What Bank of America loans are available and how to start
Bank of America offers several types of loans: personal loans (unsecured, typically $1,000 to $35,000), home loans (mortgages), auto loans, and lines of credit. The loan you can get depends on what you need the money for, your credit score, income, and existing relationship with the bank. You start by going to bankofamerica.com, calling 1-800-432-1000, or visiting a branch in person to discuss which loan fits your situation.
The bank will pull your credit report, verify your income, and check your debt-to-income ratio—how much you already owe compared to what you earn. If you have an existing Bank of America checking or savings account, the process often moves faster because they already have some of your financial history. If you don't have an account there, you may still be approved, but the timeline will be longer.
Personal loans from Bank of America typically take 1 to 5 business days from approval to funding, though the full application process (from start to decision) usually takes 3 to 7 business days. Home and auto loans take much longer—30 to 45 days for mortgages, 2 to 3 weeks for auto loans—because they require appraisals, title work, or other verification.
Key Takeaways
- Bank of America personal loans range from $1,000 to $35,000, and you can apply online, by phone, or in a branch.
- The bank will check your credit score, income, and existing debts to decide whether to approve you and what interest rate to offer.
- If you already have a Bank of America account, approval is usually faster because the bank already has some of your financial information.
- Personal loan funding typically happens within 1 to 5 business days after approval, but the full application process takes 3 to 7 days.
- Interest rates and terms vary based on your credit score and the type of loan; the better your credit, the lower your rate will typically be.
Credit score and income requirements
Bank of America does not publish a minimum credit score for personal loans, but in practice, approval is more likely with a score of 600 or higher. Borrowers with scores above 740 typically receive the lowest interest rates. If your score is below 600, you may still be approved, but your interest rate will be higher, or you may be denied.
For income, the bank requires proof that you earn enough to repay the loan. You will need to provide recent pay stubs (usually the last two months), tax returns (usually the last two years), or bank statements showing regular deposits. Self-employed borrowers should bring two years of tax returns and recent business bank statements. The bank calculates your debt-to-income ratio by dividing your total monthly debt payments by your gross monthly income; most lenders want this ratio to be 43% or lower, though Bank of America may go higher depending on other factors.
If you have no credit history or a very thin file, you may need a co-signer—someone with established credit who agrees to repay the loan if you don't. A co-signer's credit score and income both matter, because the bank will evaluate both of you together.
Documents you will need to bring or upload
The exact documents depend on your employment and income type, but most borrowers need:
- A valid government-issued photo ID (driver's license or passport)
- Proof of income: recent pay stubs (last two months) or tax returns (last two years)
- Bank statements (usually the last two months) to verify your account history and savings
- Proof of address: a utility bill, lease, or mortgage statement dated within the last 60 days
- Social Security number (the bank will run a credit check)
If you are self-employed, bring two years of complete tax returns and recent business bank statements showing regular income. If you receive income from Social Security, disability, or retirement, bring the most recent award letter or benefit statement. If you are applying for a mortgage or auto loan, you will also need the property deed or vehicle information.
You can upload documents directly through the Bank of America website during the online application, or bring them to a branch. If you apply by phone, a representative will tell you how to submit documents—usually by uploading them online, emailing them, or mailing them in.
How the application process works, step by step
Online application: Go to bankofamerica.com, select "Personal Loans," and click "Apply Now." You will enter your personal information, desired loan amount, purpose, and income. The bank will ask permission to pull your credit report. You can see a preliminary decision (usually within minutes) and then upload your documents. A loan officer will review everything and contact you within 1 to 2 business days with a final decision.
Phone application: Call 1-800-432-1000 and ask for the personal loan department. A representative will walk you through the same questions as the online form, pull your credit, and discuss your options. They will tell you how to submit documents and when to expect a decision. This route often takes slightly longer because everything is handled by phone and mail.
In-branch application: Visit a Bank of America branch with your documents. A loan officer will review your information on the spot, pull your credit, and discuss loan options. You can often get a preliminary decision the same day, though final approval still requires document review and may take 1 to 3 business days.
After approval, you will receive loan documents to sign (either electronically or in person). Read the terms carefully: the interest rate, monthly payment amount, loan term (how many months to repay), and any fees. Once you sign, the bank will fund the loan—deposit the money into your Bank of America account or send it to a third party (like a creditor you are paying off) within 1 to 5 business days.
Interest rates, fees, and what affects your offer
Bank of America personal loan interest rates vary based on your credit score, loan amount, and loan term. As of the most recent public information, rates range from roughly 6.99% to 24.99% APR, but your actual rate depends on your creditworthiness. The bank will show you the rate they are offering before you accept.
The bank charges an origination fee (a one-time charge taken from your loan amount) that ranges from 0% to 10.25%, depending on your credit profile and the loan product. For example, if you borrow $10,000 with a 5% origination fee, you receive $9,500 and repay $10,000 plus interest. There is no prepayment penalty, so you can pay off the loan early without extra charges.
Your interest rate and fees depend on: your credit score (higher score = lower rate), the loan amount (larger loans sometimes have slightly lower rates), the loan term (longer terms usually have higher rates), your income and debt-to-income ratio, and whether you are an existing Bank of America customer. If you have an account with the bank, you may receive a small rate discount.
What happens if you are denied
If Bank of America denies your application, they will send you a letter explaining the reason—usually insufficient credit history, too high a debt-to-income ratio, or a credit score below their threshold. You have the right to request a copy of your credit report from the bureau the bank used (Equifax, Experian, or TransUnion). You can dispute errors on that report for free at annualcreditreport.com.
If you were denied because of credit score or debt, you can reapply after improving your situation: pay down existing debts, dispute errors on your credit report, or wait for negative marks to age (late payments drop off after 7 years). Some borrowers reapply after 6 months of on-time payments and see approval the second time.
If you need a loan immediately and Bank of America denies you, other options include credit unions (which sometimes have lower standards), online lenders, or asking a family member to co-sign. Each has different terms and risks, so compare carefully before committing.
After you receive the loan: repayment and what to watch for
Your monthly payment will be automatically deducted from your Bank of America account on the same day each month. You can see your loan balance, payment history, and remaining term by logging into your Bank of America account online or calling 1-800-432-1000. Make sure you have enough money in your account on the payment date; if a payment bounces, you will be charged a late fee and your credit score will be damaged.
If you miss a payment, contact the bank immediately. A single late payment (30 days overdue) will hurt your credit score and trigger a late fee. If you miss multiple payments, the bank may accelerate the loan—demand full repayment immediately—or send your account to collections. If you are struggling to pay, call the bank to discuss a hardship program or payment plan before you fall behind.
You can pay off the loan early without penalty. If you receive a bonus, tax refund, or inheritance, putting that money toward your loan will save you interest and free up your monthly budget faster. Use the Bank of America website or app to make extra payments anytime.
Frequently Asked Questions
Can I get a Bank of America personal loan if I have bad credit?
Bank of America may approve you with a credit score below 600, but your interest rate will be significantly higher—potentially 20% or more. If you are denied, consider waiting 6 months while making on-time payments on existing accounts, then reapply. A co-signer with good credit can also improve your chances.
How long does it take to get the money after approval?
Bank of America typically deposits personal loan funds into your account within 1 to 5 business days after you sign the loan documents. If the bank is sending the money directly to a creditor (like paying off a credit card), it may take an additional 2 to 3 business days for that creditor to receive and process it.
What if I want to pay off my loan early?
Bank of America personal loans have no prepayment penalty, so you can pay off the full balance at any time without extra charges. You will save money on interest by paying early. Log into your account or call the bank to confirm the exact payoff amount before sending a large payment.
Can I increase my loan amount after I am approved?
You cannot increase an existing loan, but you can apply for a second personal loan if you need more money. Bank of America will pull your credit again and review your updated debt-to-income ratio. Having two loans will increase your total monthly debt, so make sure you can afford both payments.
What should I do if I cannot make a payment?
Contact Bank of America immediately—do not wait until the payment is late. The bank may offer a temporary payment reduction, deferment (postponing payments for a short time), or a modified payment plan. The sooner you call, the more options you will have. Call 1-800-432-1000 and ask for the loan servicing department.