Best Banks for Personal Loans

If you’re looking for a new bank as well as a personal loan, you could consider switching to U.S. Bank. There are perks if you do: U.S. Bank offers faster approval and funding than many lenders, and the maximum loan amount and repayment terms are some of the best on the market. Its rates, starting at 8.74%, are also competitive. Based in Minneapolis, U.S. Bank has branches in 27 states and online banking nationwide.

If you’re already a U.S. Bank customer, the bank’s personal loans have some of the most attractive terms on the market. Customers with a credit score of 660 or greater may even get their funds within a few hours. This is a relatively low credit score requirement, ideal if you need funds quickly and don’t have a perfect credit history.

If you already have a U.S. Bank checking account, you’ll likely want to choose its personal loans, as well. Existing customers get the best rates and the fastest funding, often receiving their loan money within hours.

Headquartered in San Francisco, Wells Fargo is one of the largest banks in the country. Wells Fargo offers personal loans that provide a wide range of loan terms, but borrowers should be aware of the company’s past mismanagement across its student loan, mortgage, auto loan and deposit account lines of business. While settling the matter with federal regulators, Wells Fargo described the allegations as “behind” them.

If you prefer to apply for a loan in person at a traditional bank, Wells Fargo has branches across the country. It also offers the highest maximum loan amount on our list at $100,000, more than double some other lenders.

Wells Fargo is for those who prefer to do business in person. With more than 7,000 locations in 38 states, you can bank in person throughout the U.S.

Although TD Bank Group is based in Toronto, its U.S. banking arm offers plenty of banking products, including personal loans. While amounts are fairly generous, up to $50,000, TD Bank offers a relatively narrow window of repayment terms of 36 to 60 months. Its rates are competitive, with a range from 8.99% to 23.99%. Unfortunately, only borrowers in 15 states, primarily those on the East Coast, and Washington, DC., can apply for a TD Bank personal loan.

T.D. Bank is designed for borrowers in the mid-Atlantic region, and its personal loans offer funding within one business day and preapproval without a hard credit check. Interest rates are comparable to other lenders, and borrowers don’t have to worry about prepayment penalties or origination fees. Borrowers can, however, incur a late fee, $10 or 5% of the minimum payment due, whichever is less.

If you live in one of the states where TD Bank offers services, you might enjoy their convenient hours. Its tagline is “America’s Most Convenient Bank” because they have longer hours than most banks and are even open on Sundays.

Born and based in New York City, Citibank is a national lender that offers banking and lending products to customers across the country. Citibank doesn’t charge fees for its personal loans, but the starting interest rate is higher than other providers at 11.49%. The most you may borrow is $30,000, and you’re not allowed to spend the money on post-secondary education or business.

Unlike some other lenders on this list, Citibank does not charge late fees, so if you’re prone to forgetting payments, you may be well matched with a Citibank loan. Further, if you sign up for automatic payments, you can qualify for an interest rate discount.

Citibank is for the borrower with decent credit seeking discounts. While the starting interest rate is a bit higher than other lenders, the discounts can help offset that expense. Since it also doesn’t charge any fees, you won’t be hit with surprise costs with repayment.

Headquartered in Pittsburgh, PNC Bank is a national bank that offers both personal loans and a personal line of credit. PNC’s personal line of credit option for borrowers can be more versatile than a standard personal loan, but its starting APR of 16.25% is higher than many personal loans. A line of credit allows you to borrow what you need, up to your approved maximum, whereas a personal loan is a lump sum. The PNC personal line of credit amount range is between $1,000 and $25,000, so if you need a larger amount, a personal loan might be a better bet.

While its maximum loan amount doesn’t match other major banks, PNC does offer a banking hardship program if you temporarily can’t afford your payments. This can help borrowers avoid late payments or going into default if they lose their job or have a medical emergency. Please note that loan amounts, terms and rates may vary by location.

PNC is for the borrower who is not sure how much they need upfront. For example, someone who is remodeling a kitchen and doesn’t yet know the full cost of the project. The line of credit makes it possible to only withdraw what you need and only pay interest on what you use.