Bank of America Personal Loan Review

Bank of America - (on October 22, 2017 02:35 AM)

There comes a time in life when you need urgent money to help you through it. Like when you need to pay hospital bills, or you need to buy a new car or pay you college tuition. In these times people usually turn towards loans. Or more specifically, Bank of America personal loans.


 

Personal loans are a specific amount of loans given on basis of one’s credit history. They are quick loans so in case of emergency these loans can be an option. There are two types of personal loans

  • Secured Loans

Secured loans are loans that require an asset of your as collateral. You have to give an asset that is of equal or greater value of the loan you are asking for. You can put auto, house or jewelry as collateral. In return you can ask for a high amount of loan as compared to unsecured loans.

  • Unsecured Loans

Unsecured loans are given solely on the basis of credit history. There is no need for collateral. You can get a loan if you have a good or above credit history. 

 

Bank of America Personal Loans

Bank of America Personal Loans don’t specifically offer personal loans instead they offer different programs that can be used as an alternative for personal loans. They have programs like

  • Refinance loans: Refinance loans help you in refinancing your home. You can get a secured loans using this program with a low interest rate.
  • Home equity, line of credit
  • Credit card
  • Auto loan

How to Apply Bank of America Personal Loans?

The procedure to apply is almost same as any other bank. You need to fill out the required form, attach documents etc. the main point is that before you apply, you need to take your credit score in to consideration. The better the credit score, the better deal you can land. The lower the credit score from good score limit, the harder it will be to get your loan approved. 

 

Once you have your loan approved, you need to set a repayment schedule. You can set a monthly payment limit that is good for you so that there are no issues later on.

 

You can get more details by visiting the local Brach or by contacting their customer service.

 

Online Checks

It is difficult to visit the local branch again and again to get updates on your application. So, bank of America provides this feature on their website. You can visit their official website and check out the section on loans. It is locate at the bottom of the website.

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