Bank of America Personal Loan | Complete Information

Bank of America Personal Loan – Having a total of about 47 million business relationships, being able to stream in around 11% of the overall bank deposits in the United States, and having about $886 billion in AUM (Assets under Management), and so on, were not slightly perceived when the Bank of America was first initiated 88 years ago.The Bank of America works toward its goal of providing the best financial services, and also in making financial lives better, organized and affordable.

According to Chief Executive Officer of the Bank of America, Brian T. Moynlhan, “Bank of America has been helping connect people to what is most important to them for more than 200 years. What endures is our commitment to our customers, clients and communities, rooted in the knowledge that our success is intrinsically connected to theirs.”

The Bank’s acquisition of Merrill Lynch and rightfully making it its wealth management wing made it a major player in the mazes of investment banking. Having bootstrapped operations in all the fifty states of America, the Bank has no more than three primary competitors to compete against. But what is it that makes the Bank of America stand high enough to measure against the trust and comfort of people, while making them delve deeper into its association?

Bank of America Personal Loan

Bank of American Personal Loan

To put it simply, a personal loan is not secured by the lender such as with the help of a collateral like an asset or jewellery. A personal loan, hence, is provided only based on the borrower’s credit scores, income level, or generally any factor that shows his repayment ability.Since – on the occasion the borrower defaults on his repayment – the bank cannot auction his belongings, the interest rates for this kind of loans, naturally, would be quite high. Well, at least considerably higher than that of car or gold or house loans.

This is exactly why big banks don’t get involved much when it comes to giving away unsecured loans. Because bigger banks means bigger viewpoints, bigger loans, bigger risks, and when it comes to that, bigger losses.

Cutting to the chase: no, the Bank of America does not provide personal loans.

Although they provide competitive loans for a variety of reasons, they do not provide personal loans just for the reason they’re not secured. On that account, it’s just as hard – if not more – to get a bad credit loan from the Bank of America.

According to American norms, your credit score stops qualifying for a decent loan when you become irresponsible on your repayments to the point the score drops below 620. Even if that’s the case, you can still hope to get a loan if you manage to show your repayment abilities as high, or have a collateral – thus, making it a secured loan.But, if it happens that you want an unsecured bad credit loan, the Bank of America isn’t going to be friendly on that aspect. This is one of the characteristics that makes the bank trustworthy: the bank expects and establishes trust on both sides of the bargain, and lives to it.

But of course, the Bank of America has a supportive student-loan policy.

When it comes to student loans, the Bank of America offers services such as the following:

  • CampusOne student loans
  • Private student loans
  • School-certified loans
  • Non-certified loans

The Bank of America provides the most common federal loans, including Stafford and PLUS loans.The only drawback with loans like these is that a considerably more amount of interest is levied on independent students. And besides, the loan can be certified by the school, or naturally used for other purposes.For instance, a non-certified loan can be used to buy general accessories for education such as textbooks, or pay the dorm bills, or other bills such as that of your cafeteria daily-meal plans.

Read More – Great Lakes Loans | My Great Lakes

Read More  Great Lakes Student Loans Customer Service [with Address & Number]

How to know how much you owe the bank?

This process has never been simpler. All it requires for the customer to do is visit this website from the Bank of America. By giving in the details and the nature of your loan, the calculator can quite simply figure out how much you owe the bank. Bank of America Personal Loan

Leave a Comment