An Introduction to Bank of America Loans
The Bank of America is one of the largest banks in the U.S., so it is no surprise that Bank of America personal loans are available in most states. This article discusses Bank of America personal loans programs to outline their benefits to people seeking to borrow money. It also describes how to make an application for a Bank of America personal loan and what you should consider prior to making your loan application.
Bank of America Loan Purposes
Bank of America personal loans can be used for a multitude of purposes. Most people who apply for a loan with the Bank of America usually require funding for the following loan purposes:
- Debt consolidation
- Home improvement
- Healthcare financing
- Weddings and other special events
- Vehicle purchase.
A Bank of America personal loan is an unsecured loan, which means that you do not have to use the equity in a property as collateral.
What Benefits Do Bank of America Personal Loans Offer?
Bank of America personal loans can:
- allow you to borrow up to $50,000;
- result in a potential decision about your Bank of America loan application in 15 minutes (in many cases);
- give you loan rates from 8.99% (April 2008);
- be applied for quickly via a short application form;
- allow you to keep your collateral: Bank of America personal loans do not require the use of equity as security;
- save you money through no additional set-up fees or ongoing charges;
- facilitate early payment as there are no penalties for such redemptions;
- give you access to your personal loan fast as the loan amount is directly credited to a bank account of your choice;
- give you the opportunity to create re-accessible cash reserves as your Bank of America loan balance is repaid. Any additional advance will restart your repayment term and cause a recalculation of your monthly payment.
Specialised Bank of America Loans Plans
- Bank of America Auto Loans
- Bank of America RV Loans
- Bank of America Aircraft Loans
- Bank of America Boat Loans
- Bank of America Flexible Term Personal Loans
- Bank of America Revolving Personal Loans
Applying for a Bank of America Personal Loan
You can apply for a Bank of America personal loan by completing a form online. All BOA personal loans applications require that you make personal information about yourself available that will then be checked and verified by the Bank of America (this is a Federal law requirement).
Once you have completed your application, you will be able to use your loan application number to check on the status of your Bank of America personal loan: you will often be able to get an answer within 15 minutes, subject to status and conditions. Please be advised that there is no guarantee that you will be extended credit by simply applying for a Bank of America personal loan.