceeds at funding. This fee typically ranges from 1% to 10% of the loan amount, depending on your credit profile and the loan term you choose. A $10,000 loan with a 5% origination fee means you receive $9,500 and repay $10,000 plus interest. Some Bank of America personal loans carry a prepayment penalty—a fee charged if you pay off the loan early. Check your loan agreement to confirm whether your specific loan includes this penalty and what it costs.

Who qualifies and who doesn't

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. The bank does not publish a minimum credit score requirement, but in practice, approval is difficult below 600. Applicants with credit scores between 600 and 660 may be approved but at higher rates and smaller loan amounts. Existing Bank of America customers—especially those with a positive account history and an existing credit card—have a better chance of approval and typically receive better rates than new customers.

The bank also verifies your income. You must show recent, stable earnings through pay stubs, W-2s, tax returns, or bank statements. Self-employed applicants need to provide two years of tax returns and recent business bank statements. If your income is irregular or you've recently changed jobs, the bank may request additional documentation or deny your application. Applicants with recent bankruptcies, foreclosures, or multiple late payments in the past 12 months face higher rejection rates, though Bank of America does not automatically disqualify based on these factors alone.

How to request a quote and what happens next

Start by visiting the Bank of America website and navigating to the Personal Loans section, or visit a local branch. Online, you'll enter basic information: desired loan amount, desired term, and your annual income. Bank of America will ask for your Social Security number to pull your credit report. This is a hard inquiry, which means it appears on your credit report and temporarily lowers your score by a few points (typically 5 to 10 points). The inquiry remains on your report for about two years but stops affecting your score after 12 months.

After the credit pull, Bank of America displays your estimated rate and monthly payment. This is not a binding offer—it's an estimate based on the information you provided. If you proceed, you'll be asked to verify your income and provide additional details. The bank may request recent pay stubs, tax returns, or bank statements at this stage. Once you submit these documents, a loan officer reviews your application. Approval decisions typically come within one to three business days. If approved, you'll receive a loan agreement showing the final rate, origination fee, monthly payment, and total interest cost. You sign electronically or in-branch, and the funds are deposited into your Bank of America account within one to two business days.

Comparing Bank of America personal loans to other lenders

Bank of America's rates are competitive for customers with excellent credit but often higher than online lenders for borrowers with fair to good credit. Online lenders like LendingClub, Prosper, and Upstart often approve applicants with credit scores as low as 580 and may offer rates below 10% for those with good credit. Credit unions, if you're a member, frequently offer lower rates and more flexible underwriting than Bank of America. However, credit unions typically have smaller loan maximums ($25,000 to $50,000) and longer approval timelines (five to seven business days).

Bank of America's advantage is speed and convenience if you're already a customer with an established account. The bank can fund loans within two to three business days total, and you can manage the loan through your existing online banking portal. The disadvantage is that Bank of America's origination fees (1% to 10%) are higher than many online lenders, and the bank's rates for fair-credit borrowers are often less competitive. If you have a credit score below 680 or need a loan larger than $50,000, comparing quotes from at least two other lenders before committing to Bank of America is worth your time.

What to do if your application is denied

If Bank of America denies your application, the bank must provide a reason under the Fair Credit Reporting Act. Common reasons include insufficient income, recent late payments or defaults, high existing debt relative to income, or a credit score below the bank's threshold for the loan amount you requested. You have the right to request a free copy of the credit report Bank of America used to make the decision. Review it for errors—incorrect payment history, accounts you don't recognize, or duplicate entries. If you find errors, dispute them with the credit bureau (Equifax, Experian, or TransUnion) in writing.

If denial was due to credit score or recent negative marks, you can reapply after addressing those issues. Paying down existing debt, making all payments on time for several months, and disputing inaccurate items on your credit report will improve your score over time. Some applicants reapply after three to six months of improved credit behavior and receive approval the second time. Alternatively, consider a co-signer (someone with better credit who agrees to repay the loan if you don't) or a secured personal loan, where you pledge a savings account or certificate of deposit as collateral. Bank of America offers secured personal loans with lower rates and more lenient credit requirements.

How personal loan payments work and what happens if you miss one

Bank of America sets up automatic monthly payments from your checking or savings account on a date you choose. The payment includes principal (the amount you borrowed) and interest. Early in the loan, most of your payment goes toward interest; later, more goes toward principal. You can view your loan balance, payment history, and remaining term through your Bank of America online account or mobile app. If you want to pay off the loan early, you can make extra payments or a lump-sum payment at any time. Check your loan agreement to confirm whether early payoff triggers a prepayment penalty.

If you miss a payment, Bank of America typically allows a grace period of 10 to 15 days before reporting the late payment to credit bureaus. During this window, you can make the payment without penalty. If you miss the grace period, the late payment appears on your credit report and damages your credit score. After 30 days late, Bank of America may charge a late fee (typically $25 to $35). After 60 days late, the bank may accelerate the loan, meaning the entire remaining balance becomes due immediately. If you fall behind, contact Bank of America immediately to discuss a hardship plan—the bank may temporarily lower your payment or extend your term to help you catch up.

Frequently Asked Questions

Can I get a Bank of America personal loan if I don't have a Bank of America account?

Yes, Bank of America offers personal loans to non-customers, but existing customers receive better rates and faster approval. If you don't have an account, you'll need to open a checking account (which is free) before or during the loan application process. The bank will deposit your loan funds into this account.

What's the difference between a BankAmericard Personal Loan and a regular Bank of America personal loan?

The BankAmericard Personal Loan is available only to existing Bank of America credit card holders and typically offers slightly better rates than the standard personal loan product. If you don't have a Bank of America credit card, you'll use the regular personal loan product, which has the same terms and process.

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

After you sign the loan agreement, Bank of America deposits the funds into your account within one to two business days. The entire process from application to funding typically takes three to five business days for existing customers and five to seven days for new customers.

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

Yes, many borrowers use personal loans to consolidate credit card balances because personal loan rates are often lower than credit card rates. However, make sure you don't run up new credit card debt after taking out the personal loan, or you'll end up with both the loan payment and new card balances.

What happens if I can't make a payment?

Contact Bank of America as soon as you know you'll miss a payment. The bank may offer a temporary payment reduction, term extension, or forbearance plan. Missing payments damages your credit score and can result in late fees and loan acceleration, so reaching out early is important.