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Bank of America Personal Loans |
Bank of America Personal Loans can help you pay for a lot different expenses, but the fact is that it is very difficult to get one. This is because these kinds of financing come under the category of unsecured loans, which, in principle, do not need collateral or a security for underwriting processes. As the risk factor is very high in the event of a default, it takes a lot to convince a lender and get your application processed. For people with Bad Credit, it is certainly an uphill task to get the approval for a personal loan application.
Bank of America is one of the largest lenders of secured loans nationwide. It offers several types of loans to help borrowers meet their various needs. The borrowers can easily qualify for secured financing solutions as the bank has something of value to repossess in case of default. However, this is not true in case of a personal loan. Bank of America tries to play safe by simply not entertaining any request that does not have collateral or anything of value to cover the risk potential involved.
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The BofA resources available online do not provide a clear answer for the question whether it offers personal loan options to consumers. A recent notification from the bank has eliminated the possibility of obtaining an unsecured personal loan online. As the risky nature of such kinds of financing solutions necessitates a more detailed or rather complex analysis of borrower’s credit history and repayment capability, the bank wants to be ensured from every angle before advancing the loan amount.
Bank of America Personal Loan Rates
An unsecured personal loan carries a rate that is much higher than what you would get under a secured loan. The length of the loan is also kept short and borrower is always under the scanner of bank’s loss mitigation department. In case of a line of credit the limits are kept lower under an unsecured loan than a secured loan. The rates may not be the same for each applicant under a similar loan program. The credit score and the applicant’s ability to meet the various loan approval requirements of the bank play a very important role in determining the rate applicable to an application.
Bank of America Personal Loan Application
The process of applying for a personal loan at B of A is the same as any other loan. However, the time taken for an approval may be more than what is normal with other loan options. You need to have a good credit score and a clean credit history to qualify for an unsecured loan. If you are an existing customer of the bank there might be some relaxation in qualifications standard. The interest rate may also vary from case to case. As online application is not possible, you are required to either visit a branch personally or talk to a loan officer over phone. You can get the phone number of the loan officer online from the BofA website.
In any case you need to submit a completed application form along with all required documents attesting your eligibility for the loan program. After scrutiny of your form and the verification of information that you have supplied there, you may be considered for a personal unsecured loan. You can check the status of your application online and there is no login required. The website of the bank contains resources on secured as well as unsecured loans, such as calculator and Rates Today. For more information you can contact a representative of Bank of America Personal Loan Department as well. Personalized information on rate quote and loan modification program can be had from there.
Website: www.bankofamerica.com
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