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Bank of America Personal Loan Calculator, Interest Rates & Overview

Updated 22 February 2024

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Bank of America personal loans overview

Unlike other banks, Bank of America (BoA) doesn’t offer personal loans. Alternatively, you can pick from a variety of credit card options and auto loans to finance your expenses. You can apply for a credit card that fits your needs if you’re looking for small loan options. But if you want to buy or refinance your car, you can secure a competitive car loan from BoA.

Want to see what a BoA personal loan will cost? Try the Bank of America personal loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Key features

Minimum loan amount: $7,500 ($8,000 in Minnesota) for auto loans.
Maximum loan amount: Undisclosed.
Interest rates: As low as 6.49% APR for car loans and 16.24% APR for credit cards.
Loan terms: Up to 72 months for auto loans.
Loan fees: No application fee for auto loans and no annual fee for credit cards.
Discounts: Rate discounts through Preferred Rewards for auto loans and cash back offers for credit cards.

Bank of America personal loan options

New and used auto loans

If you’re looking to purchase or refinance a vehicle, you can go for an auto loan. Your interest rate can be as low as 6.49% APR for new cars and 6.89% APR for used models. You can stretch your repayments for up to 72 months, too.

Bank of America Customized Cash Rewards

A Customized Cash Rewards credit card comes with a $200 online cash rewards bonus and 3% cash back in your chosen category. Plus, you can enjoy automatic 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on other purchases.

Bank of America Unlimited Cash Rewards

You can also choose an Unlimited Cash Rewards credit card to earn unlimited 1.5% cash back on all your purchases. Additionally, you may get a 0% intro APR for your first 15 billing cycles and balance transfers within the first 60 days. Then, variable rates ranging from 18.24% to 28.24% APR will apply.

BankAmericard

Bank of America has choices with low introductory rates and no penalty APRs, too. With BankAmericard, you can get an introductory 0% APR for your first 18 billing cycles and balance transfers within 60 days. After that, your interest rate can range from 16.24% to 26.24% APR.

Bank of America Travel Rewards

If you like to travel, you can also opt for a Bank of America Travel Rewards credit card. You can earn 25,000 online bonus points you can redeem for a $250 statement credit for travel and dining purchases. On top of that, you can get unlimited 1.5 points on all purchases made everywhere and every time.

Bank of America Premium Rewards and Premium Rewards Elite

BoA offers Premium Rewards and Premium Rewards Elite credit cards that give you access to world-class travel benefits and unlimited points that don’t expire. With Premium Rewards, you can earn 60,000 online bonus points valued at $600. Then, Premium Rewards Elite offers 75,000 online bonus points valued at $750. Note though that both options come with annual fees.

Bank of America personal loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$20,000

Term

3 months

Change

Featured

Wells Fargo personal loans

Estimated Month Repayments

$606 Inclusive of fees

Interest Rate

5.74%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$3,000
to $10,000

Go to site

Checking and savings accounts and credit cards for your everyday business expenses and cash management.

Featured

Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments

$848 Inclusive of fees

Interest Rate

29.90%
APR

Repayment Period

12 months
to 12 months

Loan Amounts

$1,000
to $20,000

Go to site

ECU offers extraordinary products & services that make life just a little easier.

iTHINK personal loans (secured)

Estimated Month Repayments

$590 Inclusive of fees

Interest Rate

4.00%
APR

Repayment Period

12 months
to 120 months

Loan Amounts

$300
to $20,000

Go to site

Your Credit Union will help you with the financing of an unexpected expense, debt consolidation, or anything you want or need.

SoFi personal loans

Estimated Month Repayments

$599 Inclusive of fees

Interest Rate

4.99%
APR

Repayment Period

24 months
to 84months

Loan Amounts

$5,000
to $100,000

Go to site

SoFi Personal Loans could help you save thousands. With low personal loan interest rates and a fixed monthly payment, you can get loans to pay off credit cards, pay off high interest debt, or make a major purchase. It only takes minutes to apply.

HSBC personal loans

Estimated Month Repayments

$608 Inclusive of fees

Interest Rate

5.99%
APR

Repayment Period

24 months
to 60 months

Loan Amounts

$3,000
to $50,000

Go to site

Receive funds as soon as today with an HSBC Personal Loa

Discover personal loans

Estimated Month Repayments

$617 Inclusive of fees

Interest Rate

6.99%
APR

Repayment Period

36 months
to 84 months

Loan Amounts

$2,500
to $35,000

Go to site

Get your personal loan interest rate and monthly payment with no impact to your credit score. To get started, simply enter the amount and length of the loan you want.

Marcus personal loans

Estimated Month Repayments

$617 Inclusive of fees

Interest Rate

6.99%
APR

Repayment Period

36 months
to 72 months

Loan Amounts

$3,500
to $40,000

Go to site

Backed by over 150 years of financial expertise, Marcus by Goldman Sachs was designed to help you make the most of your money.

Old National Bank personal loans

Estimated Month Repayments

$617 Inclusive of fees

Interest Rate

6.99%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$1,000
to $100,000

Go to site

If you have a major expense on the horizon, and don't want to pay for it with other options such as a home equity loan, a personal loan may be the ideal choice.

Delta Community Credit Union personal loans

Estimated Month Repayments

$618 Inclusive of fees

Interest Rate

7.00%
APR

Repayment Period

24 months
to 36 months

Loan Amounts

$500
to $20,000

Go to site

It's easy to apply and you'll be able to budget better because your monthly payments won't change. We also offer a variety of repayment options.

LendingClub personal loans

Estimated Month Repayments

$618 Inclusive of fees

Interest Rate

7.04%
APR

Repayment Period

36 months
to 60 months

Loan Amounts

$1,000
to $40,000

Go to site

Pay down high-interest debt, consolidate credit card balancesand save more than $1,000.* With single monthly payments, lower fixed interest rates, and no prepayment penalties, a personal loan from LendingClub Bank can help you simplify your finances and take control of your debt.

USAA personal loans

Estimated Month Repayments

$620 Inclusive of fees

Interest Rate

7.24%
APR

Repayment Period

6 months
to 84 months

Loan Amounts

$2,500
to $20,000

Go to site

A personal loan can provide the money you need to help cover unexpected expenses and more. It's often a good alternative to using a higher interest credit card. We offer flexible terms and no application or early repayment fees.

Achieva Credit Union personal loans

Estimated Month Repayments

$622 Inclusive of fees

Interest Rate

7.50%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$1,000
to $20,000

Go to site

Achieva has a wide range of loans at affordable rates. Our local team will help you apply and get the money you need for a vehicle, boat, motorcycle or RV loan.

Citi personal loans

Estimated Month Repayments

$627 Inclusive of fees

Interest Rate

7.99%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$2,000
to $30,000

Go to site

For everything from consolidating debt to preparing for life's big moments, Citi can help you achieve your goals.

Del-One personal loans

Estimated Month Repayments

$634 Inclusive of fees

Interest Rate

8.74%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$1,000
to $20,000

Go to site

Get financing for a wide range of needs from a loan that's truly personal. We're your neighbors and want to see you living life to the fullest. A personal loan helps you fund summer fun, gets your dream project off the ground, or gives you something to fall back on when emergencies occur.

Popular personal loans (Without Collateral)

Estimated Month Repayments

$636 Inclusive of fees

Interest Rate

8.99%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$2,000
to $75,000

Go to site

We help you find the personal loan that better suits your financial needs. We want to help you understand your options and make the best decision.

Avant personal loans

Estimated Month Repayments

$645 Inclusive of fees

Interest Rate

9.95%
APR

Repayment Period

24 months
to 60 months

Loan Amounts

$2,000
to $35,000

Go to site

Too many payments at different rates and schedules?that's bad for the mind and spirit. Avant can help you consolidate them into one single monthly payment.

iTHINK personal loans (Unsecured)

Estimated Month Repayments

$647 Inclusive of fees

Interest Rate

10.15%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$300
to $25,000

Go to site

Your Credit Union will help you with the financing of an unexpected expense, debt consolidation, or anything you want or need.

Arvest Bank personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$1,000
to $20,000

Go to site

Arvest offers several specific loans and credit options, but if you don't think that's what you're looking for, we also offer a few miscellaneous financing tools for more general purposes. If you're not sure if any of the loans or credit options are right for you, answer a few simple questions and we can help you decide what you need.

Chase personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$500
to $20,000

Go to site

Take advantage of available credit on your Chase credit card to get a flexible, lower-APR loan, with funds deposited directly into your bank account.

First Citizens Federal Credit Union personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

6 months
to 60 months

Loan Amounts

$1,000
to $20,000

Go to site

To positively and meaningfully impact our customers by providing financial products and services that are easy to obtain and convenient to use, while at the same time creating and maintaining a positive presence in communities that we serve.

FirstBank personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

1000
to $20,000

Go to site

A mortgage for your new home, a credit card for the everyday items, and a home equity line of credit for the unknown. FirstBank has you covered so you can take on life.

FNB personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

2500
to $25,000

Go to site

Flexible terms. Affordable rates. Just two ways we can help you make that special purchase or help you cover unanticipated expenses.

PNC personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$1,000
to $20,000

Go to site

A Personal Loan or Line of Credit[1] will provide you access to the money you need to consolidate debt, make home improvements, pay for unexpected expenses and more

South State Bank personal loans

Estimated Month Repayments

$837 Inclusive of fees

Interest Rate

28.90%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$3,000
to $50,000

Go to site

A personal loan from SouthState offers quick approval for a big purchase, debt consolidation or unexpected expenses.

TD Bank personal loans

Estimated Month Repayments

$11,650 Inclusive of fees

Interest Rate

699.00%
APR

Repayment Period

36 months
to 60 months

Loan Amounts

$2,000
to $50,000

Go to site

Get the money you need to do the things you want. From vacation to renovation to debt consolidation - we have solutions to help you access many of life's opportunities.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a BOA personal loan

Eligibility criteria

For auto financing, you should be:

18 years old or legal to obtain auto financing
A U.S. citizen or resident alien (permanent or non-permanent)

Though the bank doesn’t have personal loans, auto loans and credit cards are subject to credit approval. So, maintain a low debt-to-income ratio (DTI) and a high credit score before you apply. These will help you show you’re a responsible borrower and improve your chances of getting approved.

What you’ll need to have ready

Personal details

When you apply for personal financing with Bank of America, you’ll be asked to provide personal information such as:

An email address
Your full name
Address
Social Security number
Employment information
Income details
U.S. citizenship status
A list of monthly expenses

Documents

You can apply for the loan directly on BoA’s website. During your application, you might need to supply additional documents or information. These may relate to your source of income, bank account details, and address history.

Remember though that the information and documents you need to provide may vary based on the type of financing you’re applying for. Nonetheless, being prepared can help you go through the process easier and make your application faster.

Ways to apply for a Bank of America personal loan

Apply online by clicking the GO TO SITE link in the table below
Visit a branch
844-892-6002 for auto loans and 800-732-9194 for credit cards

Additional BoA personal loan details

Automatic payment: Available.

Loan approval times: Most loan decisions take 60 seconds.

Rate discounts: Up to 0.50% APR discount on auto loan rates through the Preferred Rewards program. Up to 3% cash back based on the type of credit card.

Repayment frequency: Monthly.

Late payment fees: Undisclosed.
Prepayment penalty: None.

Co-borrowers allowed: Yes.
Co-signers: Undisclosed.

Hardship program: Undisclosed.

Ways to repay:Online banking, over the phone, in a branch, and by mail.

PROS AND CONS

Pros

Competitive rates.
Flexible repayment terms.
Quick response.
No application fees, annual fees, and prepayment penalties.
Convenient online application.
0% intro APR for certain credit cards.
Co-applicants are allowed for auto loans.
Auto loan rate discounts through the Preferred Rewards program.
Cash back and online cash rewards for credit cards.
Available in 50 states.

Cons

Lack of specific personal loans.
$7,500 minimum auto loan amount.
Undisclosed late fees.

FREQUENTLY ASKED QUESTIONS

Does Bank of America offer personal loans?

No. Bank of America doesn’t offer personal loans. But the bank has loan alternatives you can choose from, like credit card options and auto loans.

What kind of loans does Bank of America offer?

The bank offers a variety of credit cards if you need to cover small expenses and auto loans if you need to finance a vehicle.

How much interest does BoA charge on loans?

Auto loans start as low as 6.49% APR, while credit cards have interest rates from 16.24% to 28.24% APR. Remember though that your rates may vary based on your creditworthiness.

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Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

Important disclosure

Bank of America Personal Loan Calculator, Interest Rates & Overview

Bank of America personal loans overview

Key features

Bank of America personal loan options

New and used auto loans

Bank of America Customized Cash Rewards

Bank of America Unlimited Cash Rewards

BankAmericard

Bank of America Travel Rewards

Bank of America Premium Rewards and Premium Rewards Elite

Bank of America personal loan calculator

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How to apply for a BOA personal loan

Eligibility criteria

What you’ll need to have ready

Ways to apply for a Bank of America personal loan

Additional BoA personal loan details

PROS AND CONS

Pros

Cons

FREQUENTLY ASKED QUESTIONS

Does Bank of America offer personal loans?

What kind of loans does Bank of America offer?

How much interest does BoA charge on loans?

Video: Understanding credit and how it can help you