Does Bank of America do personal loans? NO, absolutely.
It is one of the most reputable and largest lenders in the USA, which is well-known for secured loans.
You can take competitive personal credits for various reasons.
Let`s figure out the most common of them.
It should be noted at once, that property must protect all of Bank of America’s non-business loans.
These loans include:
- Mortgages for homes;
- Refinancing loans;
- Home equity credit lines;
- Automobile loans.
Types of Bank of America Loans
All bank`s loans correspond clients` specific financing needs.
Below you`ll find the most common types of them.
The bank offers both adjustable-rate, preapproved, and fixed-rate mortgages.
You can take personal mortgage loan for buying a house, lowering your monthly mortgage payment, consolidating debt, etc.
To get Bank of America personal mortgage loan, a candidate should provide all the necessary documentation concerning your credit risk, job history, and financial circumstance:
- Two newest pay stubs;
- IRS Form W-2 (past two years salary report);
- Signed tax returns;
- Two-month statement for available financial accounts;
- Documentation of self-employed income;
- A Purchase and Sales Agreement on the property you wish to purchase.
This loan lowers both your interest rate mortgage payments.
This loan also allows extracting some equity from your home and using this money for other purposes.
Home equity loans
This option allows everyone who is eligible for a credit, to get extra cash secured by your home equity.
In other words, it means that you have an opportunity to reborrow back the sum you have already paid, up to the loan limit.
The bank offers a special low introductory rate on a home equity loan equaling 3,24% for 12 months.
When the initial period is over, the rate will be 4,52%.
Personal automobile loans
Bank of America offers attractive automobile loans.
You can use this type of a credit to pay either for used or a new car.
The loan can also be used for refinancing the present auto loan.
Personal automobile loan is available within 24 hours.
The bank closely cooperates with dealer networks and can counsel an appropriate car.
Don’t Miss: TD Bank Personal Loans
Bad credit and credit score calculating
Bank of America realizes its clients need and, therefore offers various bad credit loans.
Like all trustworthy financial institutions, when making a decision on whether to give a loan, Bank of America carefully considers a candidate`s credit score.
To sum up the credit history of every applicant, this financial institution makes use of FICO scores provided by Fair Isaac Corporation.
These figures vary from 300 to 850.
An applicant with the highest scores gets immediate loan approval, as well as lesser interest rates, and a lower down payment requirement.
Please note that Bank of America grants loans to all applicants with 700 scores or higher.
To sum up
Bank of America offers personal loans for buying a car and taking a mortgage with lower interest rates than other banks provide.
Other personal loans are also available.
So, in case you need extra cash now, Bank of America can grant you a loan.