Updated: November 1, 2024
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Borrowers who are looking to get a personal loan without any restrictions on fund usage should add BBVA’s personal loan to their shortlist of loan lenders. Customers with BBVA checking accounts get the added benefits of same-day funding and a 1% interest rate discount for automatic payments.
BBVA Compass was the U.S. subsidiary of Banco Bilbao Vizcaya Argentaria before it was acquired by PNC Financial Services in 2021.
BBVA offers personal loans as one of its many consumer lending products. Depending on their eligibility and creditworthiness, borrowers can choose from a wide range of borrowing limits – from $2,000 to $100,000 for those who apply in-person or by phone, and from $2,000 to $35,000 for those who prefer to apply online. BBVA customers who already have a checking account can get same-day funding plus a 1% interest rate discount for automatic payments. We also recommend BBVA’s highly accessible website and mobile apps which make financial transactions easier for people with disabilities.
That said, BBVA’s personal loans are by invitation only, which means you need to have an offer code to qualify.
Pros
Cons
APR | Ranges from 4.99%–29.99%, depending on your credit eligibility, loan amount, term length, and other factors. |
Credit Score Requirements | No minimum credit score is required, but borrowers with at least a good credit score (700 or over) have better odds of getting approved and receiving lower APRs. |
Income Requirements | There is no income requirement, but having proof of a steady and sufficient form of income will help your application. |
Loan Amounts | Borrowers who apply in-branch or via phone can get loan amounts from $2,000–$100,000, while borrowers who apply online can only get from $2,000–$35,000. |
Loan Terms | Repayment terms from 12 to 72 months are available. |
Permitted Uses | You may use loan funds for large purchases, debt consolidation, emergency and medical expenses or other purpose since BBVA doesn’t impose any restrictions on the use of loan funds. |
Prohibited Uses | There are no restrictions on loan usage. |
Time to Receive Funds | It can take up to two days to receive funds, but many borrowers report receiving funds on the same day that they applied for the loan. |
Origination Fees | BBVA doesn’t charge origination fees. |
Late Fees | None |
Prepayment Penalty Fees | None |
Co-signers and Co-applicants | Not disclosed on BBVA’s website. |
Perks |
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Mobile Application | Yes, you can manage your BBVA personal loan through BBVA’s mobile app. |
Each personal loan company is unique and has its own pros and cons. MoneyGeek’s BBVA personal loan review highlighted the perks and downsides of the lender based on borrower profiles, to help you decide if it’s the right option for you.
BBVA’s express personal loan product is an ideal choice for existing BBVA customers who need immediate funding. As a BBVA customer, you’ll most likely have already received an invitation code, which is the main requirement for a BBVA personal loan. Having a BBVA account also makes you eligible for same-day funding of your personal loan and a 1% autopay discount.
BBVA only performs a soft credit check for its pre-qualification process, which is a plus if you are concerned about the effect of your application on your credit score.
One feature unique to BBVA is the accessibility of its website and apps to people with disabilities. If you have a physical disability or a mild mental disability, this personal lender might be the perfect option for you.
If you need access to an amount larger than $35,000 but prefer to apply online rather than in person or over the phone, you’ll need to find an alternative lender.
There is also a $25 fee for opening a BBVA checking account, so if you prefer not to pay this cost, you should consider a different lender.
Finally, one of the requirements for a BBVA personal loan is an invitation code which is received through mail or email. If you are an existing BBVA customer or someone who lives near a BBVA branch but hasn't received an offer code, it is best to look for other lenders.
To make sure that you are adequately prepared to apply for a loan, MoneyGeek outlined a few simple steps to guide you through the process of applying for a BBVA personal loan.
Aside from providing the invitation code, you’ll also be asked for personal and financial details, including your name, address, date of birth, social security number, proof of identity and proof of income.
Verify that you included all required personal and financial details. Make sure that there is no missing or incorrect information in your application since this will decrease your odds of getting approved.
BBVA will review your application and perform a soft credit inquiry, which doesn’t impact your credit score. If approved, BBVA will give you a personal loan offer within minutes of your application. You can then choose from among the available personal loan options which are customized based on your eligibility. Select the option that best fits your preferred loan amount, interest rate, repayment terms and monthly payment. Once you’ve made your choice, BBVA will perform a hard pull on your credit score.
Read the terms of the personal loan agreement thoroughly so that you know exactly what charges and fees to expect.
If you agree with the final terms of the personal loan agreement, you can sign the document.
If you have a BBVA checking account, you can receive your loan funds in lump sum on the same day that you applied.
You can make your monthly installment payments through BBVA’s branches or mobile app.
There are a few things that you should do if your personal loan application with BBVA gets denied.
Keep in mind that you are not alone in experiencing this issue. Many personal loan applications get denied for various reasons that lead lenders to question a borrower’s creditworthiness. These include having a low credit score, insufficient income or not having enough credit history.
We strongly urge you to contact BBVA to check the exact reason for your loan application rejection before you apply for another loan, either with BBVA, or a different lender. If you need the funds immediately, it might be tempting to apply for a loan from another lender that has less stringent requirements. However, MoneyGeek advises against this unless you’ve made significant changes to your personal and financial circumstances.
This is because every time you apply for a loan, home insurance companies complete a credit check. Multiple credit checks will only lower your credit score further, thereby making it harder for you to secure any type of loan.
Here is a list of the most commonly asked questions about BBVA’s personal loans to help you decide if this lender is best suited to your needs and financial circumstances. Reviewing MoneyGeek’s quick answers regarding application requirements and conditions for loan approval can save you time and money.
BBVA has no restrictions on the usage of its personal loans. You may use your BBVA personal loan for debt consolidation, large purchases and emergency expenses.
No minimum credit score is required, but borrowers with at least a good credit score (700 or over) have better odds of getting approved and receiving lower APRs.
You may apply for a BBVA personal loan either in-branch, via phone or online. The application process is quick and easy, with the possibility of same-day funding for BBVA customers with a checking account.
Yes, you can easily manage your personal loan transactions and payments through BBVA’s mobile app.
BBVA’s personal loan offering is an unsecured type of loan, which means that no collateral is needed.
Borrowers who apply in-branch or via the phone can get loan amounts of up to $150,000, while borrowers who apply online can only get up to $35,000.
BBVA doesn’t charge any origination fees for its personal loans.
BBVA performs a soft pull on your credit to check the rates you’re eligible for, and this doesn’t affect your credit score. However, once you’ve made the decision to proceed with your application, BBVA will conduct a hard pull which has an impact on your credit score.
BBVA customers with a checking account can get an autopay discount of 1% on their personal loan.
This is not disclosed on BBVA’s website. It is best to check directly with BBVA through its customer service hotline at 1-866-342-2512.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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