Where It Is Better to Take a Loan: Bank of America or American Express

Either bank you apply for a loan, you must provide such important information which will testify your creditworthiness. Be ready that for a banking institution it will be an assignment number one to determine if you are able to make all payments on credit in time. Basic personal info needed is as follows:

  • name, family name;
  • date of birth;
  • address;
  • passport or driver’s license;
  • SSN;
  • annual income record;
  • confirmation of employment.

Remember: if you are a reputable borrower, you will get better terms on loan than that person having low credit score. Don’t be shy or uncomfortable to provide as much data as possible about you because it will help to bank to assess your risks and offer you better terms.

American Express and Bank of American are two giants of the banking industry in the United States of America, and both offer beneficial terms of crediting.

The Bank of America Major Loan Features

The amounts of possible credits vary from $5,000 to $35,000 and you can repay your debt with the longest term of 5 years. You will get the needed sum in a single transfer, therefore you may pay for some big purchases, unexpected bills, or use money to consolidate existing loans.

The bank doesn’t  require any collateral. There are no fees for making application and prepayment. A client can be eligible for a rate reduction under the terms of setting automatic payments from a checking account to the personal loan.

Be aware of Lending Club which offers to clients a communication with peers on the issue of lending. For example, you need a loan in the amount of $40,000. And it can be funded on regular basis by people daring  to invest their personal means in peer-to-peer loans.  You can take $100 from 100 members  and then pay back them with a small interest. This is very helpful for getting $10 000 if the credit provided only $30 000.

The American Express Tips

Only pre-approved card members of this bank can get a credit. It can be used for personal or family purposes, for major purchases, such as buying a car, renovations of home, or very important life events. Another option can be credit card debt consolidation, but it needs special approval from the management. A potential borrower has to have a status of “eligible Consumer” of American Express Card at the time of applying. The credit amount can be from $3000 to $50 000 under different terms.

Just Apply

Both financial establishments set some terms for getting a loan, for example:

  • to have American citizenship or reside in US;
  • minimal age – 18 years.

So if you decide to what bank to apply for a loan, first of all, read carefully all the info on the bank’s website and consult respective bank assistant, either while visiting, via the phone, or online chat.  

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