Bank of America Personal Loan Alternatives
Bank of America (BofA) is one of the largest banks in the U.S., but it does not offer personal loans. Instead, you’ll have to consider other companies if you want an unsecured personal loan.
Some Bank of America personal loan alternatives include SoFi and Upgrade, which have lower minimum credit score requirements, and PenFed Credit Union, which offers competitive annual percentage rates (APRs).
While Bank of America does offer other loan products, these may not cover the specific need that a personal loan might, so be sure to compare the interest rates, fees and terms of alternative loan options.
Personal loan alternatives to Bank of America
- APR (with autopay)
- 6.09% to 17.99%
- Amount
- $600 – $50k
- Term
- 12 to 60 months
- Origination fee
- None
- Min. credit score
- Not specified
- Low APRs
- Shorter terms can lead to less interest paid over time
- Can borrow as little as $600
- Credit union membership required, but membership is open to anyone
- Shorter terms can mean higher monthly payments
- Underwriting requirements not shared
If you’re looking for a good deal on a personal loan, PenFed Credit Union offers low APRs and does not charge upfront fees. Compared with other lenders, its terms are shorter and max out at 60 months. A shorter term could save you money on interest payments over the course of your loan, but it could also result in higher monthly payments.
PenFed Credit Union does not publicly share minimum credit score or income requirements. That means that while it’s a good deal, you’ll have to apply for loan prequalification to find out if you’re potentially eligible before submitting an application.
To qualify for a PenFed Credit Union loan, you must meet the following requirements:
- Membership: Must first become a PenFed Credit Union member (but anyone can apply)
- Administrative: Open a PenFed Credit Union savings account with a minimum $5 deposit; may need to submit documents to verify your identity and income
- APR (with discounts)
- 6.99% to 35.49%
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2025 was around $32K. Based on loans funded from 1/1/2025-12/31/2025. Information current as of 10/02/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions. Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% member rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 10/02/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibilitycriteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to make monthly payments using SoFi’s automatic monthly deduction from a savings or checking account. The discount will discontinue and be lost when you do not have autopay enabled. You’re not required to set up autopay to obtain this loan. Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
- Amount
- $5k – $100k
- Term
- 24 to 84 months
- Origination fee
- 0.00% – 7.00% (optional)
- Min. credit score
- 600
- High maximum loan amount for qualified applicants
- 0.25% APR discount available
- Option to not pay origination fee
- Minimum loan amount of $5,000
- Applicants with poor credit are unlikely to qualify
- Origination fee required to secure the lowest rates
SoFi provides multiple ways to take out a loan with a lower APR. You can secure a 0.25% APR discount by setting up autopayments, and if you choose to pay an origination fee, you can knock your rate even lower. If you’re looking for a small loan, SoFi isn’t the lender for you, as the minimum is $5,000. However, qualified applicants may be able to borrow up to $100,000.
You must meet the requirements below to get a loan from SoFi:
- Age: Be the age of majority in your state (typically 18)
- Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a Deferred Action for Childhood Arrivals recipient or asylum-seeker, for instance)
- Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
- Credit score: 600+
- APR (with discounts)
- 7.74% to 35.99%
- Amount
- $1k – $50k
- Term
- 24 to 84 months
- Origination fee
- 1.85% – 9.99%
- Min. credit score
- 600
- Lower minimum loan amounts available
- Secured loans available
- Customer support available 7 days per week
- Origination fees charged
- APRs are not the lowest
- Applicants with poor credit are unlikely to qualify
Upgrade does charge origination fees, and its APR range is the highest out of the three lenders on this list. That said, the Upgrade customer support team is available every day of the week, and you do have the option to secure your loan with collateral like your vehicle or home fixtures.
Secured loans can sometimes help you qualify for lower rates or even for a loan in the first place, but they do allow the lender to repossess your collateral if you fall behind on payments.
To qualify for a loan through Upgrade, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen or permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 600+
How Bank of America personal loan alternatives compare
| Lender | PenFed Credit Union | SoFi | Upgrade |
|---|---|---|---|
| LendingTree rating | 4.7/5 | 4.9/5 | 4.7/5 |
| APR | 6.09% – 17.99% (with autopay) | 6.99% – 35.49%(includes discounts) | 7.74% – 35.99% (with discounts) |
| Minimum credit score | Not specified | 600 | 600 |
| Amount | $600 – $50,000 | $5,000 – $100,000 | $1,000 – $50,000 |
| Term | 12 to 60 months | 24 to 84 months | 24 to 84 months |
| Origination fee | None | 0.00% – 7.00% (optional) | 1.85% – 9.99% |
| Bottom line | PenFed Credit Union offers the most cost-effective personal loans in this comparison thanks to its low APRs, short loan terms and lack of fees. It’s a great fit for people borrowing smaller amounts of money, with a minimum loan amount of $600. However, PenFed isn’t transparent about its underwriting requirements. | SoFi is not the best match for those people borrowing small amounts of money, but if you need to borrow more than $50,000, it’s the only option of this bunch. The origination fee is optional, but you’ll have to pay it if you want to secure the lowest rates. | Upgrade has the highest APR range and mandatory origination fees. However, it does offer the option to secure your loan, which could lower your APR. It’s also a good option if you don’t qualify for PenFed’s personal loans but also don’t need to borrow the $5,000 minimum offered by SoFi. |
How to choose a Bank of America personal loan alternative
As you consider a personal loan alternative to Bank of America, keep the following factors in mind:
- Compare APRs, not just interest rates: Interest rates alone don’t tell you the full cost of borrowing. APRs take into account interest rates, as well as other costs like origination fees.
- Check fees: Beyond the origination fee, look out for other charges that will increase the cost of borrowing, such as late fees and prepayment penalties.
- Look at loan amounts and repayment terms: Ideally, you won’t borrow more money than you actually need. Repaying the loan is about more than the amount you borrow — longer terms could mean lower monthly payments, but shorter terms could mean less paid in interest over the life of your loan.
- Review eligibility requirements: If eligibility requirements are publicly available, you can assess your approval odds before submitting an application. Some lenders even let you apply for personal loan preapproval, which gives you an idea of your eligibility and potential rates without hurting your credit score.
- Consider lender speed and user experience: How quickly do you need the loan proceeds? Researching estimated times that loan funds are disbursed and reviews from other customers can help you find the best match for your needs.
- Choose based on your borrowing purpose: Sometimes lenders will specialize in niche circumstances, such as debt consolidation loans or personal loans for weddings.
Other ways to borrow through Bank of America
You can’t get a personal loan at Bank of America, but there are other ways to borrow money if you’re a current customer. Whether or not these alternatives will meet your needs depends on your situation and the reason you’re borrowing.
- Bank of America auto loans: If you’re seeking a personal loan for an auto purchase, Bank of America’s vehicle loans may be a better fit. Loans start at $7,500.
- Home equity line of credit (HELOC) from Bank of America: If you own and have equity in your own home, a HELOC could serve a similar purpose to a personal loan. Keep in mind that your house will serve as collateral, however.
- Bank of America business loans: While Bank of America has limited options for startups, it does offer business loans — including options backed by the U.S. Small Business Administration (SBA).
Frequently asked questions
Yes, you can get a loan from Bank of America if you’re already a customer. In fact, if you have a Bank of America deposit account, you may qualify for lower rates through the BofA Rewards program.
If you don’t qualify for a personal loan at any bank, you can look to credit unions, which may offer more forgiving underwriting requirements. Here, you may find options like secured credit cards or payday alternative loans (PALs).
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