![]() We do not lend for investments, including in crypto, and you should not take out a loan on another person’s request. If you were asked to apply for this loan by someone else, maybe to make an investment or to pay fees related to cryptocurrency, this could be a scam. This outlines our key responsibilities and what we ask of you in relation to your loan. Have a look at our full list of lending criteria.Īlso make sure you read the Statement of Lender and Borrower Responsibilities. Stocks and shares (including bonds, funds, derivatives, foreign exchange, contract for difference).We won’t lend for any of the following purposes: Not have a history of County Court Judgments or bankruptcy Have a gross annual income of over £7,500 If you’re applying for a joint loan, the first named applicant must be named on this bank accountīe in permanent paid employment or retired with a pension Have a UK-based bank or building society account that can accept Direct Debits. You should also be under 83 when the loan is due to be repaid You’ll be able to upload any documents you need and sign your agreement online too.īe at least 18 years old and less than 80 when you apply. If you’re currently in debt or how much debt you haveĭuring the approval process, we’ll look at your:įilling in our online application is easy.Whether you’ve paid back credit on time in the past.Lenders will use information on your financial history to find out things like: Too many hard checks in a short period of time can affect your credit score and might make it harder to be approved for a loan in future. When you submit a loan application, a hard credit check will take place. ![]() Hard credit checkĪ hard credit check is a complete search of your credit report and it will be visible on your report in the future. Soft credit checks aren’t visible to credit companies and lenders, so they won’t impact your credit score in future. This type of check is done first, to assess how successful your application for a loan might be. There are two types of credit checks that happen at different stages in your application: Soft credit checkĪ soft credit check is a top-level look at certain information in your credit report. When you apply for a personal loan, we’ll carry out a credit check on your finances. The total cost of a personal loan is calculated using an Annual Percentage Rate (APR), which accounts for the interest rate and any other additional charges. Personal loans are also known as unsecured loans, which means that the loan isn’t secured to an asset, such as your home. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.Personal loans work by allowing you to borrow a fixed amount of money, which you agree to pay back over a set timeframe – known as the term of the loan. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options. The actual loan instalment is calculated based on the loan granted date and first repayment date and therefore may be different to the instalment indicated in the calculator. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices popup powered by the DAA or through the Network Advertising Initiative's Opt-Out Tool popup. You should consider obtaining advice from the bank before making any financial decisions. Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. Relationship-based ads and online behavioral advertising help us do that.īank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). We strive to provide you with information about products and services you might find interesting and useful.
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