Bank Loans: Top Banks Offering Personal Loans in 2019

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American Express

4.0

Min. Credit Score

None

Est. APR

6.90 - 19.98%

Loan Amount

$3,500 - $40,000

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Min. Credit Score

None

Key facts

American Express is best known for its credit cards, but it also offers personal loans to qualified AmEx cardholders who receive a preapproval offer from the company. Borrowers can use the loan to pay off up to four non-Amex credit cards.

Pros

No origination fee.
Free credit score access.
Option to directly pay creditors.

Cons

Charges late fees.
No flexible payment options.

Qualifications

Get a preapproval offer.
Be the primary cardholder on an eligible American Express Card, and be in good status with American Express at the time of application.

Available Term Lengths

1 to 4 years

Fees

Origination fee: None.
Late fee: $39.
Unsuccessful payment fee: Amount not disclosed.
Prepayment fee: None.

Disclaimer

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Discover® Personal Loans

5.0

Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

on NerdWallet's secure website

Min. Credit Score

660

Key facts

Discover offers low starting rates on its personal loans and allows for direct payment to creditors, which makes consolidating debt easier.

Pros

Free credit score access.
No origination fee.
Option to directly pay creditors.
Flexible payment options.

Cons

Charges late fees.
No refinancing option.

Qualifications

Minimum credit score required: 660; borrowers' average score is about 750.
Minimum gross income required: $25,000, but typically much higher.
Minimum credit history: Not provided.
Maximum debt-to-income ratio: Not provided.

Available Term Lengths

3 to 7 years

Fees

Origination fee: None.
Late fee: $39.

Disclaimer

This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 6.99-24.99% based upon creditworthiness at time of application. Not all applications will be approved.

Our picks for

Bank loans for flexible payments, rate discounts

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

Min. Credit Score

660

Est. APR

6.99 - 28.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website

Min. Credit Score

660

Key facts

Applicants can choose a custom payment amount and loan term, and after 12 consecutive on-time payments toward your loan, you may get the option of skipping a loan payment without incurring extra interest or fees.

Pros

No fees.
Flexible payment options.
Directly pays creditors for debt consolidation loans.

Cons

Requires good credit.
No co-sign option.

Qualifications

At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).
Valid U.S. bank account, Social Security number or tax ID.
660+ credit score.

Available Term Lengths

3 to 6 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36-month loans are generally lower than rates for 72-month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

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PNC Bank Personal Loan

4.5

Min. Credit Score

None

Est. APR

5.99 - 29.49%

Loan Amount

$1,000 - $35,000

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Min. Credit Score

None

Key facts

PNC banking customers can get a 0.25% rate discount on a personal loan if they choose autopay from a PNC checking account. Applications can be submitted online, by phone or in person at a PNC branch.

Pros

Low rates.
Fast funding.
Co-sign option.

Cons

Hard credit pull at application.
Late fee.
Available in limited number of states.

Qualifications

No minimum credit score, income or debt-to-income ratio requirements disclosed.
Live in one of the states that PNC serves.

Available Term Lengths

6 months to 5 years

Fees

Origination fee: None.
Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.

Disclaimer

on HSBC's website

HSBC Personal Loan

4.0

Min. Credit Score

None

Est. APR

5.49 - 17.29%

Loan Amount

$3,000 - $30,000

on HSBC's website

Min. Credit Score

None

Key facts

With an HSBC loan, your first payment is due in 50 days instead of the typical 30. You may also get a lower rate if you already have an HSBC account.

Pros

Low rates.
No origination fee.
Fast funding.

Cons

Existing customers must visit a branch.
Does not offer direct payment to creditors for debt consolidation loans.
No co-sign or secured loan option.

Qualifications

No minimum credit score, income or debt-to-income ratio requirements.
Not available in Wisconsin.

Available Term Lengths

2 to 5 years

Fees

Origination fee: None.
Late fee: 5% of monthly payment, capped at $39.
Returned payment fee: 5% of monthly payment, capped at $39.

Disclaimer

Our picks for

Bank loans for home improvement

on LightStream's website

LightStream

5.0

Min. Credit Score

660

Est. APR

5.49 - 17.49%

Loan Amount

$5,000 - $100,000

on LightStream's website

Min. Credit Score

660

Key facts

LightStream, the lending division of SunTrust Bank, offers large loan amounts and rates that are among the lowest available. And funding is fast: Qualified borrowers can apply online, be approved and receive a loan as soon as the same day.

Pros

No fees.
Co-sign option.
Low starting rates.

Cons

Does not offer pre-qualification on its website.
Requires several years of credit history.

Qualifications

Minimum credit score of 660.
No minimum income specified.
Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

2 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which, may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

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Wells Fargo Personal Loan

4.0

Min. Credit Score

600

Est. APR

5.24 - 22.74%

Loan Amount

$3,000 - $100,000

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Min. Credit Score

600

Key facts

Existing customers can apply for and get a loan funded online, while new customers must apply at one of the bank’s 5,700 branches. Wells Fargo may also offer rate discounts for customers with a checking account or certificate of deposit.

Pros

Offers co-sign and secured loan option.
Offers free credit score access.
Offers direct payment to creditors with debt consolidation loans.

Cons

Borrowers without existing Wells Fargo accounts required to apply in person.
No option to pre-qualify.

Qualifications

Typically have a good credit score, above 600.

Available Term Lengths

1 to 7 years

Fees

Origination fee: None.

Disclaimer

Our picks for

Bank loans for co-signers

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Citizens Bank

4.5

Min. Credit Score

None

Est. APR

6.80 - 20.90%

Loan Amount

$5,000 - $50,000

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Min. Credit Score

None

Key facts

Citizens Bank targets borrowers with good credit, offering rate discounts and a co-sign option.

Pros

No fees.
Autopay discount.
Co-sign option.

Cons

Lacks flexible payment options.
Does not offer direct payment to creditors.

Qualifications

At least 18 years old (19 in Alabama; 21 in Puerto Rico).
Good credit history.
Minimum annual income of $24,000.

Available Term Lengths

3 to 7 years

Fees

Origination fee: None.

Disclaimer

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Citibank

3.0

Min. Credit Score

None

Est. APR

6.74 - 23.99%

Loan Amount

$2,000 - $50,000

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Min. Credit Score

None

Key facts

Citibank accepts co-applications, which is similar to having a co-signer and can help improve your chances of qualifying or getting a lower rate.

Pros

No origination fees.
Offers autopay discounts.
Co-sign option.

Cons

Must be an existing bank customer.
No flexible payment options.
No co-sign option.

Qualifications

Minimum credit score: Not provided, but typically above 680.
Minimum credit history: Not provided.
Minimum annual income: $10,500.
Maximum debt-to-income ratio: Not provided.

Available Term Lengths

1 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

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BB&T Bank Personal Loan

4.0

Min. Credit Score

660

Est. APR

8.00 - 18.00%

Loan Amount

$3,500 - $50,000

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Min. Credit Score

660

Key facts

BB&T provides co-signed loans, which can help you get an unsecured loan at a lower rate.

Pros

Co-sign option.
Refinancing option.
Fast funding.

Cons

Limited service area.
No pre-qualify option.

Qualifications

Minimum credit score: 660.
No minimum income specified.
Minimum credit history: 2 years.
Maximum debt-to-income ratio: 40%

Available Term Lengths

2 to 5 years

Fees

Late fee: $35

Disclaimer

Our pick for

Banks for secured personal loans

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US Bank Premier Loan

3.5

Min. Credit Score

None

Est. APR

7.49 - 17.99%

Loan Amount

$3,000 - $25,000

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Min. Credit Score

None

Key facts

U.S. Bank’s Premier loan is available only to existing bank customers. Applicants can improve their chances of qualifying by securing the loan with a car title or a certificate of deposit.

Pros

No origination fee.
Co-sign option.
Offers autopay discounts.

Cons

Prepayment penalty.
Hard credit pull with application.
Must have U.S. Bank account.

Qualifications

Good or excellent credit.
U.S. Bank account open for at least 120 days.

Available Term Lengths

1 to 5 years

Fees

Origination fee: None.
Late fee: $29 after 5 day grace period.
Unsuccessful payment fee: $25.
Prepayment fee: 1% of loan amount, ranging from $50 to $100 if loan is paid off within first 12 months.

Disclaimer