PRODUCT REVIEW OF BANK OF AMERICA PERSONAL LOAN

Public Notice – Disclaimer:  We currently do not partner with Bank of America and details about Bank of America herein are solely for information purposes only. For other loan provider alternatives, check out below. For partnership concerns, click here.

If you are looking specifically for Bank of America Personal Loan, please visit their website at www.bankofamerica.com or contact them at (02) 815 5000. Thank you.


Bank of America (BofA) is an American multi-national banking corporation and is the second largest bank holding enterprise in the US in terms of assets. Over the years, it has grown its reach around the world and has now a representative office in Makati City, Manila. BofA now makes its financial services available to thousands of Filipinos in need of immediate cash. Specifically, the Bank of America personal loan is meant to provide financial assistance in times of need. Those who’re not familiar with this yet, the following are the 10 facts you need to know about the bank’s loan product:

  1. (BofA) Personal Loan is a multi-purpose financial aid, which can be used for whatever purpose the borrower plans to use it for, be it for major purchases (e.g., house, car), family vacation or emergency needs.
  2. The Bank approves the loan based on a range of factors, most important of which are the borrower’s employment history, income and credit status.
  3. The bank offers simplified application process only to existing customers. So you might like to open an account first before applying for a loan to speed up the approval.
  4. Approval depends on various factors. Like any other loan providers, Bank of America reviews the applicant’s documents and looks into the income and employment history. Reviewers pay special attention to the credit history, looking into whether the applicant has any serious delinquent records and bankruptcies.
  5. Processing and approval for non-customers may take longer than those for existing clients. However, Bank of America still opens its personal loan product to all those who are eligible to apply.
  6. Borrowers are allowed to get additional credit. The bank will just have to recalculate the monthly dues and restart the payment schedules and term.
  7. Bank of America’s personal loan is an unsecured loan. This means there’s no need to put up any collateral upon application.
  8. The bank doesn’t have an online application portal. Eligible borrowers need to visit their office in Makati City, Metro Manila or apply over the phone. However, for existing customers, there’s a loan status checker tool that applicants can use to follow up on their loan.
  9. BofA also has a very thorough verification procedure, especially in evaluating borrower documents.
  10. Monthly payments will depend on the loan tenure and interest rate. Another good thing about BofA Personal Loan is its fixed monthly rate, which won’t fluctuate automatically relative to the changes of the Prime Rate.

For more information contact the Bank of America Branch nearest you or call (02) 815 5000. You can also visit their website at www.bankofamerica.com.

HOW CAN LOANSOLUTIONS PH HELP

If you think a personal loan from the Bank of America is good enough for you, then apply now. But if you think you still need to explore more options, contact us at Loansolutions PH to help you find the right lender. All you need to do is fill up our 3-Step Online Application Form so that our agents can review your documents and pitch these to our partner lenders. Just keep yourself our Check Loan Status tool available on site.