Bank of America (BA) is among the country’s best-known and largest providers of secured loans. Most borrowers consider the bank as a trustworthy and reputable option. Unlike other banks, however, BA “technically” doesn’t offer personal loans, but it does offer competitive alternative loans for different purposes.
Types of BA Loans
As an alternative to the personal loans that other banks extend, Bank of America offers the following types of loans:
- Refinance Loan – The loan is available for prospective borrowers who need to refinance their home. The bank offers lower interest rates compared to other lenders of the same type of loan. You can, in fact, get some of your home equity and use it in lieu of a personal loan.
- Home Equity Credit Line – The loan option allows you to take advantage of lower interest rates and fixed payments.
- Auto Loan – If you need financing for a new car you intend to buy, you can check out BA’s auto loans that offer highly competitive rates.
- Credit Card – If you are not planning on taking out a sizeable loan, an easy to manage 0% interest credit card may help address your current financial need.
Loan Application Process
BA is selective when it comes to granting loans. The bank, however, generally follows the same process that most other lenders observe when granting loan approval. Prospective borrowers with high credit ratings have better chances of getting approved for a loan.
While the bank offers a relatively easier application process for existing clients, processing time may take longer for new applicants.