Bank of America (BofA) is one of the largest and most trusted financial institutions in the US. While BofA offers loan products like mortgages, auto loans, and business loans, you’ll have to look elsewhere if you’re seeking a personal loan.
Though BofA doesn’t offer personal loans, many personal loan lenders provide competitive rates and an easy application process. Some also cater to borrowers with less-than-ideal credit scores. To help get you started, here are five alternatives to Bank of America for personal loans.
For borrowers with good to excellent credit, SoFi is a great personal loan alternative to BofA. Along with a personal loan, you'll have access to a variety of perks. For example, free financial advice, career counseling and even discounts on future loans.
SoFi is one of the few lenders that doesn't charge any fees, including late fees. Because you'll need a credit score of at least 680 or higher, SoFi isn't the best choice if you haven't built up enough credit or have less-than-stellar credit. While SoFi is a good option for young professionals, if you're self-employed, you'll need at least two years of tax returns and income information to qualify.
Min. credit score
680
APR
8.99% to 29.99% fixed APR
Loan amount
$5,000 to $100,000
Available in all states
For borrowers with good to excellent credit, SoFi is a great personal loan alternative to BofA. Along with a personal loan, you'll have access to a variety of perks. For example, free financial advice, career counseling and even discounts on future loans.
SoFi is one of the few lenders that doesn't charge any fees, including late fees. Because you'll need a credit score of at least 680 or higher, SoFi isn't the best choice if you haven't built up enough credit or have less-than-stellar credit. While SoFi is a good option for young professionals, if you're self-employed, you'll need at least two years of tax returns and income information to qualify.
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
LightStream is similar to SoFi in terms of its loan amounts and fee-free structure. It is backed by Truist Bank and offers loan amounts up to $100,000 with flexible terms as long as 20 years, depending on the loan type.
LightStream also has competitive starting rates and offers rate discounts for autopay users. It has a quick turnaround, with funds potentially available the same day. While it requires a minimum loan amount of $5,000 and a hard credit check, LightStream is a good choice for borrowers with good to excellent credit who need large loans and want the flexibility of longer terms.
Min. credit score
Good to excellent credit
APR
6.99% to 25.29%
Loan amount
$5,000 to $100,000
Not available in: Iowa, West Virginia
LightStream is similar to SoFi in terms of its loan amounts and fee-free structure. It is backed by Truist Bank and offers loan amounts up to $100,000 with flexible terms as long as 20 years, depending on the loan type.
LightStream also has competitive starting rates and offers rate discounts for autopay users. It has a quick turnaround, with funds potentially available the same day. While it requires a minimum loan amount of $5,000 and a hard credit check, LightStream is a good choice for borrowers with good to excellent credit who need large loans and want the flexibility of longer terms.
Upstart is a good option for borrowers with fair credit who need fast funding and may struggle to qualify for traditional loans. Unlike many lenders, Upstart considers more than just your credit score, evaluating factors like education and employment history to determine your eligibility, rates and terms. This approach makes it easier for those with limited credit histories or lower scores, even as low as 300, to qualify.
With prequalification available and funds disbursed as soon as the next business day after approval, Upstart is also a good choice for borrowers seeking quick access to cash without relying solely on their credit.
Min. credit score
300
APR
7.80% to 35.99%
Loan amount
$1,000 to $50,000
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Upstart is a good option for borrowers with fair credit who need fast funding and may struggle to qualify for traditional loans. Unlike many lenders, Upstart considers more than just your credit score, evaluating factors like education and employment history to determine your eligibility, rates and terms. This approach makes it easier for those with limited credit histories or lower scores, even as low as 300, to qualify.
With prequalification available and funds disbursed as soon as the next business day after approval, Upstart is also a good choice for borrowers seeking quick access to cash without relying solely on their credit.
Credible is not a lender but rather a free lending connection service that helps you compare lenders. While it may have fewer partners than other connection services, its 14 partners are strong choices and include such lenders as SoFi, Upstart and LightStream.
Credible has a streamlined application process, and using the service won't impact your credit score. Using a single form to compare multiple lenders is highly convenient, though loan amounts, rates and terms depend on the lender it matches you with.
Min. credit score
Fair to excellent credit
APR
4.60% to 35.99%
Loan amount
$1,000 to $200,000
Available in all states
Credible is not a lender but rather a free lending connection service that helps you compare lenders. While it may have fewer partners than other connection services, its 14 partners are strong choices and include such lenders as SoFi, Upstart and LightStream.
Credible has a streamlined application process, and using the service won't impact your credit score. Using a single form to compare multiple lenders is highly convenient, though loan amounts, rates and terms depend on the lender it matches you with.
Discover is an excellent alternative to BofA if you're interested in a lender who can also help you with debt consolidation. Its debt consolidation options pay off high-interest debts directly to creditors, saving you time and effort.
Discover has no origination fees or prepayment penalties, and it offers competitive interest rates and flexible terms up to 84 months. While the maximum loan amount is $40,000 — lower than some competitors — the quick disbursement and streamlined debt consolidation process make it a great option for borrowers looking to simplify and manage their debt effectively.
Min. credit score
660
APR
7.99% to 24.99%
Loan amount
$2,500 to $40,000
Available in all states
Discover is an excellent alternative to BofA if you're interested in a lender who can also help you with debt consolidation. Its debt consolidation options pay off high-interest debts directly to creditors, saving you time and effort.
Discover has no origination fees or prepayment penalties, and it offers competitive interest rates and flexible terms up to 84 months. While the maximum loan amount is $40,000 — lower than some competitors — the quick disbursement and streamlined debt consolidation process make it a great option for borrowers looking to simplify and manage their debt effectively.
Bank of America does not offer traditional personal loans, unlike many other banks. Student loans are also off the table, but we’ve gathered the best BofA student loan alternatives for you to compare. Instead, BofA offers alternatives to personal loans, like a variety of BofA credit cards.
It also offers small loans for unexpected expenses or emergencies, similar to small loans offered by federal credit unions. For example, its Balance Assist program allows qualifying customers to borrow up to $500 for a $5 fee, but this option is limited in both size and flexibility. To qualify, you must have a Bank of America checking account that is at least a year old. If you don’t have a credit score, you must have a BofA account for 2.5 years.
What other loans does Bank of America offer?
Bank of America extends loans to homebuyers, car buyers and small business owners.
Auto loans
BofA provides auto loans for new and used cars as well as lease buyouts and refinancing. Interest rates start at 3.59% for new cars and 3.79% for used models.
In as little as 24 hours, you can receive the funds needed to pay for your car — and you may even get a discounted rate if you have a BofA checking account. BofA also works with dealer networks and can recommend one that uses it to finance its auto loans.
Business loans
Need a business loan to purchase inventory or cover day-to-day expenses? Bank of America’s business loans may be what you need. It offers competitive rates and loan amounts starting at $25,000 and going up to $2 million.
Home mortgages
Bank of America offers mortgages for a wide range of borrowing needs, with two types to choose from.
Fixed-rate mortgage. Your interest rate remains consistent throughout the loan’s term, allowing for predictable monthly payments over 15, 20 or 30 years. Interest rates are competitive, and you won’t have to worry about them increasing during your loan.
Adjustable-rate mortgages (ARM). You’ll initially have a lower fixed interest rate, usually lasting up to 10 years. After the fixed-rate period, the interest rate adjusts to the going interest rate for the remainder of the loan.
Mortgage refinancing and home equity lines of credit
As part of its home loan products, Bank of America also offers several types of refinancing and home equity lines of credit.
The line of credit is quite simple: You borrow against the value you own in your home at a variable rate. Like all of BofA’s products, the APR is competitive. You’ll have a lower rate during your 12-month introductory period, then switch to a slightly higher APR for the remainder of your loan.
BofA’s mortgage refinancing is a little more complex. You can choose a fixed-rate, adjustable-rate, cash-out, FHA or VA refinancing. Each has different terms and eligibility criteria, so contact a BoA representative or visit your local branch to learn more.
Compare more personal loans
Bank of America doesn’t offer general-purpose personal loans, but you can compare other personal loans with competitive rates and terms here.
Bank of America is a good place to start when you want an auto loan, mortgage or small business loan with an affordable rate. However, if you’re looking for a personal loan or a student loan, you’ll have to look elsewhere.
Many other lenders similar to Bank of America offer personal loans with competitive rates for people with varying credit scores. To explore more personal loans like BofA, check out our top picks for personal loans from banks.
Sarah Barness is the Head of Content at O.school and freelance writer at Finder, keeping up with the latest products in the industry to present readers with unbiased reviews and guides. She has over eight years of digital media industry experience in fast-paced newsrooms in New York City and Los Angeles. Before Finder, Sarah was ranked as a top-viewed HuffPost editor and writer. She was also a lifestyle senior editor for A Plus, a digital media publication founded by Ashton Kutcher. Sarah holds an MFA in creative nonfiction from The New School, as well as a certificate in editing from Poynter ACES. See full bio
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