BBVA Personal Loan Review

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’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.

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.