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BBVA Personal Loan Review

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BBVA Express Personal Loans at a glance

4.99% to 28.99% APR Loan terms from 12 to 72 months Loan amount from $2,000 to $100,000 No origination fee

BBVA Express personal loans are a good option for existing BBVA banking customers with a good credit rating. That’s because you need a BBVA checking account to qualify for same-day funding and a one percentage point APR discount. Here’s what else you should know:

  • Online applications by invitation only: To access the online application portal, you must receive an invitation code via mail or email. Without a code, you can call or visit a branch to apply.
  • Perks only for BBVA customers: You must have a BBVA checking account to qualify for a personal loan with the lowest possible APR and to receive same-day funding.
  • Low interest rates: APRs are as low as 5.99%, or 4.99% when you pay automatically from a BBVA checking account.
  • Fast funding: BBVA may be able to disburse loan funding into your BBVA checking account on the same day you’re approved.
Pros Cons
 Competitive APRs.

 Same-day funding for BBVA customers.

 Prequalify with a soft credit pull.

 Apply online by invitation only.

 Discount for BBVA customers only.

BBVA personal loan requirements

Eligibility requirements for a personal loan are sparse on the BBVA website. Although BBVA doesn’t specify a minimum credit score requirement, it is clear that the lowest APRs and highest loan amounts are reserved for the most creditworthy applicants. Further, if you need to borrow more than $35,000, you’ll need to apply at a branch or by phone.

If you’ve received an unsecured BBVA loan or been declined for one within the past six months, you won’t be eligible to apply. You also won’t qualify if you currently have two or more unsecured term loans with the lender.

Who’s the best fit for a BBVA personal loan?

BBVA’s personal loan is best for people who already have a checking account at BBVA. That’s because you’d qualify for an APR discount on your loan interest rate if you set up AutoPay from your BBVA checking account. You also need a BBVA checking account to qualify for same-day funding.

If you have excellent credit but do not have a BBVA checking account, you may find it easier to apply for a personal loan elsewhere. However, BBVA’s Express Personal Loan remains a competitive option if you received a reservation code to apply.

What borrowers are saying about BBVA

There aren’t many BBVA personal loan reviews on the LendingTree website, perhaps because you must receive an invitation to apply online. However, the reviews are mainly positive, citing the fast transaction time and competitive APRs.

Applying for a personal loan from BBVA

If you’ve received a BBVA Express personal loan reservation code…

  1. Visit the BBVA Express personal loan website.
  2. Enter the reservation code located on your physical mail invite or email invite.
  3. Provide personal information to prequalify without affecting your credit score.
  4. If you like the potential terms, you may formally apply, which will affect your credit score.
  5. Receive your funding, often as soon as the same day you’re approved.

If you have not received a BBVA Express personal loan reservation code…

  1. Call 1-800-239-1009 to apply, or visit a BBVA branch.
  2. Provide personal information to prequalify without affecting your credit score.
  3. If you like the potential terms, you may formally apply, which will affect your credit score.
  4. Receive your funding, often as soon as the same day you’re approved.

Alternative personal loan options

Comparing BBVA to other lenders
BBVA LightStream Marcus by Goldman Sachs® SoFi Bank, N.A
Est. APR:
4.99% to 28.99%
Loan length:
12 to 72 months
Loan amount:
$2,000 to $100,000
Origination fee:
No origination fee
Min. credit score:
Not specified
Est. APR:
3.99% to 19.99%
Loan length:
24 to 144 months
Loan amount:
$5,000 to $100,000
Origination fee:
No origination fee
Min. credit score:
Not specified
Est. APR:
6.99% to 19.99%
Loan length:
36 to 72
Loan amount:
$3,500 to $40,000
Origination fee:
No origination fee
Min. credit score:
Est. APR:
6.99% to 21.78%
Loan length:
24 to 84
Loan amount:
$5,000 to $100,000
Origination fee:
No origination fee
Min. credit score:
680

LightStream vs. BBVA

LightStream offers low-interest personal loans to borrowers with good or excellent credit. Like BBVA, LightStream doesn’t charge an origination fee or prepayment penalty, and funding can be as fast as the same day you’re approved.

One drawback to applying for a personal loan with LightStream is that you can’t prequalify with a soft credit pull to check your eligibility and potential APR. When you apply for a personal loan through LightStream, you must submit to a hard credit inquiry, which will affect your credit score. Most other lenders, including BBVA, let you prequalify without affecting your credit score.

Marcus by Goldman Sachs vs. BBVA

Marcus by Goldman Sachs® offers no-fee personal loans for borrowers with good credit. Similar to BBVA, you can check your estimated APR with a soft credit pull, which won’t affect your credit. And like most lenders, you don’t need an invitation code like you do with BBVA.

Both BBVA and Marcus by Goldman Sachs offer a similar range of APRs and loan terms. To be eligible for the lowest possible rates at Marcus by Goldman Sachs, borrowers should have excellent credit and sign up for the 0.25% APR AutoPay discount.

SoFi vs. BBVA

Like the other lenders mentioned in this review, SoFi doesn’t charge fees, such as origination fees or a prepayment penalty. Plus, SoFi borrowers can benefit from a 0.25% APR AutoPay discount and the lender’s Unemployment Protection program, which allows borrowers to postpone payments for a set period of time.

SoFi has similar loan terms to BBVA, which makes it a good alternative if you don’t have an invitation code for BBVA. You can check your eligibility for a SoFi loan with a soft credit inquiry, which won’t affect your credit score.

 

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