Mar 23 2020

Bank of America Personal loans online, bank loans for bad credit.

#Bank #loans #for #bad #credit

Bank of America Personal Finance

Bank of America is one of the best financial banks to get personal loan at your need time. Borrowers can make application online or call customer service at 1.866.467.6495. First and foremost you will have to fulfill the eligibility criteria as defined by bank. You can obtain a variety of loans from bank if you have a good credit history and a reliable source of income.

Updated 2017: However, people with bad credit score may also qualify for a personal loan at affordable rates from the bank. Bad credit borrowers can get competitive rates on their loans by offering collateral against the loan amounts. They may find it hard to qualify for unsecured loans, and even if they qualify, interest rates on their loans will be higher than those of good credit borrowers.

What are the eligibility criteria and documents required to apply for loan at Bank of America?

You will need to provide specific details and documents to verify you trustworthiness, credit history and all financial background for loan application.

You will have to submit following:

  • Copy of a prior two year W-2s Form
  • 2 current consecutive pay stubs
  • Last two month bank statements of all accounts
  • Self attested tax return copy
  • Self-employed person can submit his quarterly or yearly profit/loss details
  • If you are borrower of mortgage, line of credit or home equity loan, submit monthly statement.

Bank loans for bad credit

What types of loan options available at Bank of America?

Bank always helped to borrowers as personal finance at emergency time. It provides an array of financial solutions in all over country which is described below:

Auto Loans

Whether you are looking to buy a brand new or a used vehicle, BofA offers auto loans that come with a number of benefits. You can easily finance your car with a low rate auto loan having flexible repayment terms and conditions. Borrowers should ensure fixed rate before buying a car. Currently, bank describes 2.39% APT+ on new car, 2.64% APT+ on used car and 2.89% APT+ on refinance. When you obtain an auto loan from the bank, you enjoy the following benefits:

Home Equity Line of Credit

Your home opens the door to a number of possibilities. Use the equity of your existing home to secure a home equity line of credit from BOA and get instant access to funds whenever you need it. Use your credit line to complete a home renovation project, plan a vacation, make a major purchase, consolidate debt, or pay your child’s tuition. Basic features of this line of credit include:

  • 875% variable APR
  • Minimum line amount of $25,000
  • Maximum line amount of $500,000 (for primary residence) and $100,000 (for second/vacation home)
  • A 10-year draw period followed by a 20-year repayment period.

You can call customer service representative at 1.800.763.2053 for Home Equity Line of Credit.

Home Equity Loan

This is a fixed rate loan that you can obtain by providing your home’s equity as collateral. It allows you to get the entire loan amount all at once. As you borrow a one-time lump sum, this loan is convenient for large expenses and debt consolidation. Some basic features of home equity loan are:

What is the best deal regarding personal finance at Bank of America?

Personal loans can be classified into two types: secured and unsecured. To obtain a secured loan, you need to provide a collateral such as your home, car, savings account, or certificate of deposits. Providing collateral allows you to get lower interest rates and better loan terms.

Unlike secured loans, you are not required to provide any collateral to get unsecured nature loans. Approval for the loan mostly depends on your credit score and income status. The banks generally charge higher interest rates for unsecured loans. You can follow some simple steps to get the best deals when applying for personal loans:

Written by admin