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Bank of America Personal Loans

Bank of America personal loans are also called as unsecured loans. This means that reposition is not charged if a person does not pay back the loan amount. This makes it more risky for the bank as it might come across some customers who are not in a position to pay back the loan availed. Therefore, personal loans are only given after a thorough check up of the applicant's credit history. If the BofA finds that the person has had a bad credit in the past, it simply rejects the personal loan application. That is why, availing Bank of America personal loan is made a bit difficult. The bank of America personal loan rates are also higher as compared to other loan rates. In order to be eligible for the personal loan given out by the BofA you will have to fill up an application form available at the bank's branch.

There are a variety of reasons that the personal loans can be put in to use for. For example, these personal loans can be used in the form of Auto Loans, RV Loans, Boat Loans, Aircraft Loans, Practice Loans for dentists, physicians, veterinarians, access loans for people suffering from any kind of disabilities, wedding purposes, health care, planning a holiday, home improvements furnishing or renovation purposes and so on. People may put to use the Bank of America personal use for any of the mentioned purposes or any other personal reasons. You will have to mention the reason of availing this loan to the bank. The bank will keep the reason confidential and you need not worry about it. The bank needs to know the reason for its official purposes.

Bank of America Personal Loan Application

In order to apply for a bank of America personal loan, you must find out whether you are eligible for it or not. The eligibility depends on your age, credit history, income statements and the monthly expenses. As mentioned earlier, there is no reposition charged if a person is unable to pay-back the personal loan to the bank. That is why, the bank scrutinizes the applicant at each level making it a bit difficult to avail this loan. The maximum amount of BofA personal loan given is $50,000. In order to apply for the same, you need to follow the below mentioned steps:
  1. Fill up the application form available at the bank's center or fill it up online and submit it to the concerned department
  2. You will then receive a response mail to your application
  3. If your application is approved you will receive a list of different financing options and the various interest rates available with the BofA
  4. The Bank of America loan representative will identify and verify your application form personally
  5. You will have to mention the loan amount and the maximum number of months that you will be needing it for
  6. Social Security Number (SSN) will be required

Bank of America Personal Loan Rates

Bank of America used to offer personal loan in two types. The secured and the unsecured personal loans however, it has now stopped offering unsecured personal loans. Therefore, it only offers secured personal loans to its customers. Bank of America allows you to borrow maximum of $50,000. The BofA personal loan interest rates are charged at 8.99% per annum. However, you will have to contact the bank personally for the current rates applicable. Once you complete with the application process, the amount will be credited to your account. You can fill up the application form online by logging on to their official website. Loan approval is made as fast as possible but, only after all the information and the documents provided are thoroughly verified by the concerned department. The BofA also provides the Bank of America personal loan calculator which can be used to calculate the estimated repayments. The calculators are very easy to understand and simple to use.

For more details on Bank of America personal loans and the various interest rate, you can log on to the link given below:

http://www.bankofamerica.com/vehicle_and_personal_loans/ .

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