Best Big Bank : Wells Fargo

  • APR Range: 5.99% - 20.99%
  • Time To Receive Loan: 0 Days
  • Loan Amount: $3,000 - $100,000

Why We Chose It

Wells Fargo has thousands of branches along with online banking, offering competitive rates and same-day funding.

Pros & Cons

Pros

  • Repayment terms up to 84 months

  • No origination fee or prepayment penalties

  • Same-day funding available

Cons

  • Pre-qualification only for Wells Fargo customers

  • New clients must apply in person at a branch

  • Poor customer service

Overview

Wells Fargo is our pick for the best big bank, thanks to its reasonable interest rates and high maximum loan amount. APRs range from 5.99%–20.99%, as of publication, but the lowest rate of that range requires getting a "relationship discount" of 0.25%–0.50%. To qualify for the relationship discount you must have an eligible Wells Fargo checking account and make automatic loan payments from an eligible Wells Fargo deposit account. Loan amounts range from $3,000 to $100,000, with repayment terms of 12 to 84 months.

Wells Fargo doesn't disclose its credit score requirements, although it states that over 10% of applicants qualified for the lowest rate during a three-month period from 2021 to 2022. There are no origination, closing, or prepayment fees, but you may be charged a fee for late or returned payments.

Wells Fargo only allows you to pre-qualify for loans if you're already a banking customer; if you're not a customer, you'll need to undergo a hard credit inquiry to check your loan options. Similarly, only current Wells Fargo customers can apply for loans online or by phone; non-customers will have to visit a Wells Fargo branch location to apply.

Once you're approved for a loan, funds are usually available on the same day or by the next business day. When it's time to pay back the money, you can adjust your payment due date to fit your financial schedule, and payments can be made online, in person, or by phone.

Wells Fargo doesn't do well when it comes to customer satisfaction. Trustpilot reviews mention many complaints about poor customer service and issues with payment and account processing. Wells Fargo is also notorious for fraudulently opening millions of checking and savings accounts for customers without their knowledge or approval, as revealed in 2016; the bank was forced to pay $3 billion in penalties.

Best for Home Improvement Loans : LightStream

  • APR Range: 5.24% - 19.99%
  • Time To Receive Loan: 0 Days*
  • Loan Amount: $5,000 - $100,000

Update

As of 8/15/2022, we will no longer offer terms greater than 12 years for home improvement loans.

Why We Chose It

LightStream specializes in home improvement loans with fast funding times, and your home isn't required as collateral.

Pros & Cons

Pros

  • Wide range of loan amounts

  • No fees

  • Lengthy repayment terms available

Cons

  • Stringent credit requirements

  • No pre-qualification option

  • No physical branches

Overview

LightStream is an online-only lender offering personal loans with flexible terms and minimal fees. Loan terms vary depending on why you need the money, but APRs start exceptionally low at 4.49%. To get the lowest rate you'll need excellent credit, and must set up autopay for a 0.50% discount. You can borrow $5,000 to $100,000, and repayment terms range from 24 to 240 months.

Home improvement loan APRs range from 5.24% to 19.99%, as of publication. These are unsecured loans, which don't require your home as collateral. They can be used for a variety of purposes, like kitchen or bathroom remodeling, landscaping, and solar panel or pool installation.

If you're shopping around and get approved for a better rate, LightStream's Rate Beat program will offer a rate 0.10 percentage points lower. You'll also pay no origination, prepayment, or even late fees with LightStream, but paying late could cause you to default on your loan agreement. The only fees you'll pay are interest charges.

Although LightStream has attractive terms, it's not as accessible to borrowers with fair credit or poor credit as some other lenders. Lightstream requires a minimum credit score of 680, which could make it difficult for some to qualify, especially because co-signers and joint applications aren't allowed. Take note of the details if you accept a loan because you won't be able to change your due date later on.

You can apply for a personal loan online or by mobile app. LightStream offers a fast funding time—if your application is approved and final verification is completed by 2:30 p.m. EST, you could have the money by the same day. In addition to these perks, LightStream also plants a tree for every loan it funds.

Best for Debt Consolidation Loans : Marcus

  • APR Range: 6.99% - 24.99%
  • Time To Receive Loan: 1 Days
  • Loan Amount: $3,500 - $40,000

Why We Chose It

Marcus specializes in no-fee debt consolidation loans, will send payments directly to creditors, and is backed by a financial powerhouse.

Pros & Cons

Pros

  • No fees

  • Flexibility during repayment

  • Discount for autopay

Cons

  • Stringent credit requirements

  • No co-signers allowed

  • No pre-qualification option

Overview

Debt can feel overwhelming, but a consolidation loan could help you save money and reduce the number of payments you need to make each month. Personal loans from Marcus could be a great choice for debt consolidation, although the maximum loan amount is relatively low at just $40,000 (the minimum is $3,500). But even if you only consolidate a portion of your high-interest debt, you could save quite a bit of money thanks to a lower interest rate.

Loan APRs from Marcus range from 6.99% to 24.99% (as of publication); the best rate of 6.99% will require setting up autopay for a 0.25% discount. But if you're dealing with high-interest credit card debt, even a 9% or 10% APR could be a substantial rate reduction. Repayment terms for Marcus loans range from 36 to 72 months, and loan funds can be sent directly to your creditors.

Marcus also allows you to defer a monthly payment if you've paid on time for 12 months in a row (and continue to do so). Interest won't accrue for that skipped month, and your loan will be extended for an extra month. Deferrals must be requested at least 16 days before the intended month's payment is due.

Marcus' recommended minimum credit score is 660, which could be out of reach for some. This lender also doesn't allow co-signers or joint applications to help you qualify or get a better rate. If you're approved for a loan, your funds will typically be disbursed within five business days.

Marcus gets mediocre reviews from customers on consumer review site Trustpilot. It has an "Average" rating of 3.1 stars, with a mix of good and bad reports. Many praise the fast transaction times, while others are unhappy with poor customer service or high interest rates.

Best for Co-Signers : TD Bank

  • APR Range: 6.99% - 19.99%
  • Time To Receive Loan: 1 Days
  • Loan Amount: $2,000 - $50,000

Why We Chose It

TD Bank's availability is limited, but it allows for co-signers and doesn't charge application fees.

Pros & Cons

Pros

  • Fast funding process

  • No fees

  • Online pre-approval

Cons

  • Availability limited to residents of only 15 states and Washington, D.C.

  • May have to visit a branch to complete application

Overview

If you have poor or limited credit, you may have a hard time qualifying for a loan. Applying with a co-signer could improve your chances of getting approved or getting a better rate, and TD Bank's TD Fit Loan allows you to do just that. Loan terms range from 36 to 60 months, and you can borrow $2,000 to $50,000 at a rate of 6.99% to 19.99%, as of publication. There is no rate discount for setting up autopay.

Funds for a TD Fit Loan can be delivered as soon as the next business day, provided you're approved by 4:30 p.m. EST. The only potential fee, aside from interest charges, is a late payment fee of $10 or 5% of the minimum payment due, whichever is less.

TD Bank only offers personal loans to residents of Washington, D.C., and the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.

While the TD Fit Loan can be a good option, borrowers don't have many positive things to say about TD Bank on Trustpilot. Most of the problems reported mention poor customer service, with slow response times and unhelpful support agents.

Best for Amex Cardmembers : American Express

  • APR Range: 7.98% - 19.98%
  • Time To Receive Loan: 3 Days
  • Loan Amount: $3,500 - $40,000

Why We Chose It

American Express only offers personal loans to cardholders, but the terms can be relatively competitive if you have good credit.

Pros & Cons

Pros

  • Pre-qualification option

  • Low APR available for borrowers with good credit

  • Can use loan for debt consolidation

Cons

  • Must be an Amex cardholder and receive an offer

  • High minimum amount compared to other lenders

  • Hefty late fees

Overview

American Express is a massive multinational corporation, offering a variety of financial services in addition to lending like banking, credit cards, and merchant payment systems. Eligible Amex cardholders have access to exclusive personal loan offers, ranging from $3,500 to $40,000.

APRs on American Express personal loans start fairly low at 7.98%, going up to 19.98% (as of publication). Amex offers repayment terms of 12, 24, or 36 months. But you can only apply if you have a personal offer; you can check Amex's site to see if you have a pre-qualified offer waiting.

Loan funds are generally disbursed to your bank account within three to five business days. American Express personal loans are available in all 50 states, and although they can be used for debt consolidation, the funds can't be used to pay off cards issued by Amex. Amex will send the funds to an eligible bank account; it won't send the money directly to creditors.

American Express doesn't charge origination, administrative, or prepayment fees, but late and returned payments will incur a relatively hefty $39 fee. You can't apply with a co-signer or joint applicant, and you won't be able to change your payment due date.

American Express, on the whole, doesn't rate highly among customers. Trustpilot gives it only 1.7/5 stars, a "Bad" rating, although this rating is fairly common among big banks. Reviewers cite frequent issues with customer support and payment cards, but there are few mentions of Amex loans.

Read our full review of American Express personal loans.

Best for Military Members : USAA

  • APR Range: 8.29% - 18.51%
  • Time To Receive Loan: 0 Days
  • Loan Amount: $2,500 - $20,000

Why We Chose It

USAA offers banking services and loans to military members and veterans, which include perks for active military like rate discounts.

Pros & Cons

Pros

  • Discount for autopay

  • Fast funding process

  • Good customer satisfaction ratings

Cons

  • No pre-qualification option

  • USAA membership required

  • No local agent network

Overview

Military members and their families can find a variety of special offers from USAA, including personal loans. USAA membership is limited to current and former members of the military, including pre-commissioned officers, and their eligible family members (spouses and children).

Depending on your creditworthiness, you can borrow $2,500 to $100,000 with a USAA personal loan. APRs range from 8.29% to 18.51% (as of publication), including a potential autopay discount of 0.25%. If necessary you can take up to 84 months to pay back the loan, with a minimum of 12 months, although the available loan terms depend on the amount you'd like to borrow.

You'll likely need a credit score of at least 660 to qualify for a USAA loan. Loan terms longer than 60 months require you to meet higher credit and risk criteria. The lowest rate and longest terms require excellent credit and setting up autopay. You'll pay no origination or prepayment fees, though USAA does charge a late/returned payment fee of 5% of the minimum payment.

You'll need a USAA bank account to be eligible for a loan, and loans can be disbursed to that account in as little as 24 hours. USAA personal loans can be used for many purposes, like home remodeling or big purchases, but they can't be used to help fund higher education.

USAA received poor reviews on Trustpilot, but it consistently scores highly on J.D. Power's U.S. Consumer Lending Satisfaction Study. In 2021 the lender took first place by a wide margin, after coming in second to Navy Federal in 2020.

Read our full review of USAA personal loans.

Best for Relationship Rewards : Citibank

  • APR Range: 9.99% - 23.99%
  • Time To Receive Loan: 5 Days
  • Loan Amount: $2,000 - $30,000

Why We Chose It

Citibank personal loans are available for a variety of purposes, and can help you earn more ThankYou points if you link to an eligible checking account.

Pros & Cons

Pros

  • Potential to earn ThankYou points

  • Discount for autopay

  • Relatively low annual income requirement

Cons

  • Only available to qualifying Citibank customers

  • No pre-qualification option

  • Slow funding time

Overview

Citibank offers its valuable ThankYou Rewards loyalty program to eligible customers, which allows you to earn points and redeem them for statement credits, gift cards, purchases, and travel expenses. Many Citi credit cards earn ThankYou points, but you can also earn points by linking an eligible Citi checking account to your Citi loan and performing certain activities.

Depending on the type of checking account you link to your loan, you can earn 50 or 125 ThankYou points per month for a direct deposit and bill payment. You'll also get 50 points per month for making a debit or credit transaction with the checking account.

Citi's personal loans come in amounts of $2,000 to $30,000, with APRs ranging from 9.99% to 23.99% (as of publication). Setting up autopay will get you a small rate discount. Repayment terms run from 12 to 60 months, with several options in between. You may receive loan funds as soon as the next business day if you choose direct deposit for the delivery method, while mailed checks generally take around five business days to arrive.

Citi has a few initial hurdles you'll have to pass to be considered for a loan:

  • You must have an eligible Citi deposit account that has been open for at least 12 months.
  • You must have an annual income of at least $10,500.
  • You must not have more than one other Citi personal loan. If you do have another Citi personal loan, it must have been open for at least six months.

You can get a personal loan from Citi in all 50 states and Washington, D.C. But you can't check for pre-qualified offers—you'll have to apply and undergo a hard credit inquiry to check your rates. There are no origination or prepayment fees, but late and returned payment fees may apply. Citi's personal loans can't be used for debt consolidation of Citi credit cards and certain Citi credit accounts and checking accounts (for which credit may be extended).

Best for Fast Funding : Discover

  • APR Range: 5.99% - 24.99%
  • Time To Receive Loan: 1 Days
  • Loan Amount: $2,500 - $35,000

Why We Chose It

Discover Bank is one of the largest online banks in the country, offering 100% U.S.-based customer service. Personal loan borrowers can take advantage of zero origination fees, plus same-day loan approvals and funding.

Pros & Cons

Pros

  • Pre-qualify without impacting credit score

  • Same-day approval and next-day funding in most cases

  • Option to send funds to creditors directly

Cons

  • No joint applications

  • Lengthier minimum loan term compared to other lenders

  • Hefty late fees

Overview

Some lenders can take several business days to send your loan funds after approval, but sometimes you can't wait that long. Whether you have an emergency, high-interest debt that's come due, or some other urgent expense, you might want a loan that arrives tomorrow. Discover offers personal loans with fast funding, delivering $2,500 to $35,000 as soon as the next business day.

APRs on Discover personal loans start at 5.99% and go up to 24.99%, as of publication, and it offers repayment terms of 36 to 84 months. You must have a household income of at least $25,000 to be eligible for a loan, and you can't use the money to pay for post-secondary education, secured loans, or Discover credit cards. Discover doesn't allow co-signers or joint applicants.

Discover's personal loans are available nationwide. There are no origination or prepayment fees, but late and returned payments may be charged. Customers have the unique option of returning the loan funds within 30 days for a full refund. Any interest charges paid will be returned.

Discover receives only 2/5 stars on Trustpilot—a "Poor" rating. Like many big banks, customers express dissatisfaction with the results of their loan and credit card applications, while others are annoyed by unhelpful customer support. But the lender scores better elsewhere, such as J.D. Power's 2021 U.S. Consumer Lending Satisfaction Study, in which Discover tied for first place.

Overall Rating Best For

APR Range

Average Origination Fee

Late Fee

Time To Receive Loan

Loan Amount

Latest Repayment

Reset All
Wells Fargo

2.8

Best Big Bank 5.99% - 20.99% 0.00% - 0.00% N/A 0 Days $3,000 - $100,000 84 Months Check Rates

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LightStream

4.0

Best for Home Improvement Loans 5.24% - 19.99% 0.00% - 0.00% $0.00 - $0.00 0 Days* $5,000 - $100,000 240 Months Check Rates

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Marcus

3.0

Best for Debt Consolidation Loans 6.99% - 24.99% 0.00% - 0.00% $0.00 - $0.00 1 Days $3,500 - $40,000 72 Months Check Rates

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TD Bank

4.2

Best for Co-Signers 6.99% - 19.99% 0.00% - 0.00% 5.00% - $10.00 1 Days $2,000 - $50,000 60 Months Check Rates

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American Express

3.7

Best for Amex Cardmembers 7.98% - 19.98% 0.00% - 0.00% $39.00 - $39.00 3 Days $3,500 - $40,000 36 Months Check Rates

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USAA

3.3

Best for Military Members 8.29% - 18.51% 0.00% - 0.00% 5.00% - 5.00% 0 Days $2,500 - $20,000 84 Months Check Rates

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Citibank

2.2

Best for Relationship Rewards 9.99% - 23.99% N/A N/A 5 Days $2,000 - $30,000 60 Months Check Rates

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Discover

4.3

Best for Fast Funding 5.99% - 24.99% 0.00% - 0.00% $39.00 - $39.00 1 Days $2,500 - $35,000 84 Months Check Rates

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*APR ranges for some companies include a discount for automatic payments or existing bank customers.

Final Verdict

All of the bank loans that made our list have attractive features and some negative aspects as well. Some offer competitive interest rates and high maximum loan amounts such as $100,000. Others offer longer repayment terms up to 240 months and flexible repayment schedules.

Overall, we recommend checking out Wells Fargo for a bank loan. The company has a long history in the industry and offers a variety of loans with varying terms. It also provides additional banking services and in-branch assistance.

Guide to Choosing the Best Bank for Your Personal Loan

Are You in Need of a Personal Loan?

Are you facing a sudden financial emergency, or struggling to pay down multiple high-interest debts? Do you have a big (necessary) purchase coming up that you can't afford to pay for all at once? A personal loan could help you meet the cost, giving you one or more years to pay back the money, with interest.

Unsecured personal loans tend to have lower interest rates than credit cards, making them a good option if you have an expense and need more than a few months to pay. If you have multiple credit cards with high balances, for example, a personal loan for debt consolidation could help you get a lower interest rate and the convenience of a single monthly payment.

Before applying for a loan, or any financial product, consider how the monthly payments will fit into your budget. Will you be able to repay it on schedule? If not, it could add to your debt and lead to a worse financial situation.

Compare Bank Loan Lenders

Consider the following when comparing bank loan lenders:

  • Loan amounts: Check the minimum and maximum loan amounts—some borrowers have relatively high maximums, but you shouldn't borrow more money than you need. Find a lender with loan amounts that fit your purpose.
  • Interest rates: Lenders will likely offer you different interest rates, so take the time to pre-qualify with several companies to shop around for the lowest rate you can get. The lower your APR, the less you'll pay over the life of the loan.
  • Fees: Loans may come with origination, pre-payment, and late fees, among others. Be aware of any costs you'll be expected to pay before signing the loan agreement.
  • Monthly payment: Loans come with fixed monthly payments, which you may be able to adjust as you select different repayment periods. Be sure your payment fits into your budget. Most lenders don't charge prepayment fees, so there's usually no harm in paying more than your regular payment each month.
  • Repayment periods: Will you have long enough to repay the loan? Falling behind on payments can damage your credit and finances in general.
  • Funding time: If you need the money tomorrow and the funding time is seven days, the loan won't work for you. Find out how long the loan takes to fund and how you will receive the funds.

Apply for a Bank Loan

After you've shopped around for quotes from different lenders and found the right offer for you, you can complete the application process. If approved, you can sign the loan agreement. You'll need to provide some personal information and bank account details; for debt consolidation loans, you may be able to provide creditor information for the lender to send the funds.

Some companies will disburse loan funds as soon as the same or the next day, while others may take several business days. You'll typically be given an online dashboard from which you can view your payoff timeline, make payments, and otherwise manage your loan.

Frequently Asked Questions

What Do I Need to Qualify for a Personal Bank Loan?

Different banks have different requirements for personal loans. Some require better credit and relatively higher income, while others allow lower credit scores and smaller incomes. Many banks offer a range of interest rates and fees to offer borrowers with different credit levels and financial situations. The better your credit and overall finances, the better your offers will be; if you have poor credit you may qualify in some cases, but you'll likely get higher APRs and fees.

If you're wondering if you'll qualify for a bank loan it's wise to check your pre-qualification status with a variety of lenders. You can do this without hurting your credit or actually applying. You'll need to provide some personal information to pre-qualify, including your name, address, and Social Security number; full applications will usually require more information.

Do All Banks Offer Personal Loans?

No, not all banks offer personal loans. Bank of America, one of the biggest financial institutions in the country, doesn't provide them, and neither do several others. Most personal loans are unsecured, meaning they are not backed up by an asset that the lender can take if you default, and some banks don't want the risk. Others just don't want to deal with the expense of lending and servicing relatively small amounts.

Other large banks that do not offer unsecured personal loans are Capital One and Chase.

Do I Need to Be an Existing Bank Client to Get a Loan?

You typically don't need to be an existing client to get a loan from a bank, but some banks do have this as a requirement. It's best to check with the specific lender to see if this is necessary.

Some banks allow non-customers to apply, but will limit certain services, like pre-qualification, to clients. In other cases only current customers can apply online, and other prospective borrowers must apply at a branch location.

What Are Alternatives to Bank Loans?

While many banks offer personal loans, there are some limitations. Some require memberships, or have too-strict qualification standards. In some cases the minimum loan amount may be higher than what you're looking for. Consider the following types of lenders along with typical banks:

  • Online lenders: Much like traditional banks, many online lenders give you quick and easy access to personal loans. You can usually see if you pre-qualify before applying, which doesn't hurt your credit. After approval, you can usually get funds fairly quickly—sometimes within a day. The best online lenders offer little to no fees, flexible repayment terms, and competitive APRs.
  • Credit Unions: If you have less-than-stellar credit, you may want to reach out to credit unions near you for personal loans. While many require a member account first, they offer competitive APRs and low minimum borrow amounts. This is helpful if you don't need to borrow too much to cover an emergency.
  • Credit card balance transfers: If you want to consolidate debt, a credit card balance transfer may be helpful, especially if you already have an available card. Many credit cards even offer 0% APR for a limited period of time, which may be long enough to help you catch up on payments.

How We Chose the Best Bank Loans

Our team evaluated 38 lenders and collected 1,520 data points before selecting our top choices. We weighed more than 20 criteria and gave a higher weight to those with a more significant impact to potential borrowers.

The top picks were selected based on factors like membership requirements (weighted 15%), average fixed APR (weighted 15%), and average origination fees (weighted 10%).

We also took into account the flexibility of repayment terms, helpful features like prequalification, and whether a co-signer or joint applications are permitted to ensure borrowers get the best possible experience. For further information about our selection criteria and process, our complete methodology is available.

*Lightstream Disclosure: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $300.00.

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