Bank of America Personal Loan Rates differs with the type of loan package you may take. As the Bank of America personal loan rates are quite competitive, so the present day borrowing people is availing this personal loan for many different purposes that include vacations, wedding, vehicles home improvement, financing, health care and debt consolidation.
With lesser time-consuming loan application procedures, the Bank of America lends up to $50,000 for a single borrower as personal loan. In addition, from the month of April 2008, the bank has begun offering personal loan rates from 8.99 percent onwards. Once you are through with the processing, the whole amount is credited within a short period of time to any of your accounts.
The BoA Personal loans are unsecured loans, meaning there is no collateral or repossession if the loan amount is not paid. This makes the personal loan riskier for the bank; because of this, it is a bit difficult to get. Credit scores and borrower’s ability to pay back loans is also thoroughly checked. Owing to this reason only, the BofA personal loan rates are higher than any other types of loans and that the line of credit limits are also lower.
Determining Factors for the Bank of America Personal Loan Rates
As the bank allows the borrowers to keep their collateral and as they do not ask for security or equity, the interest rate is determined solely by the credit score of the borrowers and so with their income status. Depending on their credit score and their annual income, the borrowers will have reasonable personal loan rates from the Bank of America. One of the benefits of dealing with the Bank of America is that you can save certain amount of your money as there are no ongoing charges or additional set-up fees.
If you are interested in BofA personal loan, then you can fill up the online application, which comes available in the official website of Bank of America. Once you complete this, the Bank of America will then begin the checking and verification; this is a mandatory procedure because of the Federal Law. After all the formalities, decision on Bank of America personal loan approval is given in a matter of 15 minutes. After the approval, you will never have to pay for annual or application fee. Along with quick processing steps, borrower can also take consolidate debts.
Summary Of Personal Loan Rates from Bank of America
Application status and Bank of America personal loan rates can also be checked via online. For the loan application status, a loan application number is provided at the end of the completion of online application. This number will be used to check the status of the processing. Apart from this, checks and individual financial statement are also provided. So BofA personal loans and credit line helps to maintain the needed finances with ease.