There are many options for finding debt consolidation loans, considering most major banks offer them. Bank of America also offers some debt relief and one form they do is the clean sweep debt consolidation loan.

This is actually a line of credit that Bank of America extends to those who qualify which you can use to pay off debts. This loan is specifically for those who need debt consolidation but there are some tricky things to it.

This loan offers a variable interest rate that can get as high as 25.49%, this is based on your own credit rating. If your debt is high than your interest rate is going to be high in paying back this credit line.

They charge you a 3% transaction fee anytime you need an advance. Every time you receive an advance the bank will restart your payment term - these terms can be up to 72 months in length.

You can borrow up to $25,000 to pay off debt and it is possible to get an interest rate of 9.40%. You don’t need any collateral for this loan and there are no pre-payment penalties either. There are no annual fees and you can get an answer within 15 minutes of applying for the loan. With a line of credit it’s a renewable income source as long as you pay down the principle

.With a variable rate though the bank can re-valuate it to go with the Prime Rate, so this can raise your interest rate significantly. They also reserve the right to change your fees and any other credit term at their discretion. The payment terms and amounts are only an estimate since these can change at any time. If you are late or don’t make a payment one month, your fees will be re-assessed with a minimum charge of $5 to no maximum limit added to your account. These fees will be added to what you owe and interest will be incurred on them.

Always check the fine print before getting into any deal with any bank even a reputable one. It may end up costing you more in the long run.