Bank of America Personal Loan Alternatives

If you need some cash, a personal loan can be a flexible, fast, and low-cost borrowing option. Bank of America doesn’t offer personal loans, but other banks do. PNC and Citi are two banks that offer low-rate personal loans with the option to apply in person. Alliant is a nationwide credit union also offering low-rate loans with special perks. 

We’ll cover the pros and cons of these Bank of America personal loan alternatives, along with a few other borrowing options. Compare APRs, repayment terms, funding time, and more to find the best personal loan lender for you.

Compare personal loan rates 

Why doesn’t Bank of America offer personal loans?

Unlike many banks, Bank of America doesn’t offer personal loans. BofA, the nation's second-largest commercial bank, focuses primarily on banking and investing services, home and auto loans, and credit cards. That said, Bank of America does offer a short-term personal loan alternative called Balance Assist for eligible customers who need a small-dollar, low-cost loan. The bank also offers several other financing options. 

Which loans Bank of America does offer

• No-annual-fee and premium credit cards
• Mortgages
• Home loan refinancing
• Home equity line of credit
• Auto purchase loans
• Auto loan refinancing

Best alternatives to a Bank of America personal loan

Citi 

Why Credible recommends Citi personal loans

Existing Citi customers who have had a bank account for at least 12 months may find Citi personal loans to be a low-cost, convenient, and fast option. Citi offers personal loans for good credit with no fees, including late fees. 

The bank may charge a penalty APR if you miss too many payments. Citi also offers competitive rates — APRs start at 9.99% with a 0.50% autopay discount. Citigold and Citi Priority customers also qualify for an additional 0.25% relationship discount. You can also get in-person support with your personal loan application at a local Citi branch. But Citi isn’t an option for debt consolidation of a Citibank-issued credit card, as Citi restricts borrowers from using personal loan funds for that purpose. 

Pros and cons of Citi

Alliant Credit Union

Why Credible recommends Alliant Credit Union personal loans

As an all-digital credit union, Alliant is a not-for-profit financial institution owned by its members. Virtually anyone can join Alliant, but you’ll need to be a member for at least 90 days to apply for a personal loan. Alliant offers benefits that you can't get with many other lenders, such as the opportunity to apply with a co-applicant and a debt protection program that pauses or waives your payments under certain circumstances, including death and disability. Alliant also offers fast funding. 

Alliant offers loan amounts ranging from $1,000 to $100,000, so you can fund anything from a minor auto repair to a major home renovation. The starting APR is competitive, plus credit union loan rates are capped at 18%. Alliant doesn’t charge an origination fee, and you can repay your loan early without penalty.

Pros and cons of Alliant Credit Union personal loans

PNC Bank

Why Credible recommends PNC Bank

If you’re looking for a traditional bank application experience and you live near a PNC branch, an unsecured personal loan from PNC could be a good option. You can make an appointment and apply in person with help from a PNC banker. 

PNC offers personal loans with no origination fee, competitive APRs, and flexible repayment terms. The bank is an especially good option if you need a small loan that you can repay quickly. PNC offers a six-month repayment term, which is uncommon among online personal loan lenders, and loan amounts as low as $1,000. 

PNC Bank has few restrictions on how you can use the funds, excluding only college expenses and student loan refinancing. PNC personal loans are a good option for a range of funding needs, including medical expenses, relocation costs, credit card consolidation, and major purchases. But if you’re looking for a fully online application process with the option to prequalify, PNC won’t be the right fit for you — a Discover personal loan might be a good alternative. 

Pros and cons of PNC Bank personal loans

Alternatives to personal loans

A personal loan isn’t the only way to borrow money, and it’s not the best solution for everyone. Consider these personal loan alternatives before applying. 

Personal line of credit

Like a personal loan, a personal line of credit (PLOC) doesn’t require collateral, and approval is based on your credit score and income. But instead of receiving a lump sum of cash, a PLOC allows you to borrow repeatedly up to your credit limit and repay the balance as you go. A personal line of credit works well for projects with unknown costs or multiple vendors and payment dates, like a home remodel or a wedding. You can get a PLOC from a bank or credit union. 

Home equity line of credit

A home equity line of credit (HELOC) allows you to borrow against the equity in your home on an ongoing basis, similar to a PLOC, except a HELOC is secured by your home. Since your home serves as collateral for a HELOC, lenders typically offer lower APRs than you would get with a PLOC. Depending on the structure of the HELOC, you may also enjoy a lengthy draw period during which you only need to make interest payments. But there’s a risk of foreclosure if you fail to repay. 

Home equity loan

A home equity loan lets you borrow against the equity you've built up in your home and provides a lump sum that you repay in fixed monthly installments over time. Home equity loans may come with longer repayment terms than personal loans — up to 30 years — and may also come with lower APRs than personal loans. But since your home serves as collateral, too many missed payments may result in foreclosure. Home equity loans also require upfront fees, and it can take time to close the loan. 

401(k) loan

Borrowing from your retirement account can disrupt your progress toward your savings goals, but a 401(k) loan doesn’t require a credit check or impact your credit score. As long as you repay the full balance to your account with interest by making at least quarterly payments, you won’t pay a tax penalty. Plans may allow up to five years for repayment. You shouldn’t borrow from your 401(k) if you think you’ll leave your current job before the, since your plan may require full repayment at once. 

Credit card

Credit cards are a good option for smaller or recurring expenses. If you can qualify for a 0% APR promotion on a new credit card, you can also use a credit card for a large purchase or debt consolidation. Provided you keep up with the minimum payments, you can avoid interest for up to two years. Just keep in mind that balance transfers often carry a 3% to 5% balance transfer fee, and average credit card APRs are high outside of zero-interest promotions. Make sure to pay the full balance on time to avoid losing a promotional rate and to avoid a penalty APR and fees.