Search for a Bank of America personal loan and you will find plenty of pages, but no application. That is not a website glitch. Bank of America, one of the largest banks in the country, simply does not offer unsecured personal loans. Here is the full picture as of July 2026: what the bank offers instead, and where to actually get a personal loan.
Does Bank of America Offer Personal Loans?
No. Bank of America does not offer traditional unsecured personal loans, the kind used for debt consolidation, home projects, or major purchases. This has been true for years, and as of July 2026 nothing has changed.
So if you are asking, does Bank of America offer personal loans, the short answer is no. The bank focuses its consumer lending on credit cards, home loans, auto loans, and one small-dollar product for existing customers.
What Bank of America Offers Instead
Credit cards. BofA issues a full lineup of cards, including some with 0% introductory APR periods on purchases or balance transfers. For a shorter-term expense you can pay off within the promo window, that can substitute for a small loan. APRs vary by creditworthiness, and terms apply.
Home equity line of credit (HELOC). If you own a home with equity, BofA offers HELOCs with no application fee and no annual fee, and it waives closing costs on new lines. Rates are variable, and your home secures the debt, so the stakes are higher than with an unsecured loan.
Auto loans. BofA remains a major auto lender for purchases and refinancing.
Balance Assist. This is the closest thing BofA has to a personal loan, so it deserves its own section.
Balance Assist: BofA's Small-Dollar Loan
Balance Assist is a short-term, small-dollar loan for existing checking customers. As of July 2026:
- Borrow between $300 and $500
- Pay a flat $15 fee, which recently increased from $5
- Repay in four equal monthly installments
- You need a BofA checking account open at least one year, or two and a half years if you have no credit score
It is a reasonable option for a small emergency if you already bank there. It is not a fit for consolidating credit card debt or funding anything that costs more than $500.
Bank of America Personal Loan Alternatives That Actually Exist
Since BofA cannot help with a true personal loan, here is where to look instead.
Online lending marketplaces. Upstart partners with banks to offer personal loans from $1,000 to $75,000. Its approval model considers factors beyond your credit score, including education and work experience, which can help applicants with thinner credit files. Checking your rate uses a soft pull, so browsing will not hurt your score. APRs vary by creditworthiness.
Upstart
Upstart
Upstart is an online lending marketplace that partners with banks to provide personal loans from $1,000-$75,000. Upstart goes beyond traditional lending metrics to help you find financing that considers many factors including your education and experience
Standout feature
AI-driven underwriting that goes beyond your credit score — checking your rate is a soft pull with no score impact, most applicants are approved instantly, and funds can arrive as soon as the next business day.
Fees
Origination fee 0%–12% of the loan amount
Pros
No minimum credit score required (AI-based approval)
Cons
Origination fee: up to 12%
Multi-lender comparison. If you want to see several offers side by side, MoneyLion runs a marketplace that shows personal loan offers from multiple providers in minutes, with no credit score impact for browsing. Comparing at least two or three offers is one of the most reliable ways to lower the APR you end up paying.
MoneyLion
MoneyLion
Compare personal loan offers from top providers in minutes with no credit score impact with the MoneyLion Marketplace.
Standout feature
Soft-pull marketplace that surfaces prequalified personal loan offers from a network of lenders, with options up to $100,000 and partners that work with fair and bad credit
Fees
Free to use the marketplace
Pros
Compare multiple lender offers in minutes; soft credit pull to prequalify — no impact on your score
Cons
Final approval requires a hard pull from the chosen lender
Other big banks. Wells Fargo, Citibank, and PNC do offer personal loans. Most require you to meet credit and income requirements, and some favor existing customers.
Credit unions. Federal credit unions cap APRs at 18% on most loans, which can beat online lenders for borrowers with fair credit. You need to join first, but membership requirements are often easy to meet.
Need Less Than $500? Think Smaller
If your real need is a few hundred dollars until payday, a full personal loan is overkill, and Balance Assist only works if you have been a BofA checking customer long enough to qualify.
A cash advance app can fill that gap. Klover offers small advances with no credit check, no interest, and no late fees, using your paycheck history instead of your credit score. Advance limits are modest, typically a few hundred dollars at most, so treat it as a bridge, not a borrowing strategy.
Klover
Klover
Need cash before payday? Klover gives you instant access to up to $750 with no credit check, no interest, and no late fees. Earn points through surveys, receipt scanning, and daily activities to unlock higher advance amounts.
Standout feature
Up to $750 cash advance with no interest or credit check. Free standard delivery.
Fees
Free (optional instant delivery fee)
Pros
No interest or required fees. Quick access to cash advances. Multiple ways to earn points and unlock higher limits.
Cons
Points system can be grindy with ads and games required.
How to Choose the Right Option
Match the tool to the size and length of the need:
- Under $500, short-term: Balance Assist if you qualify, or a cash advance app
- $1,000 to $75,000 with a fixed payoff plan: a personal loan through a marketplace like Upstart or MoneyLion's network
- Large or ongoing projects, with home equity: a HELOC, if you accept the variable rate and the lien on your home
- A purchase you can clear within the promo period: a 0% intro APR credit card, paid off before the regular rate kicks in
Whatever you pick, compare the APR, the fees, and the total repayment cost, not just the monthly payment. Terms and conditions apply to every product here, and rates depend on your credit profile.
The Bottom Line on Bank of America Personal Loans
Bank of America does not offer personal loans, and waiting for that to change is not a plan. Existing customers with a small, short-term need can use Balance Assist. Everyone else will likely find better options at online marketplaces, other banks, or credit unions.
Check your rate with a soft-pull lender or marketplace first. Twenty minutes of comparison shopping can save hundreds of dollars in interest over the life of a loan.
Frequently Asked Questions
Why doesn't Bank of America offer personal loans?
The bank has not given a detailed public explanation, but unsecured personal lending is lower-margin and higher-risk than its core products. BofA steers borrowing customers toward credit cards, HELOCs, auto loans, and Balance Assist instead.
Is Balance Assist a payday loan?
No. Balance Assist is a bank-issued installment loan with a flat $15 fee and four equal monthly payments, which works out far cheaper than typical payday loans. It is only available to established BofA checking customers, and amounts are capped at $500 as of July 2026.
Can I get a personal loan from Bank of America with bad credit?
No, because the bank does not offer personal loans at any credit level. With lower credit, consider marketplaces that use soft pulls, like Upstart or MoneyLion's network, or a credit union loan. Comparing multiple offers matters even more when your score is low.
Does checking personal loan rates hurt my credit score?
Prequalifying with most online lenders and marketplaces uses a soft inquiry, which does not affect your score. A hard inquiry typically only happens if you accept an offer and complete a full application, and it can lower your score by a few points temporarily.
