In our series of lenders providing personal loans, we have reviewed a number of these lenders, the next one on our list is BBVA Compass personal loans. Even though getting a loan might not be your first choice in raising funds, something you can a lender with impressive features.

You might want to use one to consolidate debt, pay for home improvement, cover wedding costs, or pay an unexpected bill, or nearly any other purpose.

The BBVA Express personal loans offer the potential for great rates and quick funding times.

In this review, we will provide information on everything you need to know about BBVA’s personal loans before you apply. Watch out for the following main points.

• Is BBVA a Good Bank?
• Does BBVA offer Personal Loans?
• BBVA Personal Loan Features
• Who should consider the BBVA Personal Loan
• What to look out for
• BBVA Personal Loan Application Requirements
• Fees and How Long it takes to get your Money
• How to Apply for BBVA Personal Loan
• How to Improve your chances of getting Approved
• BBVA Compass Mortgage Reviews
• BBVA Credit Cards
• BBVA Line of Credit
• BBVA ClearPoints Credit Card
• BBVA Optimizer Credit Card
• BBVA Compass Personal Loans Review
• BBVA Reservation Code

Is BBVA a Good Bank?

BBVA bank is in charge of the BBVA Compass personal loan. However, some individuals might have some concerns about the credibility of the bank itself. To help clear their doubt, we are going to consider some reviews about BBVA bank.

Read Also: Upstart Personal Loans Review

BBVA has online accounts that are worth a look, with access to thousands of ATMs, including locations in Puerto Rico, Canada, Mexico, the United Kingdom and Australia. The bank also offers higher-than-average terms on CDs, but savings rates are low.

The interest rate on the BBVA Online Savings account is low compared with what you can find from other high-yield online savings accounts. You can open an account with a minimum of $25, and if you opt for e-statements, you can avoid a $3 fee charged each quarter. The bank’s online money market is a slightly better option if you can meet its $10,000 minimum deposit.

With 600-some locations, you won’t come across a BBVA branch as often as you will for banking behemoths such as Wells Fargo and Bank of America. BBVA branches can be found in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

You can also get help on BBVA’s website, which does a good job of highlighting its various accounts and fees — and how to avoid them. The bank also offers other customer service avenues, including Twitter and chat. And its mobile apps also have great reviews.

With the above information and review about BBVA bank, you should be able to draw your conclusion as to whether they are legitimate and worth a trial.

Does BBVA offer Personal Loans?

BBVA offers an array of personal and business banking solutions for individuals, commercial customers, and corporations. On the consumer side of the spectrum, their offerings include mortgages, home equity loans, auto loans, and personal loans.

Their personal loan offering — the BBVA Express Personal Loan — is an extremely popular option on the market, partly because it’s possible to get your funds as soon as the same business day. BBVA also offers some of the lowest interest rates available anywhere if you link your account with a BBVA checking account, and there are no hidden fees or prepayment penalties.

BBVA Personal Loan Features

Competitive Rates

Get the money you need for less with a potentially lower rate than a traditional credit card. If you’re looking to consolidate high-interest debt, you may save thousands with a personal loan.

Loan rate discount

Receive a 1.00% interest rate discount when you set up auto-debit from a BBVA consumer checking account to cover loan payments.¹ Want to benefit from this great deal, but don’t have an account? Browse our checking options, and apply for an account online.

Potential same-day funding

Check your rate, complete an application, and potentially receive same-day funding upon approval when loan proceeds are deposited into a BBVA checking account. You’ll receive funds in a lump sum—making this a great option for large purchases.

Simplified budgeting

Easily develop a budget with set monthly payments. When you consolidate debt with a personal loan, you can turn multiple monthly payments into a single bill. That’s a shorter to-do list for you, and an easier way to keep track of what you owe.

No collateral requirements

Apply for an unsecured personal loan quickly and easily with no collateral requirements. That means you could get the money you need without bringing your personal property into the picture.

Borrow for a variety of purposes

Use your personal loan to consolidate debt or fund large purchases, such as travel, special events, medical expenses, and almost any other situation when you need cash.

Who should consider the BBVA Personal Loan

If you fall into the category below, then you will find the BBVA Personal loans very useful.

• BBVA customers who already have a checking account with the bank.
• Anyone who lives in a state that is serviced by BBVA already.
• Consumers who need to borrow up to $100,000 via a personal loan.

If you’re in the market for a personal loan and already have a checking account with BBVA, it would be difficult to find a better offer than with your own bank. BBVA extends interest rates as low as 4.99% APR to their checking account customers who sign up for automatic payments. Of course, you’ll need good or excellent credit and a sufficient income to qualify for such a low rate. If you don’t qualify for their lowest rate, you’ll get a one-percentage-point rate discount for being a BBVA checking account customer.

Another benefit of BBVA is the fact you can borrow up to $100,000 if you apply in a physical branch. That’s considerably more than most personal lenders offer consumers, and there are no collateral requirements for these loans. We also like the fact you can repay your BBVA personal loan for up to 72 months. This is longer than many competing lenders who only offer loan terms for up to 48 or 60 months.

BBVA doesn’t list a minimum credit score requirement for their loans, nor do they list a minimum income requirement. Fortunately, they do let you get pre-qualified for one of their loans without a hard inquiry on your credit report. This makes it possible to gauge your ability to receive the funds you need without moving forward with a full loan application.

Here’s an example of how a BBVA personal loan might look for qualified borrowers:

What to look out for

The biggest downside of BBVA is the fact that their personal loans can only be accessed online if you have a reservation code from the bank. Even then, you can only borrow up to $35,000 through their online loan application process. If your borrowing needs are greater than that, you’ll need to apply for your personal loan in a physical bank branch.

Unfortunately, BBVA only offers branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. This makes BBVA an unlikely option for most people who live in the United States — unless they receive a reservation code in the mail.

Another downside of BBVA is the fact that they charge a surcharge on their personal loans. Similar to an origination fee, this surcharge is unavoidable and charged based on your loan amount. For loans up to $9,999, you’ll pay a surcharge of $60. For loan amounts of $10,000 or more, the surcharge jumps to $120.

BBVA Personal Loan Application Requirements

There is only one explicit requirement to apply for a personal loan from BBVA.

If you want to apply online, you’ll need to have an offer code that you received in the mail or through an e-mail from BBVA.

One way to get around that:

Californians can get around this requirement by visiting a branch or calling. They do not need an offer code.

Lowest rates reserved for excellent credit

You can apply for a personal loan from BBVA regardless of your credit score, but people with good credit are most likely to get approved.

You’ll need excellent credit to secure the best rates. If you have poor credit, the bank is likely to reject your application outright.

When you apply for your loan, whether it be in-person, over the phone, or online, make sure you have the necessary documentation available. You don’t want to slow down the process because you’re not able to provide the information you need.

To get the best rate possible, you should aim to have a credit score of at least 750. Credit scores above 750 are considered to be excellent by most lenders and eligible for the best rates.

Fees and How Long it takes to get your Money

When you compare different personal lenders, you might find that different lenders have different specialties.

Some lenders are good at getting money to you very quickly. Others offer benefits such as interest rate discounts for customers who also bank with them.

One of BBVA’s specialties is quick funding of loans. If your application is in order and the bank is able to make a quick decision, you could get your money the same day that you apply. You’ll need great credit for this to happen, but it’s very useful if you need cash fast.

Another good thing to know about BBVA is that there are no fees to worry about. Some banks will charge an origination fee when you receive your loan.

Read Also: PNC Personal Loans Review

They might also charge a fee if you pay the loan off early. You won’t have to worry about early repayment fees at BBVA either.

How to Apply for BBVA Personal Loan

Once you’ve decided that you’re going to apply for a personal loan, you should do whatever you need to do to make sure your application is approved.

During the application process, you’ll be required to submit the information that the lender can use to make a decision.

The information you’ll be asked to provide will often include:

• Name
• Address
• Date of birth
• Proof of identity, such as a driver’s license
• Social Security number
• Annual income
• Proof of income, such as bank statements or pay stubs
• Verification of employment

It might seem like a daunting task to get all of that paperwork together, but it’s a very important part of the process. Providing incomplete or unclear information to the lender can significantly reduce your chances of getting approved for a loan.

At best, you’ll delay the loan process, making it take longer to get the money you need while you provide the lender with additional documentation. At worst your loan application will be denied, leaving you at square one.

How to Improve your chances of getting Approved

Before you fill out your application, consider these tips for improving your chances of getting approved.

Boost your credit score

As you may already know:

Your credit score has the largest impact on your chances of getting a personal loan. Your credit score is a numerical measure of your financial trustworthiness in the eyes of lenders.

A good credit score indicates that you’re likely to pay your bills on time. Bad credit means that you might not pay your bills, making it risky to lend you money. Maintaining a good credit score is important because it makes borrowing money cheaper and gives you access to more loans.

Your payment history has the greatest impact on your credit score. The amount you owe is the second largest factor. Do your best to make on-time payments on all of your debts.

Even a single missed or late payment can reduce your score by 50 points or more. Also do your best to avoid taking on a lot of debt or maxing out your credit cards, since that can tank your credit score.

Unfortunately, your payment history and the amount you owe take the longest to influence. You might not see the effect of making on-time payments on your debts for months or years.

In the short-term, the best thing to do is to avoid applying for new loans or credit cards in the months before applying for an important loan.

Note: Minimize usage of your credit cards in the month before a loan application to reduce the balance reported to credit bureaus.

A lower debt-to-income ratio

Your debt-to-income ratio also plays a role in your application’s chances of approval. This ratio measures how much of your monthly income goes towards required bill payments.

You can calculate your debt to income ratio by dividing your monthly income by the sum of your monthly minimum payments on your debts and your rent bill.

So, if you make $3,000 a month and your rent and bill payments add up to $2,000, your debt-to-income ratio is 67%.

There are two ways to improve this ratio: pay down your debts to reduce the minimum payments you have to make or increase your income.

Paying down your debt also improves your credit score, so it is the best option to take. If you decide to go the other route and increase your income, make sure the income is documentable. Lenders won’t take under-the-table pay into account when making their decision.

BBVA Compass Mortgage Reviews

BBVA is among the top 25 largest commercial banks in the US, offering a full range of banking services through nearly 700 branches. You can prequalify for a mortgage or submit a request online to learn more about its many home financing options.

BBVA’s fees

Fees vary based on your mortgage type and amount, but BBVA has a mortgage calculator to help you estimate costs.

For example, for a $300,000 home with 10% down and a 5% interest rates, you’d pay approximately:

• Origination fee. $1,500.
• Appraisal. $300.
• Flood certification. $50.
• Tax service. $150.
• Title services. $350.
• Owner’s title insurance. $350
• Government recording fees. $25
• Survey. $175
• Pest inspection. $100.

You’d also need to pay for home insurance and property taxes.

Requirements

To be eligible for a home loan with BBVA, you’ll need to be at least 18 years old with a minimum personal credit score of 620.

You must also reside in one of the states in which BBVA offers loans: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington.

Documentation

Before you apply, be sure to have the following information on hand:

• Full name and personal contact information
• Social Security number
• Pay stubs from the past 30 days
• W2s and 1099s from the past two years
• Personal tax returns from the past two years
• Profit and loss statements (if self-employed)
• A list of your assets, including savings, real estate, car titles and other investment records
• A complete list of your debts, including student loans, auto loans, personal loans and credit cards

Advantages and Disadvantages

Advantages

• Big-name institution. BBVA is among the 25 largest banks in the US with operations well outside its Sunbelt headquarters.
• Many types of mortgages. BBVA offers an unusually large selection of mortgage products.
• Home Ownership Made Easy program. Introduced in 2015, HOME allows qualifying borrowers to finance up to 100% of a home’s value, with BBVA contributing money toward closing costs.
• Flexible service. If you find yourself unable to pay your mortgage, call a client specialist to work out an alternative until you’re back on your feet.

Disadvantages

• Limited services. If you don’t live in one of the states that BBVA serves, you’ll need to seek financing elsewhere.
• Mixed customer reviews. While some customers have had great experiences with BBVA employees, others complain about frustrating customer service. But a lot of negative reviews are for the company’s bank accounts, not its mortgages.

BBVA Credit Cards

Features

Hassle-free rewards

• Earn unlimited 1.5% rewards across ALL purchase categories.
  
• Earn an additional 0.5% rewards bonus by making $1,000 in monthly direct deposits to a BBVA deposit account

Account Credit

Get a $100 Account Credit when you make $1,500 in net Qualifying Purchases in the first 90 days.

Low Intro Rate

0% Intro APR for 13 months on Balance Transfers requested within 60 days of opening the account, 11.24% – 29.24% variable APR after that, dependent upon credit-worthiness. No Annual Fee.

BBVA Line of Credit

Essentially a line of credit is a loan for a specified dollar amount, but instead of getting a check for the amount of the loan when you sign the paperwork, you access the funds when you need them up to the credit limit. You make monthly payments based on how much of your line you have used, or the outstanding balance. As you pay down your balance, funds up to your credit limit become available again.

Lines of credit are attractive for many reasons, including the financial flexibility they offer and they typically have lower interest rates than credit cards.

How do you qualify for a line of credit?

Obviously, as with any loan, a good credit score and reliable income are important to qualify.

Using your home as collateral — or an asset to secure the loan — can also help you qualify for a line of credit. When you use your home as collateral, the line is called a Home Equity Line of Credit and the amount of the line would be based on how much equity you have in your home. Lines secured by equity typically have lower interest rates than unsecured lines.

An unsecured line is more difficult to get, and the interest rate will more than likely be higher than with a secured line. But even at a slightly higher rate, an unsecured line of credit can be a very useful financial tool for many people and less expensive than a credit card.

Tips for managing a line of credit

Again, as with any credit, careful usage is the key to avoid getting into unnecessary and unaffordable debt. “A line of credit is good for someone with good financial discipline and who won’t draw more than needed,” Jennifer Williams, a BBVA Financial Planner says.

According to Williams, funds from a line of credit should ideally be used to build value and return on investment. For example, starting a business or remodeling your home.

“The funds can also be used to cover expenses and help with cash flow by a self-employed individual or someone starting a new business,” Williams says. “They shouldn’t be used to purchase items the owner cannot afford, such as a flat-screen TV.”

When it comes to home remodeling, the National Association of Realtors’ 2017 Home Remodeling Report ranked the projects most likely to return money for the dollar. They include a kitchen remodel, bathroom upgrades, adding a master suite, and new roofing and windows.

Read Also: Best Egg Personal Loans Review

It’s important to use your line for value-building purposes, Williams says, but it’s also important to fully understand the specific line of credit you are getting, the terms and fees, and possible penalties for early repayment. It also pays to shop around and find the best deal and terms for your budget.

BBVA ClearPoints Credit Card

The BBVA ClearPoints Credit Card gives you access to one of the most flexible and easy-to-use rewards programs available.

Your BBVA ClearPoints Credit Card benefits include:

• Introductory Purchase APRs
• Introductory Balance Transfer APRs
• No annual fee
• BBVA Points Program with the Build Your Own Rewards feature

Benefits

The BBVA ClearPoints credit card offers a competitive rate, easy-to-use rewards and more perks.

• No Annual Fee – You pay no annual fee with the BBVA ClearPoints credit card.
• Free Enrollment – As a BBVA ClearPoints credit cardholder, you are automatically enrolled to earn Reward Points at no additional charge.
• Build Your Own Rewards – With BBVA Build Your Own Rewards, choose from a list of 10 predetermined categories to earn 3x unlimited points in one category and 2x unlimited points in another category. You also earn 1 point unlimited rewards in all other categories. Category selections must be made each quarter; otherwise, transactions will default to 1 point per $1 spent. Reward Points are redeemable for account credit.¹
  
• Multiple Payment Options – You can pay by mail, automatic debit, Online Banking, or in a branch.
• E-mail Alerts – Sign up for convenient alerts through email for payment notices, balances, and more.
• Download our Award-Winning Mobile Banking App – Manage your credit cards from the convenience of your mobile device.
  
• Manage Your Rewards – Simply access the rewards website via Online Banking to track points, review account details, and redeem points for account credit. 

BBVA Optimizer Credit Card

The Optimizer Credit Card® is a secured credit card, which means your credit line is backed, or secured, by a collateral savings account.

Designed for people who need to build or improve their credit history, this card gives you the financial flexibility and convenience you need.

• Looks and works like a regular credit card
• Credit line is secured by an interest-bearing collateral savings account
• Credit line can be increased with deposits to savings account
• Acceptance at over 28 million locations worldwide that accept Visa^®

Benefits

• Competitive APR on purchases – 22.24%. This APR will vary with the market based on the Prime Rate.
  
• Easily increase your credit line – With the Optimizer Credit Card, you can increase your credit line anytime by simply depositing additional funds into a savings account¹.
  
• Secured credit – Your Optimizer Credit Card is secured by an interest-bearing collateral savings account. Earn interest on your savings while building your credit history.
  
• Real credit – The Optimizer Credit Card looks and works like a regular credit card.
  
• Multiple payment options – You can pay by mail, Online Banking, or in a branch.
• Acceptance virtually everywhere – The Optimizer Credit Card is accepted everywhere that Visa^® is accepted.

BBVA personal loans may be one of the lowest cost options available, but their geographic reach is severely limited and their best terms only go to BBVA checking account customers. Also note that, even if you want to apply online, you can’t do so unless you get your hands on a reservation code.

Unless you’re a BBVA customer already or you live near one of their bank branches in a state they service, it’s unlikely this lender will be ideal for your needs. Either way, it’s smart to shop around for personal loans with at least three or four lenders. Take the time to make an “apples to apples” comparison that looks at interest rates, repayment terms, your monthly payment, and your total loan amount before you decide.

BBVA Compass Personal Loans Review

BBVA is a regional bricks-and-mortar bank, located primarily in seven states across the Sun Belt (half its branches are in Texas alone). The company offers a full suite of banking products, including deposit accounts, credit cards, loans, mortgages, and investment accounts.

We will focus on BBVA’s personal loan product—and everything you need to know about it before applying.  

Pros

• Competitive APR – The bank offers some low interest rates; the minimum 4.99% is quite competitive. Of course, only the most creditworthy applicants qualify for the lowest rate. The highest rates offered are high at 28.99%. 
• Auto-pay discount — If you opt for automatically debited payments, you may qualify for a full percentage point (1%) discount on your APR rate. 
• Ability to pre-qualify with a soft credit pull — BBVA allows you to get a sense of what interest rate you might get, before formally applying; this “pre-qualifying” doesn’t affect your credit score.
• Possible same-day funding — Your loan could be approved, and you could even get the funds, the day you apply.

Cons

• Need an invitation to apply online —You can only apply for a personal loan online with an invitation received via mail or email.
• Small maximum loan amount for online applicants — You can’t apply for more than $35,000 online. You may apply for up to $100,000 by phone or in-person, though. 
• Need BBVA account for auto-pay APR discount or same-day funding — These advantageous features are only available to BBVA checking account-holders. There is a $25 minimum deposit and credit check to open a BBVA checking account.

Time To Receive Funds

Same-day funding may be possible if you have an existing BBVA checking account. But the process may take longer if BBVA needs additional documentation with your application, according to a bank representative. The exact timeline depends on how quickly you’re able to provide the missing requested details.

If you don’t have an existing BBVA checking account, you can pick up a cashier’s check at a local BBVA branch—which is currently open by appointment only.

BBVA Personal Loan Features

In addition to the features mentioned above, BBVA’s loans also have these characteristics.

• No restrictions on use: funds can be used debt consolidation, large purchases, medical expenses, etc.
• Various application options: online, by phone, or in-person at one of BBVA’s 649 branches; applying online offers a prequalifying “soft pull” opportunity.
• Loan repayment options: online, via the BBVA Mobile Banking App, by auto-pay, by calling the Loan Servicing Line, or at a branch.
• Customer service options: The bank offers customer support both online and by phone. BBVA encourages clients to call via its mobile banking app “for faster service.”

Apply For a BBVA Personal Loan

There are three ways to apply for a BBVA personal loan: online, by phone, or in-person at a BBVA branch. You need an invitation to apply for a loan online. The online application involves six steps:

1. Click the “Respond to an invitation” button on BBVA’s personal loans page and enter your reservation code. You will specify whether you received the invitation by mail or email.
2. Begin the application by entering personal details like your name, Social Security number, date of birth, and income. BBVA will perform a soft pull on your credit and show you a customized personal loan offer.
3. After reviewing the customized offer, you may select your loan term. This will impact your monthly payment and how much interest you will pay over the life of the loan.
4. You will see a preview of personal loan options, based on your choices and eligibility. This will include an estimated loan amount, the term, interest rate, and monthly payment.   
5. If you see an option you like, you may apply for a personal loan. This will include a hard pull on your credit, which will temporarily lower your score. You should receive a quick response but BBVA may request additional information, according to a representative. 
6. Same-day funding is possible if you already have a BBVA checking account. You will receive the money in one lump sum.

BBVA Reservation Code

How do you receive your reservation code? BBVA provides different options for receiving your reservation code. Below are some of them.

1. A physical letter through the post office.
2. Email inbox.
3. Offer through Online Banking.
4. Offer through Mobile Banking.