Best Bank Loans 2021: Compare Personal Loans From Banks

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Wide variety of repayment term options.

• Offers .25% rate discount for setting up autopay.

• Offers direct payment to creditors for debt consolidation loans.


Cons

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: 660.

• Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

• Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.

• May need to provide proof of income, including recent pay stubs or bank statements.

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. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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.

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Offers .5% rate discount for setting up autopay.

• Special features including rate beat program and satisfaction guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

Qualifications

• Minimum credit score: 660.

• Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.

• Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

• Strong payment history with few or no delinquencies.

• Investments, retirement savings or other evidence of an ability to save money.

• Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. AutoPay discount of .50% points is only available when selected prior to loan funding. Rates without AutoPay will be .50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. 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 6.14% APR with a term of 3 years would result in 36 monthly payments of $304.85. Truist Bank is an Equal Housing Lender. ©2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• No origination fee.

• Offers direct payment to creditors.

• Offers mobile app to manage loan.

• Able to fund loans within one business day.

• Wide variety of repayment term options.

Cons

• Charges late fee.

• No co-signed, joint or secured loan options.

• No rate discount for autopay.

Qualifications

• Minimum credit score: 720; borrower average is 750.


• Must be a U.S. citizen or permanent resident.

• Must be at least 18 years old.

• Must have a minimum household income of $40,000.

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 for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

Key facts

Pros

• No origination fee.

• Soft credit check with pre-qualification.

• Option to change your payment date.

• Able to fund loans within one business day.

Cons

• Reports payments to two of the three major credit bureaus.

• No co-sign, joint or secured loan option.

• Doesn't offer direct payment to creditors with debt consolidation loans.

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.

Key facts

Pros

• Existing customers can get a .25% rate discount for setting up autopay.

• No origination fee.

• Offers joint loan option.

• Wide variety of repayment terms.

Cons

• Charges late fee.

• May require an in-person visit.

• Product varies by location.

Qualifications

• Minimum credit score: None; average score is 727, according to SEC filings.

• Must be at least 18 years old.

• Must provide Social Security number.

• Must show photo ID.

• Must be able to show proof of income.

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.

Key facts

Pros

• Competitive rates among similar lenders.

• No origination fee.

• Joint loan option.

• Offers wide range of loan amounts and repayment terms.

• Existing customers can get a .25% rate discount for setting up autopay.

Cons

• No option to pre-qualify.

• Charges $39 late fee.

• Some features only available to existing customers.

Qualifications

• Must provide Social Security number.

• Must provide contact details, including a permanent address, email and telephone number.

• Must provide employment and income (documentation may be required to verify this information) and monthly mortgage or rent payment amount.

Available Term Lengths

1 to 7 years

Fees

• Origination fee: None.

• Late fee: $39.

Key facts

Pros

• Offers direct payment to creditors with debt consolidation loans.

• No origination or prepayment fees.

• Soft credit check with pre-qualification.

• Includes free access to credit monitoring.

Cons

• Exclusive to preapproved cardholders.

• No co-sign, joint or secured loan option.

• No rate discount for autopay.

Qualifications

• To qualify, borrowers must be: A United States citizen or permanent resident.

• To qualify, borrowers must be: At least 18 years old.

• To qualify, borrowers must be: The primary cardholder on at least one AmEx credit card for 90 days to a year.

Available Term Lengths

1 to 3 years

Fees

• Origination fee: None.

• Late fee: $39.

• Unsuccessful payment fee: Amount not disclosed.

• Prepayment fee: None.

Key facts

Pros

• Soft credit check with pre-qualification.

• No origination fee.

• Option to change your payment date.

• Able to fund loans the next business day.

• Offers wide range of loan amounts.

Cons

• Available in a limited number of states.

• No rate discount for autopay.

• Charges late fee.

• Does not offer direct payment to creditors for debt consolidation loans.

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: The lender says it accepts applications from all credit backgrounds, but you will likely need good credit (at least 690 FICO) to qualify for a competitive rate.

• Must be at least 18 years old.

• Must provide Social Security number.


Available Term Lengths

3 to 5 years

Fees

• Late fee: The lesser of 5% of the minimum amount due or $10.