Unfortunately, Bank of America does not offer unsecured personal loans to borrowers with bad credit history. If you have bad or less than good credit rating, you should consider improving your credit first if you wish to get a personal lending solution from a reliable bank like Bank of America. However, the bank still offers various other borrowing options that you can obtain by placing collateral. The bank may still consider offering you a secured loan even when your credit rating is less than good.
BofA home equity loans and lines of credit are some of the best lending options that you can get against the equity value of your current home. Being a secured type of loan, you may still qualify even when you have a fair credit. You will get best attractive rates and repayment terms that suits your budget. You are free to use the loan amount the way you want.
Home equity loan amount could be used for a one-time major purchase or life events. On the other, enjoy instant access to funds when you need it with a home equity line of credit from Bank of America. Use the funds to make home repair, plan a vacation, or consolidate high-interest debts.
How to Get Personal Loans with Bad Credit Score?
While most of the leading banks and financial institutions hesitate in offering personal loans to bad credit borrowers, there are still many other local lenders and credit unions who are more than willing to offer several personal lending solutions to borrowers with poor credit score. There are still many possibilities to obtain an affordable rate loan even if your credit score is not too good. You can follow some simple steps while looking for a lending solution to meet your financial goals.
Know Your Credit
When you start thinking of getting a personal lending option, the first thing that you should know is your current credit score. Your credit rating will mostly determine whether you will be able to qualify for a secured or unsecured personal loan. To find out your credit rating, you can visit one of the reliable free credit score sites where you can get your credit report. A credit score of below 500 means that you fall under the category of bad credit and you may find it hard to get unsecured loans. You will have to work hard to improve your credit score and bring it to around 600, and you will have a fair credit.
Borrow From a Friend or Relative
It really does not matter whether you have good or bad credit if you are able to convince a friend or a relative to let you borrow a loan from them. A good friend or a relative will be more than willing to offer you some financial assistance in times of needs. This eliminates the whole process of formalities and documentation required by banks and professional lenders. If you are not comfortable borrowing from a friend or relative, you can ask them to add an interest rate as this will give you a feeling that you are borrowing from some other place.
If you don’t think that borrowing from a friend or a relative is a good idea, then you can ask your bank where you have your funds and savings account. If you have had a good relation with your bank, they must be willing to help you get through your life and meet your financial goals. You can contact your bank and try to convince them that you would do your best to repay them on time and maintain a good relationship.