From planning a wedding to start a home based-business, a personal loan can open many closed doors. But getting it from big banks such as Bank of America can be extremely difficult, let alone impossible. In fact, Bank of America does not even offer personal loans to average people.
If you are on the market for a personal loan and looking for lenders that offer flexible repayment terms, competitive interest rates even to applicants with Fico credit score below average without need for collateral, please keep watching to the end. You will discover 7 Bank of America Personal loan alternatives.
In addition, at the end, you will discover 7 simple techniques to use to not only get approved for almost all types of personal loans but also obtain higher amount and pay low interest rates.
Here are 7 Bank of America Personal Loan Alternatives
- CITIZENS BANK – ideal for longer repayment term
The personal loans of citizens bank are a good choice for people who want longer repayment term and a loan having no origination fees from a big bank. Citizens bank’s interest rates are similar to the rates provided by competitors and you can acquire your loan funds very fast. Their interest rates are very competitive, their APR is a little bit higher than some alternatives. Citizens Bank is a bank that primarily focus on the eastern part of United States, offering banking, lending, & investing services to consumers and small business owners.
Some of their key features are:
- APRs: 6.77% to 20.86%
- Loan amounts: $5,000 to $50,000
- Repayment terms: 3 to 7 years
- No application fee
- Loans are funded within 2 business days.
- HSBC: Possible one business-day loan uptake.
HSBC gives personal loans to borrowers having 700 credit scores or higher. Its rates are mainly capped at 22.99%, and its loans are available to residents of all states excluding Wisconsin. Same-day turnaround is also available. For new customers, the loans are capped at $30,000.
Key features are as follow:
- Loan amounts:$3,000 – $30,000
- APRs:99% – 22.99%
- Loan term:2 – 5 years
- Eligibility:680+ credit score, US permanent resident ages 18+ or 19+ in Nebraska & Alabama.
- AVANT: Fast money for most emergencies.
Why consider Avant personal loan? This is another online lender, which approve most customers with credit score between 600 to 700 for loans. In case your credit requires some work, Avant may be an option for you.
Key features of the Avant include:
- Loan amounts:Amounts from $2,000 – $35,000, which you can pay back monthly for over a period of 2 – 5 years.
- Fast funding:You can even get approved loan funds as fast as the next business day provided you need quick cash for an emergency expense.
- Administration fee:The administration fee charged by Avant is up to 4.75% on all given loans, but is deducted from your loan disbursement.
- Higher APRs:It doesn’t give an interest-rate discount, and its own rates are higher than that of other lenders covered here.
- LIGHT STREAM: This lender offers Various loan options with competitive interest rates.
Lightstream is a division of SunTrust Bank but it operates as online lending platform. What differentiate it from other lenders include its “rate beat” program and low interest rates.
Below are main features of the Lightstream personal loans:
- Rate beat: This platform offers a rate that is 0.10% points lower than the rates of its competitors if you meet necessary requirements.
- Competitive interest rates: The interest rates are very competitive, pertaining to your credit score and other factors. These may include a 0.50% rate discount to set up automatic payments.
- Secured loans available: You might be able to get approved for a secured loan in case you didn’t get unsecured loan based on your credit score.
- Loan amounts: The loan amounts range from $5,000 – $100,000, and you can repay this over 2 – 12 years. You might even be able to get loan funds within that same business day.
- No prepayment penalty: Prepayment penalty is not charged by Lightstream if you want to pay off your loan early. Late payment or origination fees are not charged as well.
- SoFi: Perks and competitive rates for members only.
Why you should consider SoFi personal loan? It is an online lender, which can serve as a perfect choice for people who prefer fast and easy online application. SoFi charges no fees and gives several perks to members on its variable-rate and fixed-rate loans.
Some important features of the SoFi personal loans:
- Extra perks:125% interest rate discount is given to SoFi members on particular loan types. You will be open to membership experiences and access career services, unemployment protection, complimentary guidance from licensed financial advisers and bonus of up to $300 for every of your referral who turns a SoFi member.
- Loan amounts:You can borrow $5,000 – $100,000 if approved, and you will have to pay back over a duration of 2 to 7 years.
- Fixed & variable APRs:You can actually apply for a loan with variable rate that could fluctuate or fixed interest rate, which won’t change during your loan term. SoFi offers very competitive annual percentage rates.
- Prequalification available:You can even check your approval rate without affecting your credit scores. afterwards, you will have to submit a formal loan application.
- WELLS FARGO: A good option for existing customers.
This bank is a national lender having branches in about 41 states and offers unsecured & secured loans. Though an unsecured loan may be preferable because it does not need collateral, Wells Fargo’s secured loan provides higher amounts of money with lower interest rates.
Some major features include:
- High loan amounts: Secured loans range from $3,000 to $250,000 while fixed-rate, while unsecured loans range from $3,000-$100,000.
- Repayment terms:The terms range from 1-7 years.
- Competitive interest rates & discount:Wells Fargo offers competitive interest rates, and a 0.25% interest rate discount.
- Origination fee: Noorigination fee on the unsecured personal loan, but secured personal loan requires $75 fee upfront.
- Secured loans:To get a secured loan, you may not need to use a physical asset. Rather, you just deposit cash in a Wells Fargo savings account or get certificate of deposit that’s equal to the loan amount as a collateral. Those funds can’t be accessed until the loan is paid completely.
- NET: Best choice for indirect lending.
Personalloanonline.net is a top indirect lender that connects borrowers to various approved lenders, thereby making approval of the process easier and faster for respective borrowers. This platform has been helping people to get personal loans for various reasons such as taking care of medical expenses, home improvements, debts consolidation, vehicle repairs, and others.
Below are their major features:
- Available loan amount: You can borrow between $100 to $35,000.
- Interest rates: This platform ensures you get competitive interest rates.
- APRs: varies with approved lenders, for example 5.99% to 35.99%.
- Fees: net offers her services free but lenders assigned to you will charge fees/interest if need be.
- Repayment terms: Could be around 2 months to 6 years depending on agreed terms with specific lender.
- Late payment: Some lenders may forgive late payments while others may not, so read terms of each lenders carefully and send direct messages to lenders if you have issues.
Here are some simple techniques you can use to get approved for almost all types of loans even when your credit score is not good.
- Know your fico score so that you can take appropriate decisions
- Dispute or pay Off bad reports if necessary
- Ask a responsible person with good credit to add you as an authorize user.
- Reduce or Pay off your credit card balances
- Ask your credit cards issuers to Increase your credit limit
- Open a new credit card. Consider a secure card if you are not approved for a non-secure
- Finally, if these steps above are not enough, apply with a Co-signer.
