Best Personal Loans From Banks

Get the most bank for your buck with these personal loans from banks

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Miranda Marquit has been writing about money for The Balance since 2017. She's contributed to Forbes, Marketwatch, NPR, and other media outlets.
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Miranda Marquit
Updated November 26, 2020

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:

Bank Why We Picked It Lowest Fixed APR Loan Minimum Loan Maximum
Wells Fargo Best Overall 5.74% $3,000 $100,000
Marcus Runner-Up 6.99% $3,500 $40,000
TD Bank Best for Small Loans 6.99% $2,000 $50,000
Lightstream Best for Home Improvement Loans 2.49% $5,000 $100,000
OneMain Financial Best for Lower Credit Scores 18.00% $1,500 $20,000

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.

Wells Fargo: 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% with 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.

What We Like

  • High borrowing limit of $100,000

  • No origination fee

  • Online application with potential for next-day funding

What We Don't Like

  • No option for those with lower credit scores

  • Minimum requirement of $3,000 isn’t appropriate for smaller needs

Wells Fargo Personal Loan Details

Loan Amounts $3,000-$100,000
Fixed APR 5.74%-24.49% with autopay
Loan Terms 12-84 months
Fees None
Time to Receive Funds Next business day

Marcus: Runner Up

Marcus by Goldman Sachs

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.

What We Like

  • No late fees

  • No-interest payment-deferral option

What We Don't Like

  • Fewer term-length choices, limiting borrowers to three- to six-year terms

  • No options for those with poor credit

Marcus Personal Loan Details

Loan Amounts $3,500-$40,000
Fixed APR 6.99%-19.99%
Loan Terms 36-72 months
Fees None
Time to Receive Funds 1-4 business days

Read the full review: Marcus Personal Loans

TD Bank: 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.

What We Like

  • Low APR starting at 6.99%

  • High loan maximum of $100,000

  • Small loans available down to $2,000

What We Don't Like

  • 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 Amounts $2,000-$50,000
Fixed APR 6.99%-21.99%
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

Lightstream: Best for Home Improvement Loans

LightStream logo

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.

What We Like

  • Low APR starting at 2.49%

  • High loan maximum of $100,000

  • Ability to pay back over 12 years for certain types of loan

What We Don't Like

  • 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

Loan Amounts $5,000-$100,000
Fixed APR 3.99%-19.99% with autopay
Loan Terms 24-144 months
Fees None
Time to Receive Funds Up to 30 days

Read the full review: LightStream Personal Loans

OneMain Financial: 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.

What We Like

  • Options for those with lower credit scores

  • Ability to borrow a smaller amount

  • Secured and unsecured options

What We Don't Like

  • 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 Amounts $1,500-$20,000
Fixed APR 18.00%-35.99%
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

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:

  • Name
  • Address
  • 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.

Compare Personal Loan Rates With Our Partners at Fiona.com

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. TD Bank. "Personal Loans." Accessed November 26, 2020.