When it comes to current clients with excellent credit scores—including those with a score of 690 and higher—bank loans can offer low interest rates and large borrowing amounts.
The products listed here, many or all of them, are from our partners, who pay us. This could affect the products we write about as well as where and how they show up on a page. However, this does not influence our evaluations. Our opinions are our own. This is our revenue model and a list of our partners.
A bank loan is a type of personal loan that you obtain from a bank as opposed to a credit union or an internet lender. Either a smaller local bank or a major national bank may issue it.
Personal loan rates from banks can begin as low as 6% and bank loan amounts can reach as high as $100,000. Not all banks have this requirement, but some do, in order to qualify for a personal loan.
Here are the best banks offering personal loans. Additionally, find out about bank loan rates, qualifying requirements, and loan options.
Why should I trust NerdWallet? The editorial staff of NerdWallet has compared and evaluated over 35 personal loan providers to identify the best bank loans. Weve selected these lenders primarily based on their star ratings. We’ve highlighted the best features of each bank lender because some lenders are better suited for particular borrowers or uses.
Our top picks of timely offers from our partners
There are several methods you can use to apply to a lender for a personal loan. You can apply for a loan through a large bank, check out some smaller financial institutions, or use a peer-to-peer lending website.
CNBC Select assessed personal loans from several large banks. We examined important elements such as interest rates, costs, loan amounts, and available terms, in addition to extras like customer support, autopay discounts, fund distribution, and how quickly you can receive your money. (Read more about our methodology below. ).
Best personal loans from big banks
This tool is provided and powered by Engine by MoneyLion, a search and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Engine by MoneyLion and it may use this information in accordance with its own privacy policies and terms of service. By submitting your information, you agree to receive emails from Engine by MoneyLion. Select does not control and is not responsible for third party policies or practices, nor does Select have access to any data you provide. Select may receive an affiliate commission from partner offers in the Engine by MoneyLion tool. The commission does not influence the selection in order of offers.
- Annual Percentage Rate (APR)5. 99% to 28. 74% APR (0. 25% APR discount when you sign up for autopay).
- Loan purposes include debt consolidation, home renovation, marriage, relocation and moving, or vacation
-
Loan amounts
$1,000 to $35,000
-
Terms
Up to 60 months
-
Credit needed
Not disclosed
-
Origination fee
None
-
Early payoff penalty
None
-
Late fee
10% of the payment or $40, whichever is greater
- No origination fees, no early payoff fees
- Fixed rate APR
- Flexible repayment terms
- Loan amounts start at $1,000
- No collateral needed
- Charges a late payment fee
- Financing is not the quickest—it can take up to ten business days.
- Rates and terms can vary based on your ZIP code
PNC Bank provides personal loans without the requirement for collateral. Who is this for? Although there are numerous applications for this loan, a personal loan from this lender cannot be used to pay for education or to refinance student loan debt.
Although the rate and terms you receive will vary depending on your location, PNC Bank offers the lowest interest rate range on the list (you can enter your ZIP code on their website to get an idea of what the rates in your area are like) Additionally, to improve your chances of being approved for the lowest rate, you should ensure that your credit score is within a healthy range.
Applying for this loan with good credit also gives you the chance to have a longer repayment period. PNC Bank offers terms as long as 60 months. In general, you are more likely to have a longer repayment period the higher your credit score is. If you would rather have smaller monthly payments, this can give you some flexibility (although you will pay more interest over time)
There are no upfront or origination costs, but late payments will result in a $40 fee.
Best for smaller loans
-
Annual Percentage Rate (APR)
7.99% to 17.99% APR
- Loan purposes include debt consolidation, home renovation, financing for auto repairs, medical costs, and more.
-
Loan amounts
$600 to $50,000
-
Terms
1 to 5 years
-
Credit needed
Good/Excellent
-
Origination fee
None
-
Early payoff penalty
None
-
Late fee
$29
- Credit union membership available to anyone
- Loans as low as $600
- Can pick up a physical at a branch
- May apply with a co-borrower
- Funds come as a physical check
- Funds must be received by members; application does not require membership.
- To receive your money the following day, you must pay for expedited shipping.
- Maximum loan amount of $50,000
- Late fee of $29
Whos this for? PenFed is a federal credit union that anyone can become a member of. It provides a number of personal loan options for debt consolidation, home improvement, medical expenses and auto financing, to name a few.
While most lenders require a $1,000 down payment, PenFed offers $600 loans with terms varying from one to five years. Although you don’t have to be a member to apply, in order to get your money, you must register for a PenFed membership and maintain $5 in an eligible savings account.
PenFed loans are a viable choice for individuals who require small-scale loans. However, you should be aware that you will only get your money in the form of a paper check. You can pick up your check straight from the bank if you can make it to a nearby PenFed location. If you don’t live near a branch, though, you’ll need to pay for expedited shipping in order to receive your check the following day.
Interest rates can range from 4. 99% to 17. 99% of applicants, but not all of them, will be eligible for the lowest rate. PenFed also doesn’t give a discount for using AutoPay to make monthly payments, in contrast to the majority of other lenders.
Best for quick approval
-
Annual Percentage Rate (APR)
6.91% to 19.97%
-
Loan purpose
Debt consolidation, home improvement, moving costs, wedding or vacation
-
Loan amounts
$3,500 to $40,000
-
Terms
12 to 36 months
-
Credit needed
Not disclosed
-
Origination fee
None
-
Early payoff penalty
None
-
Late fee
$39
- No origination fees, no early payoff fees
- Same-day decision in seconds (in most cases)
- Option to pay creditors directly
- Funds can be disbursed via direct deposit
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
- Only American Express cardholders can apply
- Payment due date cannot be changed
- American Express credit card balances cannot be settled with funds.
For whom is this appropriate? American Express Personal Loans are a quick and easy choice for those who require approval right away (they will respond to your application in a matter of seconds provided no further information is required). The one disadvantage of this is that applying for the loan will require you to already have an American Express card. Additionally, there are no origination or prepayment fees; however, there is a $39 late payment fee.
The fixed interest rates that are available can vary from 6 91% to 19. 97%. Of course, you’ll probably be offered a lower interest rate and other more advantageous loan terms if your credit score is higher.
The loan can be used for a variety of purposes, such as debt consolidation, debt relief, home renovation, wedding, and moving expenses. Please note that you are not eligible to use this loan to settle any American Express credit card debt. Additionally, you are not permitted to use the money for down payments on vehicles, real estate, businesses, securities, or post-secondary education costs.
Funds are typically disbursed within three to five business days.
Best for next-day funding
-
Annual Percentage Rate (APR)
7.99% to 24.99%
-
Loan purpose
Debt consolidation, home improvement, wedding or vacation
-
Loan amounts
$2,500 to $40,000
-
Terms
36, 48, 60, 72 and 84 months
-
Credit needed
Good
-
Origination fee
None
-
Early payoff penalty
None
-
Late fee
$39
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- There are seven ways to pay, ranging from mailing a check to using an app or phone.
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
Whos this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. While there are no origination fees, Discover does charge a $39 late fee if you dont make an on-time payment each month.
You can lock in a fixed APR at 5. 99% to 24. 99%, depending on your credit report. Since Discover doesn’t impose prepayment penalties, you can reduce interest over the course of the loan by making additional payments in the same month.
Discover can pay your creditors directly if your debt consolidation loan application is approved. To enable Discover to transfer the funds directly to the credit card accounts, all you need to do is link the accounts, specify the amount you want to pay, and supply the payment address details.
If your application was submitted correctly and the loan was funded on a weekday, you could get your money as early as the following business day. If not, your funds will be released to you within a week of approval.
Best for secured loan options
-
Annual Percentage Rate (APR)
8.99% – 18.00% APR
-
Loan purpose
Debt consolidation, home improvement, auto repairs, vacations and more
-
Loan amounts
$250 to $50,000
-
Terms
Up to 180 months (varies depending on the loan type)
-
Credit needed
Not disclosed
-
Origination fee
None
-
Early payoff penalty
None
-
Late fee
$29
- Loans as low as $250 and as high as $50,000
- No origination fees or prepayment penalties
- May apply with a co-borrower
- Available in all 50 states
- Not everyone is eligible to join; you must be a family member of someone who falls into one of these categories, an active military member, a veteran, an employee or retiree of the Department of Defense, or both.
- Minimum APR is on the higher end
- Late fee of $29
- You can only apply in person or over the phone for a home improvement or debt consolidation loan.
For whom is this intended? Navy Federal Credit Union offers competitive personal loan options to its members; to be eligible, you must be an active duty member of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force. Members of these positions’ families are also eligible to join. For additional details on eligibility, go to the Navy Federal Credit Union website.
This lender provides five distinct loan options, each with a unique funding amount, terms, and interest rate range. Since the personal expense loan can be used for any major expense, it is a flexible funding option. Just $250 is required as a minimum funding amount, and $50,000 is the maximum.
Savings secured loans and certificate secured loans are the two types of secured loan options that Navy Federal Credit Union provides. The funds in your Navy Federal savings account are used as collateral for the savings secured loan. Terms range from 61 to 80 months.
The amount in your certificate account secures the certificate pledged loan option. Both the loan amount and the loan terms cannot go above the balance on the certificate.
How do personal loans work?
Personal loans are a form of installment credit. A personal loan can be used for a variety of purposes, such as debt consolidation, home improvements, weddings, vacations, and medical costs.
The majority of loan terms vary from six months to seven years. The longer the duration, the less each month you will have to pay. Just bear in mind that longer loan terms will result in higher interest payments over the loan’s life.
The money from your personal loan will be deposited straight into your checking account after it has been approved. On the other hand, if you choose a debt consolidation loan, your lender may occasionally settle your credit card accounts directly.
Interest charges will be added to your principal payment on a monthly basis. Sometimes you can pay off the loan earlier, but make sure to find out if there are any early payoff or prepayment penalties assessed by the lender.
The credit line closes and you are no longer able to access it once your personal loan has been paid off.
What is a good interest rate on a personal loan?
The average personal loan APR is slightly higher than 2010%, and the average credit card interest rate is almost 2020%.
Since most personal loans have fixed-rate annual percentage rates, your monthly payment will remain constant for the duration of the loan. You can occasionally get a personal loan with a variable rate, but this means that your interest costs could go up or down from where they started.
How is my personal loan rate decided?
Typically, a combination of your income, credit history, and credit score—as well as the size and term of the loan—determine your interest rate.
Remember that lenders are looking for trustworthy borrowers who pay on time, so you may be able to get a lower interest rate with a higher credit score or a higher interest rate with a lower credit score. Naturally, getting the lowest interest rate possible is the aim here.
What is a loan term?
The entire period of time you have to repay the loan is known as the loan term. Typically, personal loan terms span from six months to seven years. Generally speaking, interest rates are higher and monthly payments are smaller for longer terms. When choosing the ideal loan term for you, bear this in mind.
How big of a personal can I get?
There are many different loan amounts available from lenders, ranging from $250 to $100,000. In general, it’s best to apply for as little money as necessary. You will be required to repay the entire loan amount plus interest, so before you apply, think about how much you can afford to pay each month.
In addition to being a useful tool for covering major costs, personal loans are also popular because their interest rates are typically lower than those of credit cards. When choosing which loan product is best for you, as with any financial product, it’s crucial to do your research to ensure that you accept the terms being offered and that you take your current situation into account.
CNBC Select examined dozens of U.S. personal loan products to identify the best personal loans. S. Personal loans with fixed-rate annual percentage rates, no origination or sign-up fees, and adjustable loan amounts and terms to meet a variety of financing needs are available from both online and physical banks, including sizable credit unions.
The following characteristics were our main focus when reducing the field and arranging the top personal loans:
- No origination or enrollment fees: The lenders on our list of the best offer no up-front fees to borrowers for loan processing.
- Fixed-rate APR: Over the course of your loan, variable rates may increase or decrease. A fixed rate APR allows you to lock in an interest rate for the term of the loan, so your monthly payment won’t fluctuate and you can more easily plan your budget.
- Flexible minimum and maximum loan amounts and terms: Every lender offers a range of financing options that you can tailor to your monthly spending plan and the length of time you have to repay the loan.
- No early payoff penalties: There are no fees associated with early loan payback for the lenders on our list.
- Simplified application process: We looked at whether lenders provided quick online applications and same-day approval decisions.
- Customer service is available by phone, email, or secure online messaging for each loan on our list. To assist you in educating yourself about the personal loan application process and your finances, we also chose lenders who have an online resource hub or advice center.
- Fund disbursement: The loans on our list quickly transfer funds to your checking account via an electronic wire transfer or by sending you a paper check. As we mentioned, some lenders allow you to make direct payments to your creditors.
- Discounts for autopay: We identified the lenders who will cut your annual percentage rate (APR) by zero if you sign up for autopay. 25% to 0. 5%.
- Creditor repayment limitations and loan amounts: The lenders mentioned above offer a range of loan amounts, from $500 to $100,000. Every lender lists the different loan amounts and payment limits they offer, and going through the preapproval process can help you determine how much the loan would cost in terms of interest and monthly payments.
Following a review of the aforementioned features, we ranked the best options for general financing needs, debt consolidation and refinancing, small loans, and funding for the following day.
Keep in mind that advertised personal loan rates and fee schedules are subject to change based on changes in the Federal Reserve rate. On the other hand, a fixed-rate APR will ensure that the interest rate and monthly payment stay the same for the duration of the loan after you accept your loan agreement. Your credit history and creditworthiness determine your APR, monthly payment, and loan amount. Lenders will perform a hard credit inquiry and request a complete application before granting a loan; this could involve requesting proof of income, identity verification, proof of address, and other requirements.
Stay informed by watching CNBC Selects’ in-depth coverage of credit cards, banking, and money, and by following us on Facebook, Instagram, Twitter, and TikTok.
Money matters — so make the most of it. Receive professional advice, news, tactics, and other resources to help you make the most of your finances straight to your inbox. Sign up here.
FAQ
What bank should I get a personal loan from?
The top four banks in terms of personal loans are Citibank, American Express, Discover, and Wells Fargo. Because they offer the most favorable terms available on the market, such as low APRs, no origination fees, large loan amounts, long payback periods, and more, these banks are excellent choices for personal loans.
What is the best rated bank for personal loan?
BankMinimum interest rate on personal loan (%)HDFC Bank10. 5State Bank of India12. 30Bank of Baroda13. 15Punjab National Bank13. 75.
What is the easiest bank to get a loan from?
|
Company
|
Forbes Advisor Rating
|
Minimum credit score
|
|
LendingPoint
|
4.0
|
600
|
|
Universal Credit
|
3.5
|
580
|
|
Upstart
|
3.5
|
300
|
|
Avant
|
3.5
|
580
|
Is it worth it to get personal loan from a bank?
If you want to finance a significant purchase but don’t want to be restricted in how you use the money, a personal loan may be a good option. Before applying, find out from your lender what uses are permitted for the loan. For almost any purpose, a personal loan can be a suitable option if you need to borrow money.
Read More :
https://www.cnbc.com/select/best-personal-loans-from-big-banks/
https://www.nerdwallet.com/best/loans/personal-loans/bank-loans