Bank of America Personal Loans for Bad Credit
Personal loans offered by one of the biggest national lenders – Bank of America – have been initiated to solve numerous financial issues. Personal loan rates are claimed to be extremely competitive.
However, it is also claimed to be problematic to receive an unsecured category of loans as soon as it is the one with high risk rates.
That’s why most submitted applications may be unapproved as a lender requires additional information.
The customer should convince a lender that he/she can pay off the loan amount.
This additional check influences most customers whose credit score is identified as bad.
Bank of America personal loans require careful identification.
The bank tries not to get involved in requests that do not have anything valuable to cover the potential risk.
Still, the situation is directly opposite with high credit score owners. They are offered the most agreeable interest rates and conditions to pay the bills, update home décor, etc.
On the whole, getting Bank of America personal loans for bad credit is much like any other loan procedure, however, keep in mind some basic personal loan milestones:
- the average time needed for application processing is a bit longer
- clear and high credit score demand
- only current bank customers are offered a simplified procedure
- interest rate varies and depends on each case
- this type of loan is not available online so you can apply in the office or by phone. You can easily check your loan status online without logging in
- paperwork and long verification procedure
- higher than secured loan rates
- short borrowing period under loss mitigation department control
The rates of the loan differ from case to case. If an applicant meets all bank loan approval requirements, the rates are the lowest in the market.
See, also: Bank of America Personal Loans Review
Still a similar loan program has different rates for different applicants.
Solutions for Bad Credit Score Owners
Even though you might have been rejected because of a poor credit score, you may still consider effective alternatives and receive personal loans with bad credit. Bank of America is not the only one trusted financial institution which offers borrowing options.
If you surf the Internet, you will find a large number of personal installment loans offers with low credit approval.
However, most of these offers belong to short-time loans with impressively high interest rates.
That’s why Bank of America proved to be a reliable and trustworthy lender.
As an alternative you can find useful clues on how to improve and transform your credit score from ‘bad’ to ‘good’ one with 720 and higher.