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Bank of America Personal Loan

Bank of America offers a lot of services, but Personal Loans aren’t one of them. You can find auto loans, mortgages, credit cards with Bank of America but if you want the Flexibility of a Personal Loan you may have to look elsewhere for your loan.

Does Bank of America offer personal loans? The simple answer is NO, Bank of America does not currently offer personal loans.

Many banks don’t actually offer personal loans. Like many other banks, Bank of America also doesn’t offer personal loans. Instead Bank of America mainly offers saving and checking account services. The closest services to a personal loan they offer are credit cards, auto loans, and mortgages, but they don’t technically offer personal loans. But don’t worry because there are other personal loan options out there that we’ll hit on later.

Bank of America Credit Cards: A Quick Look

Pros Cons
they have credit cards specifically for students, low interest rates, to rebuild good credit, travel expenses, and to earn cash and point rewards balance transfers generally have a 3% fee
many of their cards have no annual fees some of their cards have an annual fee up to $95
many of their cards offer a 0% APR when you first get the card after the introductory period is over, APR rates can go from 14.74% up to 25.74%

Bank of America Auto Loans: A Quick Look

Pros Cons
their lowest APR rates are 2.99% to 5.99% the minimum loan amount is $7,500
they have no application fee they don’t finance certain vehicles
they’ll lock your rate for 30 days while you car shop you may need longer than 30 days to shop for a car
customers can get a discount of 0.25% to 0.50% you need to already be a Bank of America customer

Basically, Bank of America is a great place to go for your checking and saving account needs. They’re also a great service for a variety of credit card options auto loans. But if you are looking for a more flexible loan that you can use for a larger variety of personal reasons then you’ll need to look at other loan providers.

Who are Bank of America Auto Loans and Credit Cards Perfect For?

The Bank of America auto loan is great if you need to buy a new car or refinance your existing car payments. Likewise, Bank of America credit cards are great if you travel a lot and want to accumulate benefits for all the money you spend on traveling expenses. They also have some unique credit card options for students and those looking to boost their low credit scores. So if you meet the below requirements, then Bank of America may be perfect for you.

  • If you need a large auto loan
  • If you have a lot of travel expenses for tickets, hotels, and dining
  • If you’re a student in need of a credit card with benefits
  • If you already have a Bank of America account

Who Should NOT Get a Bank of America Auto Loan or Credit Card?

If you don’t meet the above requirements, or you’re just looking for a quicker, smaller loan that you can use for something besides a car, then you may want to keep shopping for your perfect loan. If any of the listed items below represent you, then you should consider a different personal loan provider.

  • If you need a smaller loan
  • If you want to pay back the loan in less than a year
  • If you don’t already have a Bank of America account
  • If you need your loan quickly, or that same day
  • If you have a low credit score
  • If you can’t afford a hard credit pull application on your credit score
  • If you have personal reasons beyond cars for needing a loan

An Alternative to a Bank of America Personal Loan

If an auto loan or credit card isn’t what you’re looking for then you can check out the Check City personal loan. Check City offers a different kind of personal loan from other lenders, allowing you to get funds quickly. So if you don’t meet the requirements present in Bank of America’s loan and credit services don’t worry! A Check City personal loan might be your answer.

Reasons to Get a Check City Personal Loan:

personal loan

  • Check City is a direct lender
  • Check City is also a state licensed lender
  • The application process is quick and simple
  • You don’t need a high credit score to apply
  • There are no origination fees
  • You can get your loan TODAY
How to Apply for a Check City Personal Loan

Check City personal loans are incredibly easy to use. All you have to do is visit the Check City Personal Loan Page and fill out the quick online application. You can also stop by a nearby Check City store, or even talk to someone over the phone to fill out your personal loan application!

All you need to apply for the loan is:

  • A government ID
  • Proof of bank account
  • Proof of direct deposit
  • Proof of income
  • A valid phone number

Apply for a Check City Personal Loan Online.

Visit a conveniently located Check City Store.

Talk to a representative by calling Check City’s Loans By Phone number: 800-404-0254

Taking out a personal loan at Check City is incredibly fast and easy to do. If you visit a Check City store in order to apply for your loan, you can actually walk away with your cash today! Check City personal loans are great for loan customers that need a quick, easy to use, smaller personal loan that they can pay back in a matter of months instead of years. They’re also a great loan option for customers with lower credit scores since Check City doesn’t pull a traditional credit report when processing your application.

LOAN COMPARISON CHART

Check City Personal Loans Discover Personal Loans Wells Fargo Personal Loans

Chase Auto Loans Bank of America Auto Loans
Amount $300 to $3,000 $2,500 to $35,000 $3,000 to $100,000 $4,000 to $600,000 min. $7,500
Rates lower APR than our payday loans 6.99% to 24.99% APR 5.49% to 22.99% APR depends min. 2.99% to 5.99%
Fees no origination fees no origination fees, no closing costs no origination fees, no prepayment penalties depends no application fee
Terms 6 months 36 to 84 months (3 to 7 years) 12 to 84 months (1 to 7 years) 12 to 84 months 60 months depending
Min. Credit Score Check City doesn’t pull a traditional credit check, and if you have a low credit score you can still apply for a Check City personal loan 660 600 high credit score subject to credit approval

 

Loans often come with requirements for whoever is applying for the loan. But loan borrowers have their own requirements as well. Some people want a loan that is easy to refinance, while others are looking for a loan they can get today. Whatever your loan requirements, it’s always wise to do a bit of reading whenever your shopping for a loan, so you can get the best loan for you.

 
READ MORE
Learn more about the usefulness of loans, “The Usefulness of Loans from Large to Small.”

Budget like a boss by reading, “Budgeting in 4 Easy Steps.”

4 Ways to Improve Credit Score

In the modern world, credit has become an essential part of many aspects of life. That means credit score can have an impact on your success.

If you have poor credit you might feel a bit hopeless, but you don’t have to. There are many things you can do to improve your credit and make your life a lot easier.

In regards to credit cards, you have probably heard of the classic 3 ways of boosting your credit score: keep an eye on your credit report, reduce the amount of debt you have and pay everything off on time. These three tips are important but often easier said than done.

Beyond those 3 basic tools, here are 4 great ways to improve credit score.

1) Low Balance

Credit reports take into consideration how much of your total credit limit you use consistently. If you are using a high percentage of your credit limit consistently, your credit score will drop. Strive to keep a low balance on your credit cards and it will keep your credit score high.

2) Making Multiple Payments

If you are paying off a credit card or making payments, consider making multiple payments within a month. This can do 2 things for you. First, it will reduce the total balance you owe, showing credit reports that you consistently owe less at the end of every month.

Second, that bill will take first priority when your pay check comes in. When you realize that you owe a certain amount every week, you’ll be more careful to save the money necessary to pay it off on time.

These are great ways to improve credit score!

3) Manageable Number of Credit Cards

It can be tempting to keep getting new credit cards, but the more cards you have the more difficult it is. Try to minimize the number of credit cards you have so you can stay on top of payments and be more successful in raising your credit score.

4) Keep Paid Debts on Your Record

Repaying your debts makes you look good, and that means you should keep your old paid debts on your report for as long as you can. This will show that you do repay your debts and will improve your score significantly.

Improving your credit score can have huge benefits in life. We hope we have taught you some great tips on how to improve your credit score.

Being Able to Manage Your Credit Cards

If you are having any kind of issue with credit card debt or problems with too many cards and lines of credit, it can seem a bit overwhelming at times. Such issues can be stressful to deal with and it can be a bit confusing figuring out where to turn or what to do. The good news is that there is always hope when it comes to credit card situations.

Being able to manage your credit cards is mostly about simplification and building up good financial habits over time. If you are having problems keeping a lot of cards and lines of credit separate, then cutting down on the total number of cards that you have is a good idea. You are going to ideally want to have one or two credit cards to use.

Please note that cancelling a card does not take care of unpaid credit issues. Therefore, pay off cards in full and then cancel them in order to avoid penalties there. Use your remaining one or two cards for all of your purchases, and try to pay them back promptly. Doing this will not only simplify things and make it easier to keep track of your finances, but this will also be a viable way to improve on your credit score.

Improving your credit score and getting all of your lines of credit under control are both great goals, and if you can combine them then that is even better. When it all comes down to it, a lot of people run into problems because they grab cards and lines of credit and think that it somehow equals more money. Instead of doing that, being consistent and careful with credit cards will lead to better financial power. Try it out! It is a very effective process overall.

If you’re sick of credit card debt and bank overdraft fees, try the Check City NetSpend Prepaid Debit Card! No hidden fees or overage charges.

Building Credit with Credit Cards

Managing Credit Cards

In today’s world, credit cards make life flow smoothly and are a vital part of the way we both spend and manage our money. If you want to see a movie, one quick swipe of plastic opens the door. In fact, credit cards are a necessary tool to establish, and even build credit. If you apply for a mortgage, or a car loan, your credit card history will go a long way toward getting you approved. However, managing credit cards can be much more complex than people think. Each credit card is a separate debt. How you manage these debts can dramatically affect your credit score, and determine your ability to be approved for a home or car.

The ease of using a credit card can be a double-edged sword. If not carefully managed, credit cards can negatively affect your goal of building credit. If you don’t keep track of purchases, it’s incredibly easy to charge more than you anticipated and end up with a larger than intended balance.

It’s important to understand the effect balances and payments have on your credit score to help you make effective credit card management decisions. Each card likely has a different credit limit and interest rate. Consider the following tips to help manage your credit cards effectively and how to build credit with a credit card.

Tip #1: Payments

The first rule to understand about credit cards is how payments work. When you make a payment on-time, you raise your credit score and you are building credit. Late payments reduce your score. It is very important to make your credit card payments on time.

Tip #2: Utilization Ratio

The next rule to understand is the ratio of credit card balance to the maximum balance. The credit rating companies compare the maximum available balance to the current balance. For example, if you have a card with a maximum balance of $2,500.00 and your balance is $1,000.00; the utilization rate is 40%. Basically, the lower the utilization rate, the higher your credit score. Your utilization ratio can be reduced when you lower your balance. The important take-away is to remember, on-time payments and a low utilization ratio will ensure a higher credit score and help with building credit.

Tip #3: Card Age

Believe it or not, the age of your credit cards are an important factor if they have been used consistently. Older cards with current payments and a low utilization ratio reflect stability and consistency to the credit rating companies. If you are constantly taking out new credit cards, the agencies can see this as evidence of financial trouble.

3 Great Tips to get out of Debt Fast

Often times you may wonder how to get out of debt quickly. Here are 3 great tips to help you:

1. Spend What You Have

Start paying for things with cash or debit cards and resist the urge to splurge on a cute new purse or the latest smartphone. The sooner you stop spending money you don’t have, the sooner you will get out of debt fast.

2. Look for Ways to Increase Your Income

You might not be a reckless spender—you may simply need more income to eliminate debt. Consider the following ideas:

  • Sell things you don’t need. Do you have kitchen appliances that haven’t been used in 8 months or clothes you haven’t worn for years? Consider selling these items at a thrift store or garage sale. You can also sell new and used items online. Consider listing old video games, college textbooks, or that camera lens you don’t really need.
  • Find ways to make more at your current job. Are you overdue for a raise? Do you have an opportunity to apply for a promotion? Can you get paid extra for overtime work? Does your boss need someone to help with an extra project on weekends? Start looking for opportunities at your current job to make more money.
  • Look for a new job. If your current job pays too little, consider applying elsewhere. Job hunting can be stressful and time consuming, but you might find a great new opportunity.
  • Look for a second job. If you love your current employer, or can’t risk moving for a new job, consider looking for extra work. You may be able to do freelance work online after you get home from the office, or take a part time job coaching a high school soccer team.

3. Look for Ways to Reduce Expenses

While increasing your income is a great way to get out of debt fast, reducing your expenses is also an important step. This will help you avoid racking up more debt, and you can use the money you save to pay things off.

You can reduce your expenses by eliminating things you don’t need and making smart substitutions. Here are some ideas to get you started:

  • Cancel your cable subscription.
  • Reduce the data on your phone plan.
  • Make coffee at home.
  • Switch to a generic brands at the grocery store.
  • Plan a hike instead of going to the movies with friends.
  • Pack a lunch instead of going out to eat on your lunch break.
  • Sell your car and use public transportation to get to work.
  • Make dinner at home for date nights instead of going out to a restaurant.
  • Cancel your gym membership and go running in your neighborhood.
  • Eat leftovers.

Using Online Banking Effectively

Online banking is an option which most banks and financial institutions offer, which you should take advantage of whenever possible. Online banking is a streamlined and efficient way to take care of your finances. Using it effectively can make a big difference when it comes to saving and spending and paying bills and repaying credit.

All of these important financial matters need to be taken care of if we are to be in the best possible financial shape. Here are some of the ways we can attend to financial needs promptly.

First of all, online banking allows for rapid transfers between accounts, including to a credit account. Therefore, any time you need to make changes or put money in checking or saving or pay off credit, you simply need yo make the appropriate transfer. If you have a balance on your credit card, you can immediately pay it off with a couple of clicks. This is easier to remember and easier to do, leading to a higher rate of repayment.

Online banking can also be configured to automatically take the funds out of your accounts and pay the bills each month. Setting up this feature means that you won’t ever forget to pay a bill again if you have had it covered.

You can also set up direct deposit with most paychecks, so that it is entered into your bank account with every pay period. You will never again misplace a paycheck or wonder where it is going if you do this.

When it all comes down to it, online banking is a direct and effective way to take care of your finances and directly control their allocation. You will be able to take care of financial matters in a much better way, and you can eliminate the need to wait on older methods as well.

Building Credit Over Time

One of the most important things that you can do in your adult life is build up good credit over time. Good credit opens up a lot of doors financially while getting you better rates on your accounts. Building credit is a process, but it is well worth doing.

You can build credit in a reliable and positive fashion no matter what your current credit score is. As long as you are willing to be diligent with your efforts and stay within your means, you can improve on your situation.

Essentially, your credit score is a tangible indicator of your reliability and ability to pay back debt. As this score is tracked, it is used for a host of different qualifications, including housing and car ownership. Building up your score simply requires a bit of streamlining, as well as practical application.

To begin with, make sure that all of your cards have been paid off and that your accounts are even. Once you have paid off credit debt, then cancel all of your cards but one or two. Note- it is important to point out that cancelling a card is not the same as cancelling debt, so pay things off.

Then, use these cards to make every purchase. Promptly meet your payments and pay in advance to get ahead, and consistently do it from then on using those cards. Using online banking is a fantastic way to immediately pay off debt using transfers, giving you full control of the situation.

By making the effort to focus your expenditures on one or two lines of credit and then paying them off quickly every time, your score will improve. It may seem simple, because it is! Simply and streamline and be responsible, and your credit will get better.

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