A personal loan can help you pay a number of expenses, but the fact is that it is not easy to get from Bank of America. This is because these kinds of financing come under the category of unsecured loans, which, in principle, do not need collateral or a security for underwriting processes.
As the risk factor is very high in the event of a default, it takes a lot to convince a lender and get your application processed.
For people with Bad Credit, it is certainly an uphill task to get the approval for a personal loan application. If approved, the bank offers affordable rates and they are very helpful when you require urgent cash to meet your emergency expenses.
Bank of America offers very competitive interest rates and borrowers with good credit history can get the best available rates in the market. Whether you need some money to arrange a marriage, make some home renovation, or pay off pending bills, a low rate loan from the bank is all you need.
Bank of America is one of the largest lenders of secured loans nationwide. It offers several types of loans to help borrowers meet their various needs. The borrowers can easily qualify for secured financing solutions as the bank has something of value to repossess in case of default.
However, this is not true in case of a personal loan. Bank of America tries to play safe by simply not entertaining any request that does not have collateral or anything of value to cover the risk potential involved.
The process of applying for a personal loan is the same as any other loan. However, the time taken for an approval may be more than what is normal with other loan options. You need to have a good credit score and a clean credit history to qualify for an unsecured loan.
If you are an existing customer of the bank there might be some relaxation in qualifications standard. The interest rate may also vary from case to case. As online application is not possible, you are required to either visit a branch personally or talk to a loan officer over phone. Loan officers are always available in working hours at the phone number 1.866.467.6495.
In any case, you need to submit a completed application form along with all required documents attesting your eligibility for the loan program. After scrutiny of your form and the verification of information that you have supplied there, you may be considered for a personal unsecured loan.
You can check the status of your application online and there is no login required. The website of the bank contains resources on secured as well as unsecured loans, such as calculator and Rates Today. For more information you can contact bank representative as well. Personalized information on rate quote and loan modification program can be had from there.
An unsecured personal loan carries a rate that is much higher than what you would get under a secured loan. The length of the loan is also kept short and borrower is always under the scanner of bank’s loss mitigation department. In case of a line of credit the limits are kept lower under an unsecured loan than a secured loan.
The rates may not be the same for each applicant under a similar loan program. The credit score and the applicant’s ability to meet the various loan approval requirements of the bank play a very important role in determining the rate applicable to an application.