BOKF Bank Personal Loan Review

(May 2024)

BOKF Bank Personal Loan Review

In This Article

Our Verdict

Our Verdict

Consider applying for BOK Financial personal loan option if you are looking for loan options that is favorable to your business. BOK Financial is a well-established bank that offers a variety of financial products and services, including personal loans. BOK Financial offers personal loans ranging from $2,000 to $100,000. This gives customers the flexibility to borrow the amount that they needed. The loan terms range from 12 to 60 months. Approach BOK Financial today if you desire various loan terms that works best for them.

BOK Financial’s personal loan interest rates are competitive, but they are not advertised on the bank’s website. Interest rates are dependent on various factors, such as the applicant’s credit score, income, and debt-to-income ratio. BOK Financial does not charge an origination fee or prepayment penalty for personal loans. BOK Financial claims that the approval process is quick, and customers can receive funds as soon as the next business day after approval.

Overall, choose BOK Financial’s personal loan because it is competitive and offers customers flexibility in terms of loan amounts and terms. The lack of origination fees and prepayment penalties is also a plus. Keep in mind that interest rates are not advertised, so customers will need to apply to get an accurate rate quote.

BOK Financial is a financial holding company headquartered in Tulsa, Oklahoma, United States. Here are the contact details for BOK Financial:

Headquarters:

BOK Financial Corporation

P.O. Box 2300

Tulsa, OK 74192-2300

USA

Physical Address:

BOK Tower

201 South Denver

Tulsa, OK 74103

USA

Phone Number:1-918-588-6000

Website: https://www.bokfinancial.com/

Customer Service:

For customer service, you can call 1-800-234-6181 or visit https://www.bokfinancial.com/contact-us.

Pros

  • Flexible loan amounts
  • No origination fees or prepayment penalties
  • Quick approval process
  • Good customer service
  • Wide variety of loan options available to suit different needs
  • Competitive interest rates, especially for secured loans
  • Simple and straightforward online application process
  • Quickly disburse funding

Cons

  • Interest rates are not advertised
  • Limited availability
  • Strict creditworthiness requirements
  • Collateral may be required
  • High credit score is required to qualify for the best interest rates
  • Origination fees may apply to some loans
  • Limited physical branch locations makes it difficult for some borrowers to access in-person services

Who This Product Is Best For

Consider the BOKF personal loan because it is best for you if you:

  • Have a good credit score
  • Wants a large loan amount financing a major purchase
  • Needs a large loan amount for a specific purpose such as home improvements
  • Wants to consolidate debt
  • Have collateral to offer and want to take advantage of lower interest rates.

Who This Product Isn't Right For

Explore alternative lenders if you:

  • Have poor credit
  • Prefer a lender that has a physical branch presence in your area
  • Want to use it for non-essential expenses, such as vacations or luxury purchases
  • Already have a significant amount of debt
  • Have an unstable income or cannot demonstrate consistent earnings

What This Product Offers

BOK Financial’s personal loans offer a range of borrowing options to meet different needs, with loan amounts ranging from $2,000 to $100,000. The lender offers both secured and unsecured loans with fixed interest rates and terms ranging from 12 to 60 months. You can apply online, and loan funds can be disbursed quickly once approved.

  1. Debt Consolidation Loan: Use A debt consolidation loan if you want to enjoy combination of multiple debts, such as credit card balances or other loans, into a single monthly payment. By consolidating your debt, BOK Financial allows you to be able to lower your interest rate, reduce your monthly payment, and simplify your finances.
  2. Home Improvement Loan: Consider BOK Financial home improvement loan is a personal loan that can be used to finance home improvement projects, such as renovations, repairs, or upgrades. These loans can be secured or unsecured, depending on the lender’s requirements.
  3. Personal Installment Loan: Apply for a personal instalment loan if you desire to have a type of loan that allows you to borrow a fixed amount of money and repay it over a set period of time with regular payments, or instalments. These loans can be secured or unsecured and can be used for a variety of purposes, such as buying a car, paying for a wedding, or financing a vacation.
  4. Secured Loan: Choose a secured loan option because it is a personal loan that requires collateral, such as a car, home, or savings account. By offering collateral, you can secure a lower interest rate and higher loan amount BOK Financial to. However if you defaults on the loan, BOK Financial may seize the collateral to recover their losses.
  5. Unsecured Loan: Consider an unsecured loan if you do not have a collateral to offer. It is a personal loan that does not require collateral. Instead, the loan is based on your creditworthiness and ability to repay the loan. However due to the absence of collateral to secure the loan, unsecured loans typically have higher interest rates than secured loans.

Product Details

Debt Consolidation loan

Use a debt consolidation loan if you want to enjoy combination of multiple debts, such as credit card balances or other loans, into a single monthly payment. By consolidating your debt, BOK Financial allows you to be able to lower your interest rate, reduce your monthly payment, and simplify your finances.

Loan Amounts

$1000 – $100000

APR

5% to 36%

Terms

12 to 60 months

Fees

0% to 8%

Collateral

Depends on your credit worthiness

Application Process

Online application with credit check and income verification.

Home Improvement Loan

Consider BOK Financial home improvement loan is a personal loan that can be used to finance home improvement projects, such as renovations, repairs, or upgrades

Loan Amounts

$1000 – $100000

APR

3% to 36%

Terms

12 to 240 months

Fees

0% to 8%

Collateral

Typically secured by the property being improved

Application Process

Online application with credit check and property appraisal.

Personal Installment Loan

Loan Amounts

$1000 -$100000

APR

5%- 36%

Terms

6 to 72 Months

Fees

0%- 8%

Collateral

Depends on the lender

Application Process

Online Application

Secured Loan

Loan Amounts

Varies based on Collateral

APR

Varies based on Collateral

Terms

Varies based on Collateral

Fees

Varies based on Collateral

Collateral

Collateral required

Application Process

Online or in person

Unsecured Loan

Loan Amounts

$1000 to $100,000+

APR

5% – 36%

Terms

6 – 84 months

Fees

0% -8%

Collateral

No collateral

Application Process

Online application

Where This Product Stands Out

Consider BOK Financial personal loan for the following reasons:

  1. High Loan Amounts: BOK Financial offers personal loans up to $100,000, which is higher than many other lenders.
  2. No Origination Fees: BOK Financial does not charge any origination fees for personal loans, which can save borrowers hundreds or even thousands of dollars.
  3. Flexible Repayment Terms: BOK Financial offers flexible repayment terms for personal loans, ranging from 12 to 60 months. This allows borrowers to choose a loan term that fits their budget and financial goals.
  4. Quick Application Process: BOK Financial’s online application process for personal loans is fast and easy, and borrowers can receive a decision within minutes.

Where This Product Falls Short

Avoid applying for BOK financial personal loan because of the following reasons:

  1. Limited Availability: BOK Financial personal loans are only available in certain states, so borrowers who do not live in these states will need to consider other lenders.
  2. Strict Credit Requirements: BOK Financial has strict credit requirements for personal loans, so borrowers with less-than-perfect credit may not qualify for the best rates or loan terms.
  3. Limited Transparency: BOK Financial does not provide much information about their personal loan rates and terms online, which can make it difficult for borrowers to compare them to other lenders.
  4. Limited Branch Locations: BOK Financial has a limited number of branch locations, so borrowers who prefer to do business in person may not have easy access to a branch.
  5. Collateral Requirements: BOK Financial may require collateral for personal loans in some cases, which may be a drawback for borrowers who do not want to put up collateral.

How to Qualify for This Product

To qualify for a personal loan with BOK Financial, you must meet the lender’s requirements. Specific qualification criteria may vary depending on the loan product and individual borrower’s creditworthiness.  The following are some of the eligibility criteria:

Credit score:

A good credit score will enhance your chance of getting approved for BOK Financial personal loans. BOK Financial requires a minimum credit score of 680 to qualify for a personal loan.

Income

Regular income enhances your chances of getting approved for a BOK Financial personal loan. . If you have a regular income, such as from a full-time job or steady self-employment income, it indicates that you have a stable source of funds to repay the loan.

Employment:

Ensure you have a strong employment record; it enhances your chances of getting approved for a BOK Financial personal loan. You must have a stable job or a source of income for at least two years..

Debt-to-income ratio:

BOK Financial will evaluate your debt-to-income ratio to determine if you have the ability to repay the loan. Healthy debt-to-income (DTI) ratio can enhance of getting approved for a BOK Financial personal loan.

Residency:

Ensure you are a residency of one of the states where BOK Financial operates, which includes Oklahoma, Texas, Kansas, Missouri, Arkansas, and Colorado.

How to Apply for This Product

If you’re interested in applying for a personal loan from BOK Financial, you can apply online, by phone, or by visiting a physical branch location. The online application process is straightforward and can be completed in just a few minutes.

Follow the steps below:

  1. Visit the BOK Financial website: Start by visiting the BOK Financial website at www.bokfinancial.com.
  2. Navigate to the personal loans page by clicking on “Borrow” in the top menu bar, then selecting “Personal Loans” from the dropdown menu.
  3. Take your time to review the different personal loan options available from BOK Financial. Be sure to review the interest rates, fees, and repayment terms for each loan option.
  4. Start the application once you’ve chosen the loan that’s right for you, click on the “Apply Now” button to start the application process.
  5. Provide personal information such as your name, address, and Social Security number. You’ll also need to provide information about your employment status, income, and any other financial obligations you have.
  6. Submit your application for review and wait for BOK financials decision. . If you’re approved for a loan, you’ll receive details about the loan amount, interest rate, and repayment terms.

Several other documents required to complete the application process include:

  • Personal identification such as a driver’s license, passport, or state ID card to verify your identity.
  • Proof of income such as pay stubs, W-2 forms, or tax returns. This will help BOK Financial determine your ability to repay the loan.
  • Employment verification such as a letter from your employer or contact information for your HR department.
  • Bank statements
  • Proof of residence
  • Credit history to assess your creditworthiness.

Alternatives to This Product

Other lenders that offer personal loans with competitive interest rates and flexible repayment terms include:

SoFi is a reputable online lender that offers personal loans, student loan refinancing, mortgages, and investment services. SoFi stands out for its competitive interest rates, flexible repayment terms, and excellent customer service. Additionally, SoFi offers unique perks like career coaching and member events.

Marcus by Goldman Sachs is a well-known online lender that offers personal loans, savings accounts, and CDs. Marcus offers fixed-rate loans with no fees and flexible repayment terms. Marcus is also known for its excellent customer service and quick loan disbursement. However, Marcus may not be the best option for borrowers with low credit scores.

LightStream is a popular online lender that offers personal loans, auto loans, and home improvement loans. LightStream offers competitive interest rates, no fees, and fast funding. Additionally, LightStream offers a unique Rate Beat Program where they will beat a competitor’s rate by 0.10% if certain criteria are met.

Customer Reviews

BOK Financial has generally positive customer reviews, with many customers praising the lender’s variety of personal loan options, competitive interest rates and quick loan disbursement. Some negative reviews mention issues with customer service or difficulty with the application process. Visit websites such as Trustpilot, Consumer Affairs, or the Better Business Bureau to see what others have said about their experiences with BOK Financial’s personal loans. Keep in mind that individual experiences may vary, and it’s important to do your own research and make an informed decision.

Methodology

We reviewed BOKF bank personal loan based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Chase business loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.

Finally, we evaluated BOKF bank personal loan customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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