|Bank of America Personal Loan Rates differ with the type of loan package you take. As the BofA personal loan rates are quite competitive, so the present day borrower is availing this personal loan for many purposes that include home improvement, vacations, wedding, vehicles, health care financing and debt consolidation etc. With less time consuming loan application, the Bank of America lends up to $50,000 as personal loan. Moreover, from the month of April 2008, the bank has started offering personal loan rates from 8.99% onwards. Once you are finished with the processing the whole amount is credited within a nick of time to any of your account.
Bank of America Personal Loans
The Bank of America Personal loans are unsecured loans, which means no collateral or reposition if the loan amount is not paid. This makes the personal loan more risky for the Bank and because of this it is bit difficult to get. For this credit scores and borrower's ability to pay back the amount is thoroughly checked. Owing to this reason only, the Bank of America personal loan rates are higher than any other type of loan and line of credit limits are also lower.
Bank of America Personal Loan Interest Rate: Determining Factors
As the bank allow the borrowers to keep their collateral and as they do not ask for equity or security, the rate of interest is determine solely by the credit history of the borrowers and their income status. Depending on their annual income and the credit scores, the borrowers will get reasonable personal loan rates from the bank. One of the benefits of dealing with Bank of America is that you can save your money as there is no additional set-up fees or ongoing charges.
If you are interested in Bank of America personal loan then you can fill the online application, which is also available in the official website of BofA. Once you are finished with this, the Bank of America will then commence the checking and verification, which is mandatory because of the Federal Law. After all the formalities, decision on BofA personal loan approval is given within 15 minutes. After approval there is no application or annual fee. Along with fast processing borrower can also take consolidate debts.