bank of america do personal loans

Through the personal loan program at Axos Bank, you can borrow money fast with COVID-19 will have a lasting impact on how Americans handle our money. In observance of Family Day, all America First branches in Nevada will be closed on Friday, November 26. Online & mobile banking, SpeechAccess™ and our ATMs. MAKE NO PAYMENTS FOR 60 DAYS* To assist members, when a Personal Loan is opened after 3/25/2020, there is no payment required for 60 days.

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Is it hard to get a personal loan from Bank of America?

Final Verdict

All of the best bank loans that made our list offer attractive features and have some negative aspects as well. Some of the bank loans offer competitive interest rates and high maximum loan amounts such as $100,000. Others offer longer repayment terms up to 84 months and flexible repayment schedules. Overall, we recommend checking out Wells Fargo for a duck nc boat rentals loan. The company has a solid company reputation, a long history in the industry, and offers a variety of loans with varying loan terms. It also offers additional banking services and in-branch assistance.

Compare The Best Bank Loans

LenderStarting Interest RateMinimum Credit ScoreLoan Terms (range)Maximum Loan Amount
Wells FargoBest Big Bank5.74%Not disclosed12 to 84 months$100,000
LightstreamBest for Home Improvement Loans2.49%Varies24 to 144 months$100,000
Marcus by Goldman SachsBest for Debt Consolidation Loans6.99%66036 to 72 months$40,000
TD Fit Loan (TD Bank)Best for Cosigners6.99%66036 to 60 months$50,000
American ExpressBest for Amex CardmembersVariesNot disclosed12 to 36 months$25,000
USAABest for Military Members7.24%Not disclosed12 to 84 months$100,000
CitibankBest for Relationship Rewards7.99%Not disclosed12 to 60 months$30,000
DiscoverBest for Fast Funding5.99%Varies36 to 84 months$35,000

Guide to Choosing the Best Bank for Your Personal Loan

Are You in Need of a Personal Loan?

Before making the decision about getting a personal loan, assess your needs and your current situation and decide if it is right for you. Review your needs and determine if they currently require a personal loan. Consider things like what the loan is for, how you will bank of america do personal loans it, how soon you need it, and what you need to do to qualify for the loan. Take note of your FICO score because the higher your credit score, the better interest rate you can receive. 

Common reasons to get a personal loan include debt consolidation, making a large purchase, or a financial emergency. 

Compare Bank Loan Lenders

When comparing bank lenders, you will want to keep several important factors in mind so that you’re fairly comparing the loans. Consider the following when comparing bank loan lenders:

  • Loan amounts: Consider the minimum and maximum loan amounts and ensure the amount you firstline_medical optum com falls within that range. 
  • Interest rates: Check out the interest rates and compare them with other lenders to ensure you’re getting a competitive rate and not over-paying. 
  • Fees: Know the fees before you sign the loan documents. Look at the cost of things like origination fees, prepayment penalties, and late fees. 
  • Repayment periods: How long will you have to repay the loan? Are the terms flexible? Make sure you will be able to meet the repayment schedule and not fall behind. 
  • Funding time: If you need the money tomorrow and the funding time is seven days, the loan won’t work for you. Find out how long the loan takes to fund and how you will receive the funds. 

Apply for a Bank Loan

After you have made your bank selection and chosen your bank loan, you’re ready for the application process. Having your finances in order such as making on time payments and providing steady income will improve your chances of getting approved and getting a low interest rate. Typically, the higher your FICO score, the lower your rate, which saves you money over the life of the loan. 

You will need to provide your identification, social security number, and proof of income. Proof of income requirements vary by bank but may be found in the form of bank statements, pay stubs, and/or tax returns. You will submit your documents and fill out the application either online or in person at a bank branch. 

Frequently Asked Questions

Do All Banks Offer Personal Loans?

No, not all banks offer personal loans. Bank of America, one of the biggest financial institutions in the country, doesn’t carry them, for example. Most personal loans are unsecured, meaning they are not backed up by an asset that the lender can take if you default, and some banks don't want the risk. Others just don't want to deal with the expense of lending and servicing relatively small, 4- and 5-figure amounts.

Other large banks that do not offer unsecured personal loans are Capital One and Chase.

What Do I Need to Qualify for a Personal Bank Loan?

If you’re looking to get a bank personal loan, you need to get your paperwork in order first. Before applying, check your credit score and pull your credit report through This will give you an idea of whether or not you’ll qualify for a bank personal loan, as well as how low your interest payments will be.

Most banks require good to excellent credit from personal loan applicants. So you might need a higher credit score than you would for, say, a secured loan (one that does require collateral, like an auto loan or mortgage) or even a credit card. Still, if you have a solid repayment history, avoid maxing out your credit cards, and can prove your creditworthiness, there’s a strong chance you’ll qualify for a bank personal loan.

Do I Need to Be an Existing Bank Client to Get a Loan?

If san jose city college home page interested in a personal loan from a bank you don't have a relationship with, make sure that being a client isn’t a requirement before applying. Not all banks request personal loan borrowers be account holders, but some do—or they offer better terms to current clients. Also, you might need to open a checking or savings account there to take advantage of auto-pay discounts on the loan (the payments have to come from an in-house account).

What Are Alternatives to Bank Loans?

While many banks offer personal loans, there are some limitations. As noted above, many require you to have an account with the bank before taking advantage of a personal loan. Others might take longer to get you your loan. You might want to explore the below alternatives to banks for personal loans.

  • Credit Unions: If you have less-than-stellar credit, you may want to reach out to credit unions near you for personal loans. While many require an account with the credit union to be open first, many are competitive with APRs and low amounts to borrow. This is helpful if you don’t need to borrow too much to cover an emergency.
  • Online lenders: Many online lenders, or non-brick-and-mortar banks, give you quick and easy access to personal loans. You can see if you prequalify before applying, which doesn’t hurt your credit. If you wilson bank and trust mortgage center decide to apply, you can do so within a few minutes online, rather than visiting a branch in-person. After approval, you can usually get funds fairly quickly—sometimes within a day. The us bank atm north las vegas online lenders offer little to no fees, flexible repayment terms, and competitive APRs.

The best banks bank of america do personal loans personal loans vary in your needs, but many have competitive offers for a variety of different potential borrowers. Before you choose to take out a personal loan with a bank, make sure you review all your options, including alternatives, first. Depending on your needs and how quickly you need money, you may find some banks or lenders are more friendly than others. If it takes you days or weeks to apply for a loan and get your money, that won't help in a time-sensitive situation.


Bank of america do personal loans researched and reviewed more than 20 different lenders that offer bank loans before narrowing it down to our top choices. We considered factors such as starting interest rates, borrower requirements, and if the bank has online banking and physical branches. It was important for us to recommend bank loans that come from reputable institutions with positive overall ratings and years in the industry.

Compare Personal Loan Rates With Our Partners At


Personal Loans

Whether you want to consolidate your finances, fix up your home, or pay for a dream vacation, we can help you achieve your goal with a personal loan that's right for you!

Signature Loans

Our signature loans can cover you for a variety of borrowing needs. It’s perfect for short-term borrowing situations or for occasions when unexpected expenses need to be repaid over time.

  • This type of loan is unsecured
  • No collateral required


Share Secured Loans

Our share secured loans are secured by dollars on deposit in the member's Regular Savings account. This allows for a very low rate because the loan is fully secured.

  • An excellent loan for anyone who is trying to build or rebuild a positive credit history.
  • The money in the savings account is held, but does continue to earn interest for the member during the duration of the loan.
  • Minimum loan amount is $500



5 Alternatives to Bank of America Personal Loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

When it comes to banking, Bank of America is one of the most well-known companies. In fact, according to the most recent J.D. Power survey on national banking, Bank of America was No. 6 in terms of customer satisfaction.

If you have a Bank of America checking or savings account, you’ve already built a level of trust with the company. So when it comes to your other banking needs, you likely think of going to it first, especially when it comes to taking out a personal loan.

But although Bank of America offers several financial products — including home loans, credit cards, and auto loans — it doesn’t offer personal loans.

5 Bank of America personal loan alternatives

If you’re a devoted Bank of America customer, finding out that you can’t take out a personal loan through the company can be disheartening. However, that doesn’t mean you can’t take out a loan.

Here are five alternatives available to you when Bank of America personal loans aren’t an option.

1. Online personal loan lenders

If you need your money quickly, an online personal loan lender may be your best bet. Online lenders typically review and approve your application within minutes; you could get your money in just a few days.

Keep in mind that loan rates vary depending on your credit. If you’re not sure where to start to find a reputable lender, check out our list of the best personal loan lenders.

Compare Rates Now

2. Traditional banks

While Bank of America doesn’t offer personal loans, some other banks do. For example, Lightstream, a division of SunTrust Bank, and Wells Fargo offer unsecured personal loans. With an unsecured personal loan, you don’t have to put up any form of collateral, such as your home or your car, to guarantee the loan. That means there’s less risk to you.

For unsecured personal loans from traditional banks, you can typically borrow up to $100,000 and have up to 10 years to pay it off. Loans with shorter terms tend to have a lower rate.

3. Credit unions

Another option to consider is applying for a personal loan from a credit union. Unlike most banks, which are for-profit institutions, credit unions are nonprofit organizations. Their goal is to help customers like you. A credit union can often offer lower interest rates and a better loan term on personal loans than other financial groups.

If you aren’t a member of a credit union already, you can find one near you by using the Credit Union Locator tool.

4. Peer-to-peer lending

If you have trouble getting a personal loan from other lenders — for example, if your credit score is too low for traditional banks or lenders — peer-to-peer lending services like LendingClub or Prosper may be able to help.

With this approach, individual investors pool their resources to issue you a loan. They’re often willing to take greater risks, so you’re more likely to get approved for a loan than with other alternatives. As a tradeoff, you’ll likely pay higher interest rates, but it can be a way to get the money you need when you’ve bank of america do personal loans your other options.

5. Secured loan lenders

Most personal loans are unsecured loans. But if your credit is less-than-stellar (or if you have bad credit), you may need to put down a form of collateral to qualify for a personal loan that’s secured. When you have to put down a valuable to guarantee the debt, the loan is known as a secured personal loan.

Different banks, such as TD Bank and BB&T, will accept different forms of collateral, such as real estate, savings accounts, cars, or even your home. Keep in mind that if you fall behind on your monthly payments, the bank can seize your collateral to pay for the debt, so there’s more risk to you with this approach.

Applying for a personal loan

Although Bank of America personal loans might have been your first choice, apply chase southwest credit card important to know that there are several alternatives available to help you reach your financial goals.

If you’re ready to apply for a loan, it’s a good idea to compare both variable and fixed rates from several different lenders to make sure you’re getting the best deal. Credible allows you to compare rates from multiple lenders in just 2 minutes.


Bank of America personal loan alternatives

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Bank of America doesn’t offer personal loans — but it does have a large variety of credit card, mortgage and auto loan options. Here are our top alternatives to Bank of America, based on factors like national availability and eligibility criteria, as well as a breakdown of its other financial products.

4 alternatives to Bank of America personal loans

  • If you’re looking to work with a bank: Wells Fargo
  • If you have good to excellent credit: SoFi
  • If you have fair credit: Upstart
  • If you want to consolidate debt: Discover

For bank loans

Wells Fargo personal loans logo

Wells Fargo personal loans

3.65 / 5 ★★★★★

Read review

Wells Fargo is a popular bank and offers many of the same services as Bank of America — and its personal loan options are an added bonus. It offers both secured and unsecured personal loans with competitive rates. Turnaround time is quick, and you may be eligible for a loan up to $100,000. Current customers may receive an APR discount of 0.5%. But if you aren’t a current customer, you’ll need to apply in person at your local branch.
  • Large maximum loan amount of $100,000
  • Interest rate discounts for Wells Fargo account holders
  • Accepts coapplicants
  • High maximum interest rate of 24.49%
  • Online applications limited
  • Poor customer reviews
Loan Amount$3,000 - $100,000
APR5.74% to 19.99%
Interest Rate TypeFixed
Min. Bank of america do personal loans ScoreVaries
Turnaround TimeAs soon as 1 business day
Maximum Loan Term7 years
Minimum Loan Term1 year
APR5.74% to 19.99%
Min. Credit ScoreVaries
Loan Amount$3,000 - $100,000
Read review

For good to excellent credit

SoFi personal loans logo

Go to site
on SoFi's secure website

SoFi is consistently on our list of top picks because of its lack of fees — including late fees — and large array of member benefits. Not only can you borrow a large personal loan, but you'll have access to job coaching, unemployment protection and networking events. However, it receives mixed customer reviews and you could wait up to 30 days to receive your loan funds. And some borrowers may be stuck with a high interest rate.
  • Not available in: Mississippi, Vermont
  • Large maximum loan amount of $100,000
  • No fees
  • Suite of additional member benefits
  • Turnaround may take up to 30 days
  • High maximum interest rate of 19.63%
  • Mixed customer reviews
Loan Amount$5,000 - $100,000
APR4.99% to 19.53%
Interest Rate TypeFixed
Min. Credit Score680
Turnaround TimeUp to 30 days
Maximum Loan Term7 years
Minimum Loan Term2 years
APR4.99% to 19.53%
Min. Credit Score680
Loan Amount$5,000 - $100,000
Go to site
on SoFi's secure website

For fair credit

Upstart personal loans logo

Go to site
on Upstart Personal Loans's secure website

Upstart makes our list of alternatives to Bank of America because it works with borrowers who have credit scores as low as 580. You can borrow up to $50,000, and when you apply, Upstart will consider factors like your education and employment history. But bank of america do personal loans personal loans for borrowers with good credit, you may be stuck with an origination fee of up to 8% — and a high interest rate of 35.99%.
  • Not available in: West Virginia
  • Works with limited credit history
  • Midsize loans of $1,000 to $50,000
  • Holistic underwriting process
Loan Amount$1,000 - $50,000
APR5.31% to 35.99%
Interest Rate TypeFixed
Min. Credit Score580 or 600 depending on state of residence
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term3 years
APR5.31% to 35.99%
Min. Credit Score580 or 600 depending on state of residence
Loan Amount$1,000 - $50,000
Go to site bank of america do personal loans Upstart Personal Loans's secure website

For debt consolidation

Discover personal loans logo

Discover personal loans

4 / 5 ★★★★★

Read review

If you're looking to consolidate unsecured loans and credit card debt, Discover is a good choice. While you can only borrow up to $35,000, it doesn't all have to go to your debts. Discover allows you to use 70% of your loan for debt consolidation — and it sends the money directly to your creditors so you don't have to. The other 30% can be used for almost any expense. Just be aware of its high late fee and lack of autopay discount. These can impact the cost of your loan, even if you get a low interest rate.
  • 30-day money back guarantee
  • Split funds for debt consolidation and other purchases
  • Low starting interest rate of 6.99%
  • Low maximum loan amount of $35,000
  • Steep late fee
  • No discount for autopay
Loan Amount$2,500 - $35,000
APR5.99% to 24.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround Time1 to 7 days
Maximum Loan Term7 years
Minimum Loan Term3 years
APR5.99% to 24.99%
Min. Credit ScoreVaries
Loan Amount$2,500 - $35,000
Read review

Where to find other alternatives to Bank of America

Banks, credit unions and online lenders are all good places to start searching for an alternative to Bank of America.


Banks like Wells Fargo, Citibank and U.S. Bank all offer personal loans. In fact, there are a variety of banks that have personal loans. But to qualify, you may need to have a checking or savings account with the bank — along with good to excellent credit.

You may be able to find loans ranging from $1,000 to $100,000, although most banks typically offer loans of under $50,000. Interest rates are extremely competitive as well, making large banks one of the best options if you meet their bank of america do personal loans strict eligibility requirements.

Credit unions

Like banks, local and federal credit unions offer competitive interest rates on their personal loans. In almost every case, you’ll need to have an account to borrow. And to open an account, you may need to meet certain work or residency requirements.

But there are multiple credit unions, like Alliant and PenFed, that accept borrowers with fair credit. You’ll still need to meet other requirements, but a credit union is a good choice if you’re looking for a midsize personal loan without a bank’s strict eligibility criteria.

Online lenders

Most online lenders offer loans throughout the US. There are options for every type of credit, but expect higher rates if you have a lower credit score. In most cases, you should be able to check your rates through a preapproval process that won’t impact your credit. By doing this, you can find the most competitive rate.

Online lenders also have the benefit of being faster than many banks or credit unions, although it still takes one to two days to fully process and fund an application. You may want to consider an online lender alongside a bank or credit union to fully understand the type of loan you qualify for.

Compare personal loans

To see online lenders and connection services you can use, select your credit score and state. Then click Show me my personalized options.

More Bank of America loans

Bank of America is one of many banks that chooses not to offer personal loans. Instead, it focuses on mortgages, auto loans and credit cards. This limits its risk as a lender — but you still have a decently wide selection of options to choose from.

There are also a few business loans offered by Bank of America if you have an established business with an annual revenue of at least $100,000.

Bottom line

While Bank of America’s loan options are limited, you can still compare personal loans to find the right lender and learn more about how to finance your next expense.


Bank of America Mortgage Review: Great for First-Time Home Buyers, and More

Top perks

Low down payment offerings

Bank of America Mortgage offers multiple loan options for borrowers with qualifying incomes who are low on cash.

  • The Affordable Loan Solution® program requires a 3% down bank of america do personal loans on loans of up to $548,250, and there is no mortgage insurance requirement.
  • The Freddie Mac Home Possible® mortgage has the same low down payment requirement. However, this mortgage program requires mortgage insurance and more cash reserves.
  • Qualified applicants can choose a VA loan (a loan guaranteed by the Department of Veterans Affairs). VA loans have no minimum down payment requirement.

The first two loan types require a 5% down payment on loans of $548,250 to $822,375 in high-cost areas. For both of those programs, income limits and other conditions apply. There is no income limitation on VA loans, but other eligibility requirements apply.

Digital mortgage application

Many buyers want to handle financial matters from the comfort of home. Bank of America Mortgage delivers with a fully online application process.

Accepts non-traditional credit data

To help more borrowers qualify, Bank of America Mortgage considers alternative credit data. That can mean rent, utility, cellphone payments, or even your checking account history. (Whether to share that credit data is up to you.)

High industry rankings

Bank of America Mortgage consistently ranks highly in independent studies:

  • Second in customer satisfaction in the J.D. Power 2020 U.S. Primary Mortgage Origination Satisfaction Study℠
  • Top 8 in customer satisfaction in the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study℠
  • A+ rating with the Better Business Bureau

Customer discounts

Some Bank of America customers qualify for a discount on the mortgage origination fee. To be eligible, you must sign up for the Preferred Rewards program. This program requires a three-month combined average daily balance of $20,000 or more in qualifying Bank of America banking accounts and/or Merrill today us holiday reason accounts. The Preferred Rewards program is free to join, and the origination fee discounts are as follows:

  • $200 discount for Gold tier members (combined balance of at least $20,000)
  • $400 discount for Platinum tier members (combined balance of at least $50,000)
  • $600 discount for Platinum Honors tier members (combined balance of at least $100,000)

Preferred Rewards members can also get a mortgage interest rate discount of up to 0.375% on a home equity line of credit (HELOC).

Cash grants

Bank of America Mortgage offers closing credits up to $7,500 and down payment grants of up to $10,000 to qualified applicants. The programs can be combined for a total possible benefit of $17,500. Eligibility requirements include income caps, geographical restrictions, occupancy restrictions (primary residence only), and loan limits.

The Bank of America Down Payment Center is a comprehensive online resource. It helps borrowers identify other down payment and closing cost assistance programs that may be specific to the borrower's county or city. Bank of America Mortgage places no restriction on the combination of assistance programs it will allow. It's worth noting that most home buyer assistance programs are either for first-time home buyers, low to moderate income borrowers, or borrowers in designated areas. Many require home buyer education.

Affordable HELOC

Borrowers considering a cash-out refinance loan can also look at the Bank of America Mortgage home equity line of credit. This loan product comes with no application fee, no closing costs, no annual fee, and no fee to access cash. Bank of America makes HELOCs even more affordable with interest rate discounts. Those are available to customers who set up automatic payments and customers who make an initial withdrawal of at least $10,000. There is also no fee to convert a variable-rate HELOC to a fixed-rate loan.

Doctor loans

A doctor loan, or physician loan program, is for doctors, dentists, and other qualified medical professionals who have a high income but insufficient cash available to make a 20% down payment. Qualified borrowers can get a mortgage for up to $1 million with a 5% down payment. Medical residents and fellows with an employment contract can get a mortgage 90 days before they start their new job.


Personal Loan for NRIs

Want to fulfil your dreams? #WhyNot

Be it a dream wedding or renovating your home, we understand your needs and offer you the opportunity to make life picture perfect with ICICI Bank Personal Loan for NRI.


Benefits of ICICI Bank Personal Loan for NRI:

  • No security / collateral required
  • Avail loan up to ₹ 10 lakh
  • Simplified documentation
  • Interest rates starting from 15.49% p.a.*
  • Applicant to be a resident Indian and the co-applicant NRI to be a close relative
  • Tenure up to 36 months
  • Quick processing and disbursal

Apply for loan through multiple channels:

  • Visit the nearest branch in Bank of america do personal loans apply or for any queries kindly mail us at


*T&C apply.

Documentation of NRI Personal Loan

Non Bank of america do personal loans Indian:

  • Passport copy
  • Visa copy
  • Bank statement
  • Official e-mail ID or HR e-mail ID
  • Salary slip or salary certificate
  • NRE/ NRO bank statement for 6 months

Resident Indian:

  • Identity and address proof*
  • Last 3 months bank statement
  • Residence proof in the name of the applicant/co-applicant/parent
*Passport, Driving licence, PAN card (only for identity proof), Voter’s identity card, NREGA job card signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number.
Note: NRI applying for the loan should have a close relative in India and need to be present in India at the time of application

Bank of America

Bank of America (BofA) is a multinational corporation with headquarters in Charlotte, North Carolina. In the late 1990s, NationsBank acquired BankAmerica, and rose to become one of the largest banking operations in the United States and said to be among the top ten financial institutions worldwide.

Bank of AmericaFinancial services are offered to military and non-military customers alike including home loans, auto loans, personal loans, wealth management, and investment banking.

Bank Of America is not like military credit unions that require membership to join, and it’s not like lenders or home loan brokers that only offer specific types of lending such as mortgages or refinance loans. It is the classic example of a financial institution that welcomes all customers, but provides certain specific services directed at those in the military community.

General services offered by BofA:

  • Checking
  • Savings
  • Business Services
  • Credit Cards
  • Lending
  • Investing

In addition to these services, BofA has a portion of its official site reserved for “Military Benefits” offered by the company, which include:

  • Line of credit and credit card benefits
  • Installment contract benefits (including auto, RV, boat, motorcycle & aircraft)
  • Home loan and home equity benefits
  • Student loan contracts

Many of these benefits as described on the BofA official site are basically provisions required by law under the Servicemembers Civil Relief Act rather than specific Bank of America programs aimed exclusively at military communities.

Veterans Can Buy a Home with $0 Down

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The “Two” Bank Of Americas

Stateside, Bank of America offers typical banking services, as mentioned above. But the company also has a contract with the Department of Defense to run Community Banks on overseas military installations.

This can cause confusion for some who are new to military banking because these overseas community banks are not directly associated with the “main” BofA operation. That means if you fnbt bank login opened a Bank of America account at an overseas, on-post military base, you are not opening an account with the larger, stateside corporation Bank of America, and vice versa.

VA Loans From The Stateside Bank Of America

The “main” stateside, non-community bank version of BofA offers veterans, military members, and qualifying surviving spouses the opportunity to apply for a variety of government-backed mortgage loans and refinance loans including VA mortgages and VA refi options.

There are also FHA loans available for those who have used their VA loan entitlement or who do not wish to use their VA mortgage loan benefits at application time.

Lending Products Available From BofA-Operated Community Banks Overseas

The BofA official site for its community bank operation offers the following financial products for military communities overseas:

  • New and Used Auto Loans
  • New and Used Motorcycle Loans
  • Signature Loans (minimum borrowing amounts required)
  • Line of Credit
  • Debt Consolidation Loans
  • CD Secured Loans

Auto loans are important for overseas military communities. Many assignments require military members and their families to travel to places like Japan, Germany, Italy, and elsewhere for extended periods of time; in these communities it’s not realistic to expect troops and families to use public transportation exclusively or rely on ride-sharing services.

Vehicle loans make settling into an overseas location easier and more efficient for the entire family, especially in areas where troops may be restricted when it comes to shipping a car or truck from the USA. Some countries’ import requirements make it costly or impractical to ship a privately owned vehicle.

No VA Mortgage Loans At Overseas BofA Locations

One major feature missing from that list? VA mortgages and refinance loans. Borrowers who want to purchase property with a VA mortgage are not allowed under VA loan rules to buy homes overseas. Only property within the United States, its territories, and protectorates are eligible to be purchased with a VA mortgage.

Those who wish to use Bank of America’s VA loan options will need to open an account with the stateside, “main” BofA and apply for VA mortgages through them. The BofA Community Bank network at overseas military bases will not be able to accept VA loan applications, process them, or provide information on stateside BofA VA mortgage options offered via those locations.

Applying For Financial Services

Both the overseas Community Bank branches and the main stateside BofA operation allow you to sign up online, open new accounts, get assistance in real-time during regular business hours, etc. You will need electronic copies of your ID and other required documents in order to open an account online. You can also open accounts in person at a BofA branch or banking center.

About The AuthorJoe Wallace is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News

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