Bank of America Personal Loan Requirements and Application Process – When you have an urgent need for cash and don’t want to run the risk of incurring more debt through credit cards, taking out a personal loan can help tide you over until your next paycheck arrives.
If you’re applying for a personal loan at Bank of America, below are the personal loan requirements you need to know about, as well as how to go about getting approved for your loan so that you can put this money to good use as soon as possible.
Bank of America Personal Loan Features
The Bank of America personal loan application is a quick and easy way to get the money you need. You can apply online at the Bank of America website in just a few minutes, and you’ll get an answer in as little as 24 hours. Plus, there’s no origination fee or prepayment penalty, so you can save money if you pay off your loan early. Bank of America offers competitive rates on loans for all credit levels. To qualify for a Bank of America personal loan, you must be 18 years old and have a checking account that’s been open for at least 6 months with at least $1,000 in it.
Bank of America Personal Loan Requirements
You must be a United States citizen or legal resident, 18 years or older, have a regular source of income, a checking or savings account with Bank of America, and meet state residency requirements. The application process (five sentences): You can apply for a personal loan online, by phone, or in person at a Bank of America branch. The application takes about 15 minutes to complete.
Documents Needed For Bank of America Personal Loan
In order to complete the Bank of America personal loan application, you will need to provide some basic information about yourself as well as your financial situation. The online application will ask for your name, address, date of birth, social security number, and annual income. You will also need to provide some information about your current debts and assets. Be sure to have this information handy before beginning the application process.
How do I Apply for a Personal Loan from Bank of America?
You can apply for a personal loan from Bank of America either online or in person at a branch. If you apply online, you’ll need to provide some basic information about yourself and your finances, including your Social Security number, income, debts, and estimated credit score. The process takes about 15 minutes. If you apply in person, you’ll need to bring some documentation with you, including proof of income and identification. A loan officer will then review your information and make a decision on whether or not to approve your loan.
Things to Remember About Bank of America Personal Loan Application
1. Bank of America offers personal loans with fixed rates from 6.99% – 18.99% APR and terms from 24 to 60 months.
2. You can apply for a Bank of America personal loan online, in-person, or over the phone.
3. The minimum loan amount is $1,000 and the maximum loan amount is $50,000.
4. There are no application fees, but you may be charged an origination fee which varies depending on your creditworthiness and loan term.
5. Bank of America also offers two types of personal loans: unsecured and secured. Unsecured loans require a cosigner, but secured loans don’t. Secured loans will require collateral such as stocks, bonds, or savings accounts as collateral in case you default on your loan payments.
These loans have higher interest rates than unsecured loans because they come with more risk. As part of the Bank of America Personal Loan Application process, you’ll need to provide identification (driver’s license, passport), income verification (pay stubs or bank statements), and contact information (phone number and email address).