Bank of America is one of the largest financial institutions in the country and continues to grow even after the credit crisis. One of the controversial moves Bank of America made after the credit crisis was to no longer offer bad credit unsecured personal installment loans. Much of this was due to the fact that they purchased lenders that had many bad credit loans on their books. With this in mind it should come as no surprise that borrowers are looking for Bank of America bad credit personal loan alternatives.
Bank of America and Bad Credit Loans
Throughout much of the credit crisis analysts thought that Bank of America was not going to survive because of the bad credit home loans and personal loans on their books. Fortunately, Bank of America was able to survive one of the worst financial crises in the history of the world and today they are doing very well. Some have predicted that Bank of America will start offering bad credit unsecured personal loans in the near future but it has yet to happen.
During the credit crisis Bank of America purchased Countrywide Financial which was a huge mortgage broker on the West Coast. It was very obvious that this decision was a long-term decision. Countrywide financial was in a terrible situation as they had a significant amount of money in bad credit home loans. The housing market was doing very poorly on the West Coast and the only way that Countrywide was going to survive is if they were purchased by another major financial institution that had money.
Some are still arguing that this was a very bad decision by Bank of America but they got through it. Unfortunately, some people are still upset by the fact that Bank of America no longer offers bad credit unsecured personal loans. To take out a bad credit unsecured personal loan individuals will have to look to other financial institutions. Interestingly, Wells Fargo continues to offer unsecured personal loans to customers and new borrowers.
Bank of America Bad Credit Personal Loan Alternatives
Even though Bank of America does not offer bad credit unsecured personal loans it does not mean that they are not options available. In fact, most financial institutions will offer some type of unsecured personal loan. This does not mean that individuals with very low credit score will be able to borrow money from these institutions. If you have a credit score that is well below 500 and you do not have any access to cash it will likely be difficult to take out a personal loan from any financial institution.
With this in mind it never hurts to improve a credit score to a level above 700. One of the easiest ways to do this is to make certain all bills are paid on time and in full. Even if you have a significant amount of debt you can still improve a credit score by paying down this debt and making sure all your bills are fulfilled. Unfortunately, many people with bad credit also have a very low income. By having this low income that makes it nearly impossible to pay for all of the bills.
Below are some of the financial institutions that offer unsecured personal loans at the present time:
- Wells Fargo
- TD Bank
- Capital One
- Discover Bank
- First Merchants Bank
- US Bank
- Regions Bank
- Zions Bank
If you are having trouble finding a bank in your area please feel free to contact me through the comments below. You may also contact me through my Google plus profile as I tend to check that at least a couple times a day. I will do my best to find a financial institution in your area that offers some type of loan help. Make a mental note that there are many financial institutions that offer unsecured personal loans but they do not have financial products for individuals who have seen their credit score plummet over the last several months and years.
Improving a Bad Credit Score to Borrow Money
One of the best things you can do to make your financial life much easier it improve a credit score. Unfortunately, most people with very bad credit cannot even think about their credit score as they are living paycheck to paycheck. Not only are they living paycheck to paycheck they may be living two or three paychecks out as they have taken out cash advance payday loans in hopes of keeping the electricity on where the car paid for.
The best thing you can do is come up with a strict weekly or monthly budget that will help you spend less than you make. If you are making a very small amount of money you may want to consider taking out a second job or third job just to get the bills paid. Unfortunately, many people do not want to do this as they continue to drown in debt. When coming up with this weekly or monthly budget it is also very important to stick to the budget. It is one thing to create a budget and a completely different thing to stick to it and improve a credit score over time.
By paying each and every bill on time and in full one’s credit score will naturally increase. This tells financial institutions that you are more than willing to make the necessary sacrifices to fulfill the commitment of these bills. This does not mean that you will have a credit score over 800 that will allow you to take out $500,000 mortgage. What it does mean is that you will be a borrower of money who is trusted by some of the bigger names in the banking industry.
Once again, if you are struggling to find banks or lenders that can help you in a bad credit situation please feel free to contact me. Also, please use the many free resources available online that have been created by authoritative figures. When searching for bad credit loans on the Internet make certain that you read the fine print and understand who is writing this content. Sometimes, the individual writing the content also owns a bad credit loan company that is trying to make money. You can figure this out quickly by seeing which search results have a picture beside the author.
If the author does not have a picture that means that Google authorship has not been installed on the website or for that particular article. This does not mean that they are not an expert or an authority in their field but it does mean that individuals should do some research on this author. The easiest way to find reputable material is to use the FTC or FDIC website. In fact, any government website is very useful for those who are looking to do research on bad credit situations.
Bad Credit Lenders in Florida
Many residents in the state of Florida recognize cash advance payday loans are available. There are some states that have created laws that prohibit bad credit cash advance loans. Florida is not one of these states and bad credit individuals have the opportunity to take out $1500 short-term loans. This can be good and it can be very bad. It can be good for anyone who simply needs a few extra hundred dollars to avoid having their electricity turned off or having their car repossessed. These individuals can get the money ahead of time to pay it back with fees when they receive their next paycheck.
It is very important to note that borrowers must know with 100% certainty that they will have this money in their bank account with their next paycheck. If they cannot honestly say this there is no reason to take out a bad credit cash advance loan. The high fees and cash advance loans will only cause problems for those who borrow money in the near future. It can be very bad for this exact reason. Individuals will see fees as high as $10 to $15 for every $100 they borrowed. It is important to note that the Florida state government has capped the fees are $15 or every $100 borrowed but this is still a lot of money for those who are struggling with their finances. If you are seeking Bank of America bad credit personal loan alternatives do plenty of extra research on cash advance loans before taking one out.
If you miss a payment on a bad credit payday loan the fees will reset and you will have to pay even more with your next paycheck. This is what makes bad credit payday loans so predatory in nature. Rather than taking out a bad credit cash advance payday loan it may be wise to seek unsecured personal loans throughout the state. Below are some of the larger financial institutions that have headquarters in the state of Florida:
- Raymond James
- Capital Bank
- Ocean Bank
- Capital City Bank
- CenterState Bank of Florida
- Seacoast National Bank
- 1st United Bank
- Citizens First Bank
Note that these are not the only names that offer loans in the state of Florida that they are some of the bigger names. Feel free to do research on other financial institutions that may have a presence in the state of Florida but have headquarters elsewhere. This will make it much easier to make a major financial decision in the very near future.