January 4

Does Bank of America provide Bad Credit Personal Loan?

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If you are looking for a bad credit personal loan from Bank of America, it is unfortunate to say that the bank has stopped offering personal loan for bad credit individuals. However, the good news is that there are many other banks and financial institutions offering bad credit personal loans at competitive rates across the country. You never know when you will need some fast cash to cover some unexpected expenses and your bad credit status should not restrain you from receiving some financial help.

Bank of America is one of the leading financial organizations in the country that survived many financial crisis and the recession. The bank ceased to provide bad credit unsecured personal loans after the credit crisis and one of its main reasons was that they acquired many lenders that had several bad credit loans on their books. As a result, borrowers who were loyal to the bank had to look for alternative options from other financial institutions. Many financial analysts have hinted that Bank of America might start offering bad credit personal loans in future, but nothing has been announced officially by the bank.

Bad credit personal loan is a kind of unsecured personal loan where the borrowers are not required to put any collateral against the loan amount and you can still quality for the loan even if you have a less than good credit score. In this loan, your credit status plays vital role in your loan approval and the loan amount and interest rates. Once approved, you can get the loan amount in your checking account and use it for a number of expenses, including paying bills, planning a vacation, making home renovation or buying a vehicle. The following are some of the banks that offer unsecured personal loans at present.

  • Wells Fargo
  • Capital One
  • TD Bank
  • SunTrust Bank
  • Regions Bank
  • US Bank
  • Zions Bank
  • Comerica
  • Discover Bank
  • CitiBank

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