- 1 student loans from bank of america
- 2 Bank of America secured business loans review September 2017
- 2.0.1 What is a Bank of America secured business loan?
- 2.0.2 Compare more business loans from top lenders
- 2.0.3 What are the benefits of a Bank of America secured business loan?
- 2.0.4 What information do I need to apply?
- 2.0.5 I got the Bank of America secured business loan. Now what?
- 2.0.6 Frequently asked questions about Bank of AmericaвЂ™s business loans
- 2.0.7 Should I choose a fixed or variable business loan interest rate?
- 2.0.8 How can I reduce the amount of my monthly term loan payments?
- 2.0.9 Does Bank of America provide business loans to businesses in all industries?
student loans from bank of america
July 19, 2009 at 5:33 pm by admin
An Introduction to Bank of America Loans
The Bank of America is one of the largest banks in the U.S., so it is no surprise that Bank of America personal loans are available in most states. This article discusses Bank of America personal loans programs to outline their benefits to people seeking to borrow money. It also describes how to make an application for a Bank of America personal loan and what you should consider prior to making your loan application.
Bank of America personal loans can be used for a multitude of purposes. Most people who apply for a loan with the Bank of America usually require funding for the following loan purposes:
- Debt consolidation
- Home improvement
- Healthcare financing
- Weddings and other special events
- Vehicle purchase.
A Bank of America personal loan is an unsecured loan, which means that you do not have to use the equity in a property as collateral.
What Benefits Do Bank of America Personal Loans Offer?
Bank of America personal loans can:
- allow you to borrow up to $50,000;
- result in a potential decision about your Bank of America loan application in 15 minutes (in many cases);
- give you loan rates from 8.99% (April 2008);
- be applied for quickly via a short application form;
- allow you to keep your collateral: Bank of America personal loans do not require the use of equity as security;
- save you money through no additional set-up fees or ongoing charges;
- facilitate early payment as there are no penalties for such redemptions;
- give you access to your personal loan fast as the loan amount is directly credited to a bank account of your choice;
- give you the opportunity to create re-accessible cash reserves as your Bank of America loan balance is repaid. Any additional advance will restart your repayment term and cause a recalculation of your monthly payment.
Specialised Bank of America Loans Plans
- Bank of America Auto Loans
- Bank of America RV Loans
- Bank of America Aircraft Loans
- Bank of America Boat Loans
- Bank of America Flexible Term Personal Loans
- Bank of America Revolving Personal Loans
Applying for a Bank of America Personal Loan
You can apply for a Bank of America personal loan by completing a form online. All BOA personal loans applications require that you make personal information about yourself available that will then be checked and verified by the Bank of America (this is a Federal law requirement).
Once you have completed your application, you will be able to use your loan application number to check on the status of your Bank of America personal loan: you will often be able to get an answer within 15 minutes, subject to status and conditions. Please be advised that there is no guarantee that you will be extended credit by simply applying for a Bank of America personal loan.
Bank of America secured business loans review September 2017
Are you planningВ to buy new equipment or open a new location? One of AmericaвЂ™s top banks, Bank of America (BofA) offers business loans with resources to help you along the application process.
Business loans are available to businesses established for two years or more. Which means that if youвЂ™re a startup, you may need to look elsewhere for a business loan.
What is a Bank of America secured business loan?
Offering loans from $25,000 to $2 million, BofAвЂ™s secured business loans are available to business owners looking to purchase inventory and materials, refinance debt or finance accounts receivables. Business loans come with competitive rates, convenient monthly repayment terms and funds received in one lump sum.
You must secure your BofA’s business loan with either a blanket lien on your assets or a certificate of deposit.
Compare more business loans from top lenders
Product name. Bank of America secured business loan
Interest rate. Competitive
Loan security. Secured
Repayment type.В Depends on loan terms
Minimum loan amount. $25,000
Maximum loan amount. $2 million
What are the benefits of a Bank of America secured business loan?
BofAвЂ™s secured business loans may help you get the best value for your money. They allow for easy repayment, among other benefits.
- Competitive rates. Rates are for loans of up to five years when secured by certificates of deposit and up to three years when secured by general business assets. If youвЂ™re already a member of BofA, the bank considers its overall business relationship with you before determining a rate.
- Receive your funds in a lump sum. Your loan funds are a one-time lump sum that you can immediately use as working capital, to improved cash flow, as debt refinancing or for inventory and materials.
- Convenient repayment terms. Monthly repayment terms include auto-debit payment from a BofA business checking account, making it one less thing to worry about.
- Secure your loan. You can secure your loan with a blanket lien on your assets or a certificate of deposit.
BofA offers quick, convenient lending, but you might want to consider the factors below applying.
- Rate fee. YouвЂ™ll pay 0.5% of the amount financed in fees when you take out a loan with BofA.
- No online application. Unlike many of Bank of AmericaвЂ™s other loan options, you cannot apply online for a business loan. Instead, you must visit your local branch to apply.
- Paperwork and processing. Applying for your loan in person means plenty of paperwork and more time to process your loan.
- Potentially high late fees. YouвЂ™ll pay a fee if you submit payment after the due date. This fee depends on your loan agreement, so make sure to read it carefully.
- No eligibility for startups. BofA finances businesses that have been up and running for at least two years. Startups are not eligible for secure business loans.
What information do I need to apply?
To apply for a secured business loan, youвЂ™ll need to call or visit your local branch. You can make this appointment online.
On the day of your appointment, arrive with the following personal and business information:
- Your business name and street address (no PO boxes), including the date you moved to that address
- Your phone number
- The nature of your business and number of employees
- The date you established your business or the acquisition date of its current ownership
- Your tax ID
- Annual net profit and annual gross sales
- List of any outstanding obligations
BofA also requires the following information regarding your businessвЂ™s owner or guarantor:
- Full name and home street address (no PO boxes)
- Home phone number
- Social Security number and date of birth
- Personal income
- Residence status and monthly housing payment
I got the Bank of America secured business loan. Now what?
The BofA team is available to answer your questions and get your money to you as soon after approval as possible. Once youвЂ™re approved for financing, a representative will let you know about the various ways you can access your funds and help assist you sign your loan documentation.
You have options when paying down your loan:
- Bill pay. If you use Bank of AmericaвЂ™s online banking, you can schedule recurring or one-time bill payments from your checking or money market accounts.
- By phone. Call Bank of AmericaвЂ™s payment line to pay by phone 24/7.
- By mail. Mail your auto loan payment and loan account number to Bank of America, N.A., P.O. Box 15220, Wilmington, DE 19886-5220.
- In person. Pay your auto loan in person at any Bank of America branch.
You can avoid late fees by making your payments through a few options:
- Online bill pay. Bill pay lets you set up a recurring monthly payment for your checking account so youвЂ™ll never miss a payment.
- Change your due date. Change the due date of your payment to a more convenient time of the month to better suit your cash flow.
Whether youвЂ™re looking to buy new business equipment or finance your day-to-day, a Bank of America secured business loan could get you the funding you need. If youвЂ™ve been in business for over two years, learn more about BofAвЂ™s competitive rates and online payment solution.
But before signing any loan agreement, make sure to compare your business loan options to get the most for your money.
Frequently asked questions about Bank of AmericaвЂ™s business loans
Should I choose a fixed or variable business loan interest rate?
The type of interest rate you choose depends on your specific business situation and your tolerance for risk. A fixed interest rate provides the security of knowing what your monthly payments will be. A variable interest rate loan may give you a lower rate, but thereвЂ™s a chance that the rate could rise or fall in the future, resulting in payments that fluctuate monthly. Read our guide to learn about fixed rate versus variable rate loans.
How can I reduce the amount of my monthly term loan payments?
Extending the number of months you take to pay off a loan will lower your monthly payment. It also will take you longer to pay off the debt, so youвЂ™ll pay more in the long run.
Does Bank of America provide business loans to businesses in all industries?
Bank of America offers business loans to businesses in a variety of industries. View their website to see the recommended financing types based on your business needs.