Bank of America personal loans: 2025 review
Unlike many banks, Bank of America does not offer personal loans. It has quite a few credit card options — and a small loan for unexpected expenses — but you must look elsewhere if you want to borrow a large personal loan.
Alternatives to Bank of America loans
Although there are a wide variety of national and local banks that offer personal loans, some of the best options are online lenders. But don’t worry: most are backed by a larger bank.
| LightStream | SoFi | Discover | |
|---|---|---|---|
| Bankrate Score | 4.7 | 4.7 | 4.8 |
| Better for | Same-day funding | Joint loans | Borrowers with good credit |
| Loan amounts | $5,000–$100,000 | $5,000–$100,000 | $2,500–$40,000 |
| APR | 6.99%-25.29%* (with AutoPay) | 8.99%-29.99% | 7.99%-24.99% |
| Loan term lengths | 24–84 months | 24–84 months | 36–84 months |
| Fees | None | Optional origination fee (0%-7%) | $39 late fee |
| Minimum credit score | 695 | No requirement | 660 |
| Time to funding | As soon as same day | Within a few days | As soon as the next day |
LightStream
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LightStream is a top online lender that offers personal loans up to $100,000. It has generous terms — up to 84 months — and its annual percentage rates (APRs) start as low as 6.99 percent if you set up automatic payments for a 0.50 percent discount. It is also backed by Truist, a national bank. You can expect quick turnaround and no fees. However, there is a high minimum loan amount of $5,000 and no preapproval process. LightStream will check your credit when you apply, which may hurt your score even if you aren’t approved.
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Pros
- No fees enforced.
- Funding available as soon as the same day.
- Competitive starting APRs.
Cons
- No cosigners allowed.
- Good credit required.
- No prequalification available.
SoFi
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Online lender SoFi’s personal loans are highly rated. This online lender offers joint applications, optional fees and a wide range of loan amounts — up to $100,000 with a starting APR of 8.99 percent. Unlike LightStream, SoFi offers prequalification, so you can check your rate without harming your credit score before you submit a full application.
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Pros
- High loan maximum.
- Option to add co-borrowers.
- Optional fees.
Cons
- Unspecific credit requirements.
- Steep minimum loan amount.
- Opting out of origination fee may mean a higher APR.
Discover
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Borrowing a loan from Discover may be a good choice if you want to work directly with a bank. It offers loans up to $40,000 and accepts borrowers with good credit. Its excellent credit rates beat those of many other top lenders, and unlike many lenders, there are no origination fees when you borrow. Like SoFi, it offers prequalification, which lets you preview your rate with just a soft credit check.
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Pros
- Excellent customer support.
- Long loan terms.
- No fee to originate loan.
Cons
- High starting loan terms.
- Minimum income of $25,000.
- Higher than average late fee enforced.
Why doesn’t Bank of America offer personal loans?
Bank of America does not have a history of offering personal loans. However, it does have a program called Balance Assist. Provided you have a Bank of America checking account that is at least a year old — or 2.5 years if you don’t have a credit score — you may qualify.
The Balance Assist loan allows you to borrow up to $500 for a $5 fee. It is similar to small loans offered by federal credit unions. But unlike traditional personal loans, it is not flexible and won’t be useful for covering large expenses.
If you don’t have or don’t want to open an account with Bank of America, you can explore other personal loans.
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