• LOAN AMOUNT RANGE: Express Personal Loans: $35,000 - $100,000 Auto Loans: $5,000 Home Equity Lines of Credit: $50,000 Home Equity Loans: $10,000 - $125,000 Mortgage Loans: up to $840,000
  • APR RANGE: 2.615% - 29.99%
  • FUNDING TIME: Same-day funding
  • LOAN TERMS: 12-72 months or 10-30 years depending on the loan
  • MIN. CREDIT SCORE: 700
  • FEES: No penalty or startup fees. Late payment fees are charged. Some loans require a $75 annual fee.

BBVA Compass Reviews, Loan Amounts, Alternatives [Reviewed in 2021]

Fact-checked
  • LOAN AMOUNT RANGE: Express Personal Loans: $35,000 - $100,000 Auto Loans: $5,000 Home Equity Lines of Credit: $50,000 Home Equity Loans: $10,000 - $125,000 Mortgage Loans: up to $840,000
  • APR RANGE: 2.615% - 29.99%
  • FUNDING TIME: Same-day funding
  • LOAN TERMS: 12-72 months or 10-30 years depending on the loan
  • MIN. CREDIT SCORE: 700
  • FEES: No penalty or startup fees. Late payment fees are charged. Some loans require a $75 annual fee.

Best For

Achieving Individual Financial Goals

STRENGTHS

  • Competitive interest and APR rates
  • No origination fees
  • No collateral needed
  • Quick and easy initial application that only involves a soft pull
  • Different loan product options available

WEAKNESSES

  • Borrowers with a good credit score are more likely to get approved for loans
  • Existing BBVA clients have a clear advantage

BBVA USA (BBVA Compass) is a bank holding company that supports clients in achieving their individual financial goals. Founded in 1964, it was recognized as one of the best small business lenders by the SBA (Small Business Administration) in 2015.

Most BBVA Compass reviews online give a broad overview of the company and its services, but in our review, we’d like to take a closer look at BBVA Compass’ loan products to help you decide whether its services are worth considering in your case. We will be looking at the following factors:

  • BBVA Loan Features and Products
  • Eligibility Criteria and Requirements
  • Application Process
  • Pros and Cons
  • BBVA Compass Bank Reviews and Testimonials
  • FAQs

Formerly known as Compass Bancshares, the company became a wholly-owned subsidiary of BBVA in 2007. After the acquisition, BBVA Compass has been rebranded to BBVA USA (in this review we’ll use the two names interchangeably).

BBVA Loan Features and Products

BBVA offers an array of services that include checking, savings, credit cards, lending, mortgages, and investments. Here are the loan options that the company offers:

  • Express Personal Loans
  • Auto Loans
  • Home Equity Lines of Credit
  • Home Equity Loans
  • Mortgage Loans

One of the best features of BBVA’s express personal loans is that they can be used to consolidate debt fast. Furthermore, it features competitive low-interest rates and low monthly installments. Let’s have a closer look at some of the other key features:

Expected Loan Amount

Depending on which type of loan you apply for, you can expect the following loan amounts:

  • Express Personal Loans: up to $35,000 (or up to $100,000 when you apply at a branch)
  • Auto Loans: up to $5,000
  • Home Equity Lines of Credit: up to $50,000
  • Home Equity Loans: between $10,000 and $125,000
  • Mortgage Loans: up to $840,000

Candidates with a good credit score are more likely to receive a higher loan amount.

APR

Clients can expect the following APR percentages depending on the loan product:

  • Express Personal Loans: fixed APR between 5.99% and 29.99%
  • Auto Loans: fixed APR rates starting at 5.24% and 6.74%
  • Home Equity Lines of Credit: as low as 2.99% (maximum cap of 18%)
  • Home Equity Loans: fixed rates ranging between 4.04% and 9.09%
  • Mortgage Loans: fixed rates ranging between 2.615% and 3.166%

While writing our BBVA Compass review, we’ve discovered that the above APR rates are quite competitive compared to other loaning services. They are based on The Wall Street Journal’s Prime Rate with an added margin as indicated in your credit agreement. The lowest APR rates are applicable to candidates with the best credit scores.

Loan Term

Loan terms for the following products are:

  • Express Personal Loans: 12-72 months
  • Auto Loans: 12-72 months
  • Home Equity Lines of Credit: up to 20 years
  • Home Equity Loans: confirmed in the agreement
  • Mortgage Loans: 10-30 years

Fees and Penalties 

If you pay on time, you won’t pay any penalties. A small fee is charged for late payments. There are no prepayment penalties if the clients pay off their loans before the term ends.

An annual fee of $75 is charged for HELOC loans as well as with every fixed-rate loan taken. This fixed fee isn’t applicable in the state of Texas.

Interest Rates

Interest rates depend on a few factors and are fixed. It will be presented to the client after the loan amount has been approved.

Other BBVA Compass loan reviews fail to mention the added benefit when applying for a HELOC loan from this service. You can get up to 1% discount on interest rates when you take an initial advance 15 days after closing.

Unsecured or Secured

Personal loans are unsecured which means no collateral is needed. When a HELOC loan is taken out, it is automatically a secured loan since your home becomes the collateral.

Approval and Funding Time

BBVA customers can receive same-day funding. Once the application has been completed and approved, the loan amount can be debited into your account on the same day.

Personal Loan Features

Your BBVA loan can be used to consolidate debt, fund recreational events, pay medical expenses, or pay for other private needs. When you decide to use your loan for debt consolidation, the interest rate will depend on individual circumstances. Term lengths are flexible, which allows customers to pay off their loans faster and avoid added interest costs.

Together with low APR and interest rates, all loans come with expert BBVA Compass customer service. All clients have access to the award-winning BBVA Mobile Banking app.

Payment Methods

Payments can be made effortlessly through the mobile banking app or using an automated monthly debit payment. Alternatively, you can make payments at a BBVA branch or via mail.

What Is the BBVA Compass Eligibility Criteria?

All loans from BBVA are subject to eligibility. Your eligibility will be determined once you start the application process.

No matter what your credit score, anyone can apply for a loan with BBVA. It is most likely, however, that only those with good credit scores will be approved. A good credit score is between 700 and 750. The better your credit score, the lower APR and interest rates you’ll receive.

If you are an existing BBVA bank member, you have the opportunity to receive same-day BBVA Compass payment funding.

Those who have been declined by BBVA over the last 6 months for an unsecured loan aren’t eligible. Applicants with two or more active term loans with BBVA aren’t eligible either.

Application Process

The application process is quick and easy. Here is a step-by-step guide:

Step 1: 

First, you can apply for a ‘Check My Rate’ calculation. This tool allows you to see an estimate of your APR rates, loaning, and installment amounts. Fill in your personal information, SSN (Social Security number), age, and annual income.

Anyone can apply for this calculation as it uses a soft pull to check your credit report and doesn’t affect your credit score.

Step 2: 

Based on the information provided by the applicant, BBVA will show you what estimated loan amount, loan term, APR rate, and monthly installment plan you qualify for.

Step 3: 

Review this estimation and pick the right kind of loan option and loan term for you. Instead of a personal loan, you might want to consider a BBVA secured credit card.

Step 4: 

Once you’ve decided on the product, loan term, payment date, and monthly installment. You can accept the company’s disclosures, credit authorization, and consumer pricing information. BBVA will do a hard pull of your credit score from leading credit bureaus.

Step 5: 

Receive the final approval and funding. Contact BBVA Compass customer service for any further clarifications or questions.

Step 6:

Receive same-day funding into your BBVA checking account.

Pros & Cons

In order to provide complete transparency in our BBVA Compass review, we’ve compiled a list of the most relevant pros and cons:

PROS 

  • Competitive interest and APR rates
  • No origination fees
  • No collateral needed
  • Quick and easy initial application that only involves a soft pull
  • Different loan product options available

CONS

  • Borrowers with a good credit score are more likely to get approved for loans
  • Existing BBVA clients have a clear advantage

Customer Reviews

Since it was founded in the early 1960s, BBVA has been receiving recognition for its credibility and good service. Money Magazine put the company on their Best Banks in America 2015-16 list and recognized it as the best regional bank in the West and South with the best mobile banking app. In 2016, it was named North America’s Best Digital Bank by Euromoney magazine.

Most BBVA Compass complaints focus on the limited branch locations, bad in-branch customer service experiences, and minimum support for COVID-19 relief. Overall, the company gets high ratings when it comes to product features, accessibility online, and ease of use.

Let’s look at BBVA compass reviews and ratings from consumer review websites:

BankRate.com – 3.4-star rating

ConsumerAffairs.com – 3.7-star rating

NerdWallet.com – 4-star rating

Indeed.com – 4.2-star rating

Privacy & Security Policy

BBVA is committed to protecting its clients’ personal information. They have a strict privacy policy that can be viewed here.

Alternatives

Applicants with low credit scores might want to consider an alternative option. LendingPoint and CapitalOne offer great personal loan solutions for those with low credit scores. Let’s see how they compare to BBVA.

BBVA Compass vs Capital One

CapitalOne requires a minimum credit score of 570 or higher for you to be eligible for a personal loan. Even though this is much less than BBVA’s minimum requirement, BBVA gives much better interest rates. CapitalOne’s APR rates start from 15.49% compared to BBVA’s 2.615%.

BBVA Compass vs LendingPoint

LendingPoint’s minimum credit score requirement is 580 with APR rates as high as 35.99%. Compared to what BBVA reviews say, LendingPoint rates high in that credit borrowers with bad credit scores receive approval and same-day funding. BBVA still wins the race with its competitively low APR rates.

Wrap Up

Because BBVA is a banking company, it has all the tools, expertise, and know-how on financial matters. It is clear that BBVA members get the most perks in that they can receive same-day funding and get discounted interest fees.

The service is highly recommended in many positive BBVA Compass reviews. As a member of the FDIC, BBVA is a great service to consider when you want to consolidate debt or obtain a large home loan, especially if your credit score is good.

FAQ

Can you See Pending Deposits on BBVA Compass?

Yes, with the BBVA mobile banking app you can review pending and past transactions.

What is the BBVA Compass ATM Daily Limit?

The BBVA Compass ATM withdrawal limit is $1,000 with a purchase daily limit of $10,000.

Does BBVA Compass Have Mobile Deposit Options?

Yes, clients can pay bills and transfer funds through the BBVA award-winning mobile app. The easy-to-use mobile app has many features and has received plenty of positive BBVA Compass reviews.

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