Bank of America Debt Consolidation Reviews

2.5 of 5 | 2 Reviews
Overall Rating
2.5
Rates & Fees
2.5
Customer Service
3.0
Knowledge & Expertise
  • As one of the nation's leaders in the banking industry, Bank of America is known and trusted among many Americans. For people in need of a debt consolidation loan, Bank of America offers a product called Clean Sweep Line of Credit. The loan has no annual fees and is an unsecured loan. Bank of America is a leading issuer of credit cards and debt instruments, and then also offers debt consolidation loans and mortgages for Bank of America consumers with debt.

    Related Provider Reviews: Bank of America Mortgage and Bank of America Reverse Mortgage

    Headquarters: Charlotte, NC
    Website: www.bankofamerica.com
  • Additional Information

    Bank of America Top States CA, FL, VA, TX, MD, NC, GA, IL, AZ, NC, MA

Bills.com Rating

3

Bank of America's debt consolidation loan is a great option for those with good credit. With no annual fees and no collateral needed, you can secure a loan up to $25,000 with rates as low as 9.49%. If you don't have strong credit, however, rates can go as up as 25.49%. Be sure to review the terms of debt consolidation loan contract before signing.

Pros: No Annual Fees, No Collateral Required For A Bank Of America Debt Consolidation Loan.
Cons: Variable Interest Rate, Rate Is Dependent On Credit, Hard To Get Approved.

Reviews & Ratings

Interest Rates TOO high

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Chicago, IL  |  February 01, 2012
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2.0

1.0
Rates & Fees
3.0
Customer Service
3.0
Knowledge & Expertise

Explain this to me. I get balance transfer offers ALL the time from Bank of America for 0% or low interest. I have great credit. I checked with BofA for a debt consolidation loan and the interest rate quoted was over 20%. No thanks!

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Don't Use Bank of America

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Los Altos, CA  |  August 17, 2011
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3.0

4.0
Rates & Fees
2.0
Customer Service
3.0
Knowledge & Expertise

Bank of America does debt consolidation loans and refinance loans, and frankly their rates arent all that too bad. But, they are a challenging organization, they always ask me for things that i already sent and they are so unresponsive. WOrk with someone smaller and more oriented on your debt consolidation needs.

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Darlene B.
Humble, TX  |  September 05, 2012
 
Rates & Fees
 
Customer Service
 
Knowledge & Expertise

Do they have consolidation loans for bad or poor credit. I would think a consolidation loan was for that purpose as well. If someone has good credit why would they need a consolidation loan?

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