Bank of America does offer personal loans, but only to existing customers with established banking relationships

Bank of America offers personal loans through its consumer banking division, but the bank does not advertise them as a primary product the way it does credit cards or mortgages. The loans are available only to current Bank of America checking or savings account holders who have maintained an account in good standing. You cannot walk into a branch or visit the website as a new customer and request a personal loan — you must already be a customer.

The bank calls these loans "Bank of America Personal Loans" and funds them through its consumer lending arm. The terms, interest rates, and monthly payments depend on your credit score, income, existing relationship with the bank, and the loan amount you request. Because Bank of America looks at your full banking history with them — not just your credit report — existing customers sometimes receive better rates than they would from other lenders.

Key Takeaways

  • Bank of America personal loans are only available to existing account holders, not to new customers.
  • Interest rates and loan terms vary based on your credit score, income, and banking history with the bank.
  • You can check your rate and terms without affecting your credit score by using the bank's online rate-check tool.
  • The bank funds loans within one to three business days after approval, with money deposited directly to your Bank of America account.
  • If you are not a Bank of America customer, you will need to open a checking account first before you can request a personal loan.

How to learn about Bank of America offers you a personal loan

The fastest way to learn whether Bank of America will offer you a personal loan is to log into your online banking account and look for a "Personal Loans" offer in the dashboard or under the "Borrowing" or "Loans" section. Bank of America often shows loan offers directly to existing customers who meet their lending criteria. If you see an offer, you can click through to see the estimated interest rate and terms without submitting a formal request.

If you do not see a loan offer in your account, you can call Bank of America at 1-800-933-6262 (the customer service number for existing account holders) and ask whether you are currently may be able to access for a personal loan. The bank will review your account history, credit score, and income to determine whether they will lend to you. You can also visit a local branch and speak with a banker, who can run the same check.

Bank of America does not publish a minimum credit score requirement for personal loans, but the bank generally lends to customers with fair credit or better. If your credit score is below 600, approval is unlikely. The bank also considers your income, existing debt, and how long you have been a customer.

What the loan terms and interest rates look like

Bank of America personal loans typically range from $1,000 to $100,000, though the maximum amount depends on your income and creditworthiness. Loan terms run from 24 to 84 months (2 to 7 years), and you choose the term that fits your budget. A longer term means a lower monthly payment but more interest paid overall; a shorter term costs more per month but less in total interest.

Interest rates for Bank of America personal loans vary widely. The bank does not publish a standard rate, so your rate depends entirely on your individual situation. Customers with excellent credit and a long banking history with the bank may receive rates in the single digits, while customers with fair credit might see rates in the double digits. The only way to know your actual rate is to request a rate check through your online account or by calling the bank.

Bank of America does not charge origination fees, prepayment penalties, or process fees for personal loans. This means you will not lose money to upfront costs, and you can pay off the loan early without penalty if your financial situation improves.

The approval and funding timeline

Once you request a personal loan, Bank of America typically makes a decision within one business day. The bank pulls your credit report, reviews your banking history with them, and verifies your income — usually through your tax returns or recent pay stubs. If you are approved, the bank will show you the final interest rate and monthly payment before you sign the loan agreement.

After you accept the loan terms and sign the agreement (which you can do online or in a branch), the bank funds the money within one to three business days. The funds are deposited directly into your Bank of America checking account, and you can use the money however you need. Your first monthly payment is typically due 30 days after the money is deposited.

What to do if you are not a Bank of America customer

If you do not currently have a Bank of America checking or savings account, you will need to open one before you can request a personal loan. Opening a Bank of America account takes about 10 minutes online or in a branch. You will need a valid government ID, your Social Security number, and an initial deposit (usually $25 or more, depending on the account type).

After you open the account, you should wait at least 30 days before requesting a personal loan. Bank of America looks at how long you have been a customer, and brand-new accounts are less likely to be approved. If you need a personal loan when ready, you may have better luck with other lenders that do not require an existing banking relationship, such as online personal loan companies or credit unions.

Comparing Bank of America personal loans to other options

Bank of America personal loans can be a good choice if you are already a customer with good credit, because the bank may offer you a competitive rate based on your banking history. However, the bank's rates are not always the lowest available. Online lenders, credit unions, and other banks often publish their rates upfront, making it easier to compare before you explore.

If you are shopping for a personal loan, it is worth checking rates from at least two or three other lenders before you commit to Bank of America. You can compare rates from online lenders, your local credit union, and other banks without damaging your credit score — most lenders allow you to check your rate with a "soft" credit inquiry that does not count against you. Once you have compared options, you can decide whether Bank of America's offer is the best fit for your situation.

What happens if Bank of America denies your request

If Bank of America denies your personal loan request, the bank will send you a notice explaining the reason. Common reasons for denial include a credit score that is too low, insufficient income, too much existing debt, or too short a banking history with the bank. The notice will also tell you that you have the right to request a copy of your credit report from the three major credit bureaus (Equifax, Experian, and TransUnion) at no cost.

If you were denied because of your credit score, you can work on improving it before reapplying. Paying down existing debt, making all payments on time, and waiting for negative items to age off your report can raise your score over time. If you were denied because of insufficient income or too much debt, those factors are harder to change quickly. In that case, you may want to explore personal loans from lenders that work with borrowers in your situation, such as credit unions or online lenders that specialize in fair-credit lending.

Frequently Asked Questions

Can I get a Bank of America personal loan if I just opened my account?

Bank of America typically prefers to lend to customers who have maintained an account for at least 30 days, though the bank may make exceptions for customers with excellent credit. If you just opened your account, wait at least a month before requesting a loan. If you need money sooner, other lenders may be faster.

What is the difference between a Bank of America personal loan and a credit card?

A personal loan gives you a fixed amount of money upfront that you repay in equal monthly installments over a set period. A credit card is a revolving line of credit that you can use repeatedly up to your limit. Personal loans typically have lower interest rates than credit cards, making them better for larger expenses or debt consolidation.

Does checking my rate for a Bank of America personal loan hurt my credit score?

No. Bank of America uses a soft credit inquiry to show you an estimated rate, which does not affect your credit score. Only when you formally request the loan does the bank pull a hard inquiry, which may lower your score by a few points temporarily.

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

Yes. Many customers use personal loans to consolidate credit card balances because the personal loan interest rate is usually lower than the credit card rate. Once you receive the loan money, you can pay off your credit cards and then repay the personal loan in monthly installments.

What if I want to pay off my Bank of America personal loan early?

Bank of America does not charge prepayment penalties, so you can pay off your loan at any time without extra fees. Paying early saves you money on interest. You can make extra payments toward your loan balance through your online banking account or by calling the bank.