What is Bank of America?
Since its founding in 1998, Bank of America has established itself as one of the leading banks in America. They offer a myriad of financial solutions to their clients including credit and everyday banking options. This institution is highly regarded amongst its clients.
Do They Offer Personal Loans?
Despite being such a reputable financial organization, they do not offer personal loan solutions to their clients. Instead, they offer an array of other distinctive credit options that can be considered alternatively.
For individuals looking to refinance their home, they can obtain a new mortgage or loan, which will enable them to receive a lower interest rate and better term. Once signed and approved, they can opt for lower payments with improved options.
Bank of America also provides a home equity line of credit. This option permits clients to receive a secured loan from the bank with their home’s equity as the collateral. Low variable introductory rates are offered for the first 12 months for the benefit of the clients. After this term, rates are increased.
Other options include typical credit cards and auto loans. Credit cards can prove successful if the amount seeking to be borrowed is not lent for an extended period. If this is the case, many credit card options are available such as their 0% interest rate on specific purchases for 12 billing cycles. Such a feature gives individuals a bit of time to pay the money back on their card without being set back by fees.
For those seeking to receive a personal loan to purchase a car, the auto loans provided by Bank of America are helpful. They are streamlined for this particular purchase. Low-interest rates and realistic terms are offered for those seeking to receive such financing.
How Do I Apply?
Before applying for any of the loans previously mentioned, tools and features are offered online to ensure that they are the best option for those interested. To apply, this can be done online, by telephone with a representative or at a branch. Depending on the type of loan, clients can expect to receive their approval within seconds.
Despite the unavailability of personal loans, their alternative options are quite extensive. However, it is essential that individuals are aware of what they are looking for before they seek a loan from Bank of America. Each loan is structured to fit a specific need.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.