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Personal loans are flexible forms of funding that you can use for almost any purpose, including home renovation, debt consolidation and other big expenses. Several banks offer personal loans to qualifying consumers. You might be able to qualify for a personal loan anywhere from $1,000 to $100,000 with rates starting around 6%, depending on the bank.
Best Personal Loans From Banks
BEST FOR EXISTING U.S. BANK CUSTOMERS
U.S. Bank
APR range
8.24% to 24.99%
with autopay
Loan amounts
$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)
Depends on the area you live in
8.24% to 24.99%
with autopay
$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)
Depends on the area you live in
Why We Picked It
With a U.S. Bank personal loan you can gain quick access to funds for your one-time financing needs, whether that is consolidating your debt or covering a large expense. U.S Bank offers unsecured personal loans ranging from $1,000 to $50,000 to existing U.S. Bank customers (from $1,000 to $25,000 for noncustomers). Loan terms run between 12 and 84 months for customers (between 12 and 60 months for noncustomers).
U.S. Bank’s loans carry low interest rates that range from 8.24% to 24.99%, depending on your creditworthiness, which includes discounts for automatic payments. Borrowers with higher credit scores are more likely to qualify for interest rates on the low end of the spectrum. Similar to other top providers, U.S. Bank charges no origination fees, and there is no prepayment penalty, meaning you can always make loan payments before they are due.
Applying for a U.S. Bank loan is easy and can be done online; however, you must be a current U.S. Bank customer. Some customers may need to visit a U.S. Bank branch if additional information or documentation is required.
Pros & Cons
- 0.50% autopay discount if payments are made from a U.S. Bank checking or savings account
- Funding in as little as one day after approval
- Competitive rates for borrowers with excellent credit
- Must refinance at least $5,000
- Charges early closure fee if you close your account within one year
- Refinance loans only available in 26 states
Details
Overview: U.S. Bank is one of the largest banks in the country. In addition to banking, wealth management and business services, it also offers several lending products, including auto refinancing.
In order to qualify as a U.S. Bank customer, you must have a U.S. Bank checking account. Non-U.S Bank customers must apply in person. U.S Bank has branches in 26 states: Arkansas, Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.
Eligibility:
- Minimum credit score: 650
- Doesn’t disclose minimum income requirements
- Can apply with co-borrower
Loan uses:
- Medical bills
- Debt consolidation
- Home project
BEST FOR PEOPLE WHO LIVE ON THE EAST COAST
TD Bank
Minimum Credit Score
TD Bank does not disclose this information
TD Bank does not disclose this information
Why We Picked It
TD Bank offers fast funding on personal loans, also known as TD Fit Loans, from $2,000 to $50,000. You don’t have to be a TD Bank customer to apply, and you can apply online, over the phone or in person. Plus, you can check your rates online with no impact on your credit score.
Note: TD Fit Loans are available to residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
Pros & Cons
- Fast funding in as little as one business day
- No origination, application or prepayment fees
- Option to check personalized rates with no impact on your credit
- Only available in 15 states and Washington, D.C.
- Rate discount only available for TD Bank banking customers
- Late fees of 5% of minimum payment due or $10, whichever is less
Details
Eligibility: TD Bank does not disclose a minimum credit score to take out a loan. As with other lenders, you’ll need a strong credit score to get the lowest rates. We recommend a score of at least 670.
Loan uses: You can use TD Bank personal loans for just about any legal personal expense.
Turnaround time: If you’re approved, you’ll get your funds in as little as one business day.
BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS
Discover
Why We Picked It
Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.
In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.
Pros & Cons
- Option to pay off creditors directly
- No origination fees or prepayment penalties
- Directly pays creditors
- Charges late fees
- Low maximum loan amount
Details
Eligibility:
- Minimum credit score: 660
- Minimum household income: $25,000
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Medical bills
- Business expenses
- Home renovation
BEST FOR CURRENT WELLS FARGO ACCOUNT HOLDERS
Wells Fargo
APR range
7.49% to 23.24%
with autopay discount
7.49% to 23.24%
with autopay discount
Why We Picked It
Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as longest term offered by Wells Fargo, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.
Wells Fargo personal loans boast interest rates from 7.49% to 23.24% for customers who qualify for the 0.25% relationship discount. To qualify, you need to have a Wells Fargo checking account and make automatic payments from a Wells Fargo deposit account.
Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online. New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.
Pros & Cons
- Receive funds the next business day, if approved
- 0.25% discount when you enroll in autopay
- No origination fees or prepayment penalty
- Must have a Wells Fargo checking account to receive 0.25% discount
- New Wells Fargo customers will need to visit a branch to apply
- No option to prequalify
Details
Overview: Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online.
New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.
Eligibility:
- Doesn’t disclose minimum credit requirement
- Doesn’t disclose minimum income requirement
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Home improvement
- Medical bills
BEST FOR DEBT CONSOLIDATION
PNC Bank
Minimum Credit Score
PNC Bank does not disclose this information
PNC Bank does not disclose this information
Why We Picked It
PNC Bank offers unsecured, fixed-rate personal loans from $1,000 to $35,000 with annual percentage rates (APRs) starting around 7% and not exceeding 30% (rates may vary by zip code). You can apply online or in person at one of its more than 2,600 locations. Keep in mind, however, that your rates and terms will vary depending on where you live and your creditworthiness.
Pros & Cons
- Offers competitive APRs
- Doesn’t charge application or origination fees
- Allows you to apply with a co-borrower
- Charges a late payment fee
- Max amount you can borrow is low compared to other lenders
- Provides limited information on its website
Details
Eligibility: PNC Bank does not disclose a minimum credit score requirement, but it looks for borrowers with a history of on-time payments on their loans. We recommend a score of at least 670.
Loan uses: You can use personal loan funds for most legal personal expenses; however, they cannot be used to pay for post-secondary educational expenses or to refinance student loan debt.
Turnaround time: PNC Bank will review your application and make its final decision, typically within 48 hours.
BEST FOR EXISTING CITIBANK CUSTOMERS
Citibank
APR range
10.49% to 19.49%
with autopay
10.49% to 19.49%
with autopay
Why We Picked It
Citibank offers small personal loans for customers who have had a Citi deposit account for at least 12 months. You can submit your application online and get a response in less than 60 seconds.
Pros & Cons
- No origination, application or prepayment penalties
- Flexible repayment terms
- Funds may be sent within one business day
- Competitors have lower interest rates
- Loan amount limit is lower than other lenders
- Only available for existing Citi customers
Details
Eligibility: You must have a minimum annual income of $10,500 and meet Citi’s creditworthiness criteria (minimum excellent credit). To be eligible, you must also have had a Citi deposit account open for at least twelve months.
Loan uses: You can use your funds for almost any legal personal purpose. However, you can’t use them for postsecondary education.
Turnaround time: Once approved, you’ll receive your funds on the same day into your Citi account, and up to two business days for non-Citi accounts. You can also receive a check in approximately five business days.
Summary: Best Personal Loans From Banks
Methodology
We reviewed eight popular banks that offer personal loans based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best banks based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each bank accepts co-signers or joint applications and the geographic availability of the bank. Finally, we evaluated each bank’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Tips to Compare Personal Loans From Banks
If you’re on the hunt for a personal loan, it could be a good idea to inquire at your current bank, especially if it offers any perks for existing customers. Shopping around for a few additional loan offers, however, can help you find a personal loan with the best rates and terms.
Here are some loan features to review when comparing personal loans from banks:
- Interest rate. A lower interest rate will mean lower interest charges over the life of your loan. Compare rates from a few different banks to find a loan with the lowest costs of borrowing. In particular, focus on each loan’s annual percentage rate (APR), which includes both interest and fees.
- Fees. Keep an eye out for additional loan fees, such as origination, administrative or disbursement fees. Some lenders don’t charge any fees, whereas others charge an origination fee of 1% to 8% of your loan amount.
- Repayment terms. Find out how long you have to pay your loan back, since your term will directly impact your monthly payment and long-term interest costs. Personal loan terms often range from one to seven years, depending on the bank.
- Loan amounts. Each bank sets its own minimum and maximum borrowing limits, so look for one that can provide the funds you need. Some banks offer personal loans up to $100,000 while others max out at $50,000 or lower.
- Time to fund. Before borrowing, you might also find out how long it will take the bank to review your application and disburse your loan. Prioritize a bank with a fast funding time if you need funds right away.
- Restrictions on loan use. Ask the bank if there are any restrictions you need to know about on how you use your personal loan. For instance, banks often don’t want you to use a personal loan on postsecondary education expenses.
- Customer support options. A responsive customer service team can help your borrowing process go smoothly. Review the lender’s contact options before you borrow to make sure you can get in touch with a representative over the phone, email or web chat.
How Do Bank Loans Work?
Bank loans offer a lump sum of funding up front that you pay back over time. You can usually borrow anywhere from $1,000 to $50,000 or more and pay it off over one to seven years; some banks offer repayment terms as long as 10 years.
Interest rates tend to range from 6% to 36%. Borrowers with strong credit will qualify for more competitive rates, while borrowers with weaker credit will get higher rates.
Some banks require that you’re a customer to borrow, which may mean opening a checking account and making a small minimum deposit. However, not all banks require that you become a customer to borrow a personal loan.
If you’re an existing customer, you might qualify for bonus perks, such as a discount on your interest rate.
Bank Loans vs. Online Loans
Bank loans and online loans aren’t all that different. Both offer cash up front that you’ll pay back over time on a monthly basis.
However, banks may have brick-and-mortar locations, which you can visit if you prefer an in-person borrowing experience. Plus, some banks offer interest rate discounts and other perks to existing customers.
Online lenders, on the other hand, have the edge over banks in other ways. For instance, online lenders can often fund loans nationwide, whereas traditional banks may only lend in certain areas.
Most online lenders also make it easy to prequalify for a loan online, which can make the loan shopping process easier. Some banks offer prequalification, but not all of them.
Opting for an online loan might also make sense if you need a loan quickly, as some lenders can disburse funds the same day you apply. Online lenders may offer more competitive interest rates than banks, too, since they don’t have to cover the costs of operating physical locations.
Pros and Cons of Bank Loans
Before borrowing a personal loan from a bank, consider these pros and cons.
Pros
- Potential discounts for existing customers: Some banks will reduce your interest rate as a way of saying thank you for banking with them. Even a small discount on your rate can lead to significant savings over the life of your loan.
- Option to apply in person or online: If your bank has brick-and-mortar locations, you may get the choice of applying online or in person. This option may be appealing to consumers who want to interact face-to-face before borrowing a loan.
- High loan amounts: Some banks offer loans as high as $100,000 with flexible repayment terms.
Cons
- May not have the option to prequalify: Not every bank lets you prequalify with a soft credit check. You might have to formally apply before seeing your loan terms, which is more time-consuming and can ding your credit score by a few points.
- Can take longer to process your application: Banks may take longer to evaluate your application and disburse your personal loan compared to online lenders.
- APRs may be higher than online loans: Because many banks have to cover the costs of operating physical locations, they may charge slightly higher APRs than online lenders.
How to Get a Personal Loan From a Bank
When you borrow from a bank, you can often apply online or in person at a local branch. Here are the steps you’ll need to take to get a personal loan from a bank:
- Check your credit. Before you start applying, review your credit report from AnnualCreditReport.com so you don’t run into any surprises. Also check your credit score to see if you’re a competitive candidate for a loan. If your score is low, consider taking steps to improve it before you apply, such as paying down existing debt.
- Figure out how much you need to borrow. Use the Forbes Advisor personal loan calculator to estimate your monthly payments and total interest charges. Be careful not to borrow more than you can afford.
- Prequalify, if possible. Some banks let you prequalify, allowing you to check your rates with no impact on your credit score. This prequalification option makes it easy to shop around and compare loan offers to find the best rates and terms.
- Select a loan and submit a formal application. If you want to move forward with a loan, you’ll submit a full application. You’ll need to provide personal details and upload documentation to verify your income and other information. At this point, the lender will run a hard credit inquiry to check your credit profile, which has a temporary negative impact on your score.
- Receive your loan funds. The bank will likely deposit your personal loan directly into your bank account. You’ll start paying your loan back on a monthly basis on the agreed-upon term.
Next Up In Personal Loans
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