Looking to get a personal loan with Bank of America?
Today I’ll walk you through your loan options with Bank of America.
Firstly, what are personal loans for?
A personal loan is a loan that’s typically unsecured, which means you will borrow the money without having to give any collateral up.
Personal loans are often used to cover expenses that people can’t currently cover today or in the near future. Some examples of reasons why people take out personal loans is because they need to renovate their home, buy their fiancee a wedding ring, pay for bills and groceries, or go on a vacation.
Essentially, a personal loan is used for just about any “personal” reason.
Getting A Personal Loan With Bank Of America
Bank of America offers all types of loans, including personal loans.
To apply for a personal loan, you’ll want to either give Bank of America a phone call or visit them in person at a Bank of America location.
If you want to visit someone in person and need to locate a Bank of America near you, click here. Or you can reach them by phone at 1 (800) 432-1000.
How To Get A Bank Of America Personal Loan
I recommend going into a BOA location in person to apply for a loan. As of right now, I was unable to find any information about applying for a loan online on BOA’s website, so I don’t think they have that option.
What You’ll Need To Get Approved For A BOA Loan
All lenders use similar steps to qualify you and approve you for a loan.
Getting approved for a loan depends on many factors, but two major factors are your current credit score and how much money you currently make.
If you are looking to get an unsecured loan (a loan where you don’t have to give anything up for them to hold on to and keep in case you don’t pay back your loan), then you will likely need at least an average credit score, but preferably good to great credit score.
If you have fair or poor credit, then it could be difficult obtaining a personal loan under normal circumstances.
How To Increase Your Chances Of Getting A Loan With Bank Of America
If you already bank with Bank of America, you can get a little more favourable treatment because they know who you are and they have some information about how you behave financially.
Plus, you are already their customer and they obviously would love to keep your business. So this could help you secure a loan they you may not normally qualify for.
Increase your credit score – You should know what your credit score is. If you have no idea what your credit score is, you won’t know what types of loan interest rates you should be getting, and you also won’t know if you qualify for a personal loan. For example, if you have poor credit and didn’t know it, then you will be only hurting your credit score when you apply for loans because you won’t get approved for them, and credit inquiries hurt your score.
I recommend checking your credit score and also increase your credit score if it’s bad. To learn how to increase your credit score, click here.
Have the following documents ready – Bank of America will want to verify your income at minimum. So make sure you have proof of income and proof that it’s steady. Also, showing that you’ve lived in a location for a longer period of time (more than 1 year) shows stability and could help improve your chances of getting loan. So if you have any documents that proves this then have that ready too.
Bank Of America Loan Rates
The rate you will be charged for your personal loan will depend directly on what your credit score is.
If you fall in the good to great credit score range, then you can expect to get the best rates. You are statistically less risky and more likely to pay back your loan, so banks will charge you smaller interest rates.
If you have poor credit, you probably will not be approved for a loan. You will have to look at other options besides a conventional unsecured personal loan You could discuss secured personal loan options with a BOA representative.
If your credit is “fair” you may or may not get a loan. You could consider raising your credit score before you apply for a loan if you can wait for the money, or apply for a loan with BOA and hope for an approval.
Bank Of America Application & Requirements
To apply for a loan, give BOA a call or visit them at one of their branches in your local area. Use the link I provided above to find a location near you. You’ll need proof of identity to apply for a loan, and other documents to verify your financial information, like pay stubs to verify income. Your BOA representative will tell yo what you need to bring. You can give them a call first to inquire about their personal loans if you want to save yourself a trip.
How To Contact Bank of America & Get More Information
You can check out BOA’s F.A.Q’s page here. They will answer many common questions people have. Also, I listed their phone number above, as well as a link to how to find BOA branches near you. Check them out if you want to get in touch.