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When you’re looking for money in a pinch, a personal loan can help. Personal loans can be used for almost any purpose, and come with a range of terms that are likely to fit your needs. Personal loans are often available through different lenders, including credit unions and banks.
Getting bank personal loans may be easy for consumers who just want to use their personal bank to borrow. Additionally, some banks offer good deals even for those who aren’t customers. We took a look at interest rates, loan amounts, credit score requirements, and considered different scenarios to come up with this list of best personal loans from banks:
Best Personal Loans From Banks
Secured loans are not common and therefore not listed in detail in this article. However, we make note of any banks that provide secured loans.
Best Overall : Wells Fargo
Wells Fargo offers several options for personal loans, including loan terms as short as 12 months and as long as 84 months. On top of that, the rate is competitive at 5.74% including a 0.25% discount offered to autopay customers with a Wells Fargo checking account. Additionally, there are no fees for a Wells Fargo personal loan and you can borrow up to $100,000, an amount that can accommodate a variety of needs including home repairs and renovations. Wells Fargo offers secured loans, too. All of this flexibility makes it one of the best banks for personal loans.
High borrowing limit of $100,000
No origination fee
Online application with potential for next-day funding
No option for those with lower credit scores
Minimum requirement of $3,000 isn’t appropriate for smaller needs
Wells Fargo Personal Loan Details
|Fixed APR||5.74%-19.99% with autopay|
|Loan Terms||12-84 months|
|Time to Receive Funds||Next business day|
Runner-Up : Marcus
Marcus is backed by Goldman Sachs and offers competitive rates starting at 6.99% APR. While not as flexible as Wells Fargo, Marcus still offers multiple benefits for qualified borrowers. You can get between $3,500 and $40,000 in loans, which works for those with small to medium-sized borrowing needs. There are no fees and loan terms range from 36 to 72 months. One feature is the ability to skip a month’s payment after you make 12 consecutive full and on-time payments—with no additional accrual of interest. If you use a Marcus loan to pay off credit cards, Marcus will pay your credit cards directly.
No late fees
No-interest payment-deferral option
Fewer term-length choices, limiting borrowers to three- to six-year terms
No options for those with poor credit
Marcus Personal Loan Details
|Loan Terms||36-72 months|
|Time to Receive Funds||1-4 business days|
Read the full review: Marcus Personal Loans
Best for Small Loans : TD Bank
If you’re looking for a smaller loan, TD Bank offers loans in amounts as low as $2,000 with an APR as low as 6.99%. TD loan is a great option for small loans because it offers them with relative low rates as compared to some other smaller loan lenders. TD Bank offers loans of up to $50,000 and terms of 36 to 60 months.
TD personal loans are available to residents of CT, NJ, DE, NY, Washington, D.C., NC, FL, PA, ME, RI, MD, SC, MA, VT, NH and VA.
Low APR starting at 6.99%
Small loans available down to $2,000
Not available in all states
May be unavailable to those with lower credit scores
Maximum is only $50,000
TD Bank Personal Loans Details
|Loan Terms||36-60 months|
|Fees||Late fee of 5% of the minimum due or $10, whichever is less.|
|Time to Receive Funds||Next business day|
Best for Home Improvement Loans : LightStream
LightStream is a division of SunTrust bank and offers loans of up to $100,000 and has some of the lowest rates available, starting at 2.49% APR. Additionally, the lender provides loans with repayment terms of up to 144 months exclusively for home improvement projects, including pools and solar panels. Loans for debt consolidation, education, medical expenses, and timeshares have a maximum repayment term of 84 months.
Low APR starting at 2.49%
High loan maximum of $100,000
Ability to pay back over 12 years for certain types of loan
Higher minimum borrowing requirement of $5,000
No special options or programs for people with lower credit scores
Lowest APR not available for credit card consolidation
LightStream Personal Loan Details
|Fixed APR||2.49%-19.99% with autopay|
|Loan Terms||24-144 months|
|Time to Receive Funds||Up to 30 days|
Read the full review: LightStream Personal Loans
Best for Lower Credit Scores : OneMain Financial
OneMain Financial specializes in offering loans of between $1,500 and $20,000 for those with lower credit scores. Interest rates on these bank personal loans start at 18.00%, and terms range from 24 to 60 months. Because borrowers with lower credit scores present more risk to the lender, OneMain's rates are higher than the other lenders on this list.
Options for those with lower credit scores
Ability to borrow a smaller amount
Secured and unsecured options
High interest rates, starting at 18.00% APR
Must complete loan documentation in a branch location
No autopay discount
Origination and late fees
OneMain Financial Personal Loan Details
|Loan Terms||24-144 months|
|Fees||Origination fees of $25-$400 or 1%-10% and late payment fees of $5-$30 or 1.5% or 15%, depending on the state.|
|Time to Receive Funds||
Within one business day
Read the full review: OneMain Financial Personal Loans
|Bank||Lowest Fixed APR||Loan Minimum||Loan Maximum|
Best for Small Loans
Best for Home Improvement Loans
Best for Lower Credit Scores
What Should I Look For in a Bank Personal Loan?
Review your needs before moving forward. Consider what kind of interest rate you can get based on your credit score. If you qualify for a loan with a lower rate, consider how much you need to borrow and the loan limits. For those who value convenience, it also makes sense to consider if you can complete the entire application online or if you’ll need to visit a branch.
Bank vs. Credit Union vs. Lender for Personal Loans
When you get bank personal loans, you can often get discounts on the rate if you’re already a customer and choose autopay. Also, you usually don’t need to be a customer to get personal loans from a bank. On the other hand, credit unions typically require you to be a member to access loans.
Finally, you can also look for personal loans from online platforms like Upstart. Some websites that compare the best personal loans, and you can review the terms and rates and then decide what’s likely to work best for you. In some cases, the best deals might come from an online lending platform instead of a bank or credit union.
How to Get a Personal Loan From a Bank
When getting personal loans from banks, you generally need to provide the following information:
- Phone number
- Proof of income or employment
- Social Security number
- Birth date
Verify which documents you need before moving forward with an application. This will save you time in the long run and ensure you have everything you need before you apply.
How We Chose the Best Personal Loans From Banks
We looked at information from 20 banks and compared interest rates, terms, and credit criteria. Additionally, we considered different circumstances that consumers might be in, including the need for varying loan amounts or different credit situations.