“Bank of America personal loan” is one of the most searched phrases in this space — and yet, if you go looking for one, you won’t find it. That’s not a glitch in their website. Bank of America made a deliberate decision to step away from traditional unsecured personal loans. Here’s the real story, and what to do instead.
The Straightforward Answer
Bank of America does not currently offer traditional unsecured personal loans. This is a strategic choice the bank has made, not a temporary pause. Instead of competing in that space, Bank of America has focused its lending on mortgages, auto loans, and credit cards — all of which are either secured or revolving credit, rather than the fixed-term installment loan most people mean when they search “personal loan.”
What They Offer Instead
If you already have a Bank of America checking account, you may have access to Balance Assist, a short-term, small-dollar loan capped at $500. It’s designed to help cover a short gap — not a debt consolidation plan or a major expense. If you’re picturing a $10,000 loan to consolidate credit card debt, this isn’t it.
Beyond that, Bank of America’s lending products are built around collateral: mortgages, home equity lines, and auto loans. None of these work if what you need is a straightforward, unsecured lump sum with fixed monthly payments.
Why This Matters Before You Apply
A lot of comparison sites still list Bank of America among “top personal loan lenders,” which sends people down a dead end. Knowing this upfront saves you the time of filling out forms or checking your rate somewhere that won’t approve the loan type you’re actually looking for.
What to Look for Instead
- Online lenders and fintech platforms that specialize in unsecured personal loans, often with fast, fully digital applications.
- Credit unions, which sometimes offer more flexible terms if you qualify for membership.
- Other major banks that still offer unsecured personal loans directly, usually to existing customers with good credit.
When comparing alternatives, look past the advertised rate and check the full picture: the APR range, any origination fees, the loan amount limits, and how fast funds are actually deposited once you’re approved.
Frequently Asked Questions
Did Bank of America used to offer personal loans?
They have offered various lending products over the years, but as of now, a traditional unsecured personal loan isn’t part of their lineup.
Is Balance Assist the same as a personal loan?
Not really. It’s a much smaller, short-term product (up to $500) meant for existing checking customers, not a substitute for a multi-thousand-dollar installment loan.
Will this change in the future?
Banks do revisit their product lineups over time, but there’s no indication Bank of America plans to reintroduce unsecured personal loans in the near term. Always check directly with the bank for the latest.
Ready to Explore a Real Option?
If a fixed-term personal loan is what you actually need, it’s worth checking your options with a lender that offers exactly that — often with an answer in minutes.
This article is for general information only and is not financial advice. Bank of America’s product lineup is set by the bank and can change — confirm current offerings directly with them before making a decision.