Best Banks For Personal Loans in 2026
Compare the best banks for personal loans, including features and rates, plus learn how to get a bank loan.
Checking rates is free and won't impact your credit score.
Which bank is best for a personal loan?
The bank you already use is a solid starting point for finding a personal loan, assuming that bank offers them. Existing customers in good standing may receive rate discounts or perks like larger loan amounts or longer loan terms.
But don’t stop there in your search for the best banks for personal loans. Pre-qualify with multiple lenders to compare rates and loan terms. The best personal loan is often the one with the lowest rate.
Pros, Cons, and Our View
Pros
- No fees.
- Lets you pre-qualify with a soft credit check.
- Offers direct payments to creditors.
- Lets you choose and change payment date.
Cons
- Requires a 660 credit score.
- No co-signed or joint loans.
- No secured loans.
- Minimum loan amount is $2,500.
- Time to get funds:
- Next business day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- None.
- Min income:
- $25,000 annual income
- Soft credit check:
- Yes
Show loan uses
Loan uses:
Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing and Other large purchase
✅ No impact to your credit score
Pros, Cons, and Our View
Pros
- Rate discount for autopay.
- Fast funding.
- Joint and secured loan options.
Cons
- Loan features differ for non-customers.
- No direct debt payments to creditors.
- No option to change your payment date.
- Time to get funds:
- Same-day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Autopay discount: 0.5 or 0.25 percentage points.
- Soft credit check:
- Yes
Show loan uses
Loan uses:
Debt consolidation, Credit card consolidation, Home improvement, Medical, Emergency, Wedding, Vacation and Auto
✅ No impact to your credit score
✅ No impact to your credit score
Pros, Cons, and Our View
Pros
- Multiple rate discounts.
- Joint loans.
- Hardship assistance.
Cons
- High minimum loan amount.
- No secured loans.
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Autopay, Direct payment to creditors and Direct deposit accounts
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
Show loan uses
Loan uses:
Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing and Other large purchase
✅ No impact to your credit score
✅ No impact to your credit score
Pros, Cons, and Our View
Pros
- Multiple rate discounts.
- Next-day funding.
- Wide range of loan amounts and repayment terms.
Cons
- May have an origination fee.
- Debt-to-income ratio cannot exceed 40%.
- Time to get funds:
- Next day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Auto-pay discount: 0.5 percentage points. and Direct pay to creditors discount: 0.5 percentage points.
- Min income:
- None
- Soft credit check:
- Yes
Show loan uses
Loan uses:
Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing and Other large purchase
✅ No impact to your credit score
✅ No impact to your credit score
Pros, Cons, and Our View
Pros
- Competitive APRs.
- No origination fee.
- Offers direct payments to creditors.
- Fast funding.
- Wide variety of loan amounts and repayment terms.
Cons
- Only available to Wells Fargo customers.
- Requires at least fair credit.
- No small loans.
- No co-signed, joint or secured loans.
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- 0.25 or 0.50 percentage points if you have a Wells Fargo checking account and set up automatic payments.
- Min income:
- Undisclosed
- Soft credit check:
- Yes
Show loan uses
Loan uses:
Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expense (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral and Other large purchase
✅ No impact to your credit score
NerdWallet’s guide to the best banks for personal loans
A bank loan is a personal loan you get from a chartered national, regional or local bank. You can use a bank loan for almost anything, like consolidating high-interest debt, renovating your home or covering an emergency expense.
The lenders on this list of the best banks for personal loans are highly rated for their affordability, accessibility, flexibility and customer experience. They offer competitive rates, little to no fees, fast funding and a range of loan amounts and terms.
Here’s what makes these top bank loans stand out, plus any downsides to consider.
Discover: Best bank loan overall
Why we chose this lender: Discover is a top lender due to its competitive rates, fast funding and wide range of term options. Loans are available nationwide and don’t come with fees, making them more accessible and affordable.
What to be aware of: Discover doesn’t offer any rate discounts. Most other lenders on this list reduce rates for options like setting up automatic payments or sending funds directly to creditors for debt consolidation.
U.S. Bank: Best for joint loans
Why we chose this lender: U.S. Bank lets two individuals apply together for a joint personal loan. If your co-borrower has a higher credit score or income, it could boost your chances of getting approved. Your co-borrower’s qualifications could also help you score a lower rate or higher loan amount.
What to be aware of: U.S. Bank does not offer co-signed loans. A co-signed loan essentially allows another individual to vouch for your ability to repay the loan. The co-signer can’t access loan funds. When you get a joint loan, the loan funds — and payment responsibilities — belong to both co-borrowers.offer any hardship assistance for borrowers in need. These programs are offered by most other lenders on this list.
Perks for existing customers: U.S. Bank customers can benefit from faster funding, larger loans and longer repayment terms. If you deposit the loan into a U.S. Bank personal checking or savings account, you can get same-day funding as opposed to waiting one to four days for funding. U.S. Bank customers can get loans up to $50,000 and repayment terms up to seven years, while non-customers can only borrow up to $25,000 with repayment terms up to five years.
SoFi: Best for fast funding
Why we chose this lender: SoFi can fund a loan the same day you’re approved when you sign the loan agreement by 5:30 p.m. ET on a business day. This is a great lender to consider if you need money right away.
What to be aware of: If you need a small loan, you’ll have to look elsewhere. SoFi’s minimum loan amount is $5,000, which is higher than the minimums of the other lenders on the list.
Perks for existing customers: You may benefit from a 0.25 percentage-point rate discount if you’re a SoFi Plus subscriber or if you have a SoFi checking or savings account and meet certain deposit requirements. The lender also offers member perks like referral bonuses and financial planning assistance.
Happen Bank: Best for debt consolidation
Why we chose this lender: Happen Bank (which rebranded from LendingClub in June 2026) has a low credit score requirement, high loan amounts and long terms, making it a solid option for borrowers looking to consolidate high-interest debts into one loan. Additionally, this lender will send the loan funds directly to your creditors, saving you a step in the debt consolidation process. Happen Bank also offers a 0.5 percentage-point rate discount if you choose to use the loan to consolidate debt.
What to be aware of: Happen Bank may charge an origination fee up to 8% of the loan amount.
Perks for existing customers: If you make loan payments using your Happen Bank LevelUp checking account, you can earn 2% cash back. The lender also says existing customers may benefit from a quicker application process, more competitive interest rates and lower origination fees.
Wells Fargo: Best for large loan amounts
Why we chose this lender: Wells Fargo offers personal loan amounts up to $100,000, making it a fitting choice to finance an extensive home renovation or other big expense.
What to be aware of: The potential downside is that you must have an eligible Wells Fargo bank account for at least a year in order to get a personal loan from this lender.
Perks for existing customers: Customers with select Wells Fargo checking accounts can qualify for autopay rate discounts ranging from 0.25 to 0.50 percentage points.
When does a bank loan make sense?
When you want to save on loan costs: Getting a personal loan from a bank can be beneficial if you qualify with a low interest rate. Banks tend to have lower personal loan rates than online lenders. They’re also less likely to charge an origination fee.
When you’re an accountholder who can benefit from perks: You may be able to get rate discounts or perks, such as higher borrowing amounts or longer loan terms, simply by having an existing account at a particular bank.
When you prefer an in-person experience: If you prefer to meet with a loan officer in person, consider a loan from a bank in your local area.
When you want to keep your financial accounts with the same company: You might prefer a bank loan for the convenience of managing loan payments at the same financial institution where you bank.
When a bank loan may not be the best option
When you need money as soon as possible: Banks may have slower funding times than online lenders, especially if you need to schedule time to visit a bank branch to finalize the loan.
When you have a low credit score: Banks typically prefer applicants who have good or excellent credit (a score from 690 to 850). If you have fair or bad credit (a score from 300 to 689), you may have a better chance of being approved for a personal loan from an online lender or credit union.
Rates and monthly payments for bank loans
The annual percentage rate you receive on a bank loan depends heavily on your credit score — in addition to your income and existing debt. You have a better chance of getting a low rate if you have a high credit score.
Lower rates mean your monthly payments will be lower, and you’ll pay less interest over the life of the loan.
Bank loan rates
The average interest rate on a two-year, commercial bank personal loan was 11.86% in May 2026, according to the most current data from the Federal Reserve . The rate you receive, however, may vary from this average.
Several banks have APRs starting in the single digits with maximum rates under 25%.
Bank loan monthly payments
Use our personal loan calculator to estimate your monthly payments on a personal loan based on your desired loan amount, estimated rate and loan term. Keep in mind that a longer-term loan will give you lower monthly payments, but you’ll pay more interest over time.
For example, if you get a $10,000 loan with a 12% APR and a four-year term, your monthly payments will be $263 and you’ll pay $2,640 in total interest. That same loan and rate with a two-year repayment term would result in monthly payments of $471 and $1,298 in total interest.
Personal Loan Calculator
Estimate monthly payment
Monthly payment: $449
Total cost of loan: $10,773
Payoff date: October 2028
$773
$10,000
No impact to your credit score
How to get a personal loan from a bank
- Pre-qualify. The best banks for personal loans let you pre-qualify, so you can preview your anticipated rate and terms. Pre-qualification is quick — provide some information about yourself and your desired loan, undergo a soft credit pull and view your potential loan offers. Since lenders use a soft credit pull, your credit score isn’t impacted.
- Submit your application. When you’re ready, submit a formal loan application. The lender may require documents like paystubs or tax documents to show proof of income or employment. The lender often conducts a hard credit inquiry during this step, which can knock a few points off your credit score.
- Sign loan agreement and get funded. Loan approval can be instantaneous or take a couple days, depending on the bank and if additional documentation is needed. Once approved, you must sign the loan documents, usually electronically. Funding time varies, but can be as early as the same day you sign the loan documents or up to a week. Your first loan payment is usually due in a month.
» MORE: How to apply for a bank loan
Tips to get a bank loan with bad credit
If you have bad credit (a score under 630), consider these tips to boost your chances of loan approval at a bank.
- Build your credit. Avoid opening new credit accounts right before you apply for a loan (which can ding your credit). Also, check your credit report for errors that may be hurting your score, and dispute any errors online. Get your credit report for free with NerdWallet.
- Boost your income and pay down debt. A low debt-to-income ratio — the percentage of your income that goes to debts — shows lenders that you have enough income to cover your existing obligations, plus the loan you're applying for. Disclose all your income on your loan application, including any income sources outside of your regular employment.
- Add a co-signer or co-borrower. If your lender allows it, adding a co-applicant with a higher credit score or income can improve your chances of qualifying or getting a lower rate.
- Use collateral to secure a loan. Banks tend to have less strict credit requirements for secured personal loans. That’s because the lender can take your collateral to recoup losses if you stop making loan payments.
Borrow less with small-dollar loans from banks
Some banks offer small-dollar, short-term loans in addition to — or instead of — traditional personal loans. These options let you borrow about $1,000 or less and repay the loan within a few months.
You typically must have an account at that particular bank to be eligible for a small-dollar loan.
Here are some examples of small loans that national banks offer to their existing customers.
- Bank of America’s Balance Assist: Customers with an eligible Bank of America checking account can borrow $300 to $500 with a $15 flat fee. Loan payments are due in four monthly installments.
- U.S. Bank’s Simple Loan: Checking account customers can borrow up to $1,000 in $100 increments, with a $6 fee for every $100 borrowed. Borrowers must repay the loan over three monthly installments.
- Wells Fargo’s Flex Loan: This small-dollar loan is only available to pre-approved customers in the lender's mobile app. Borrowers can either get a $250 loan with a $12 fee or a $500 loan with a $20 fee. Loan payments are due in four monthly installments.
Alternative borrowing options
Whether you’re a loyal bank customer or not, it’s always smart to consider other sources for borrowing. Here are a few alternatives to getting a bank loan:
Other types of personal loans
Online loans: Online lenders tend to offer loans to borrowers across the credit spectrum. The application and funding process for online loans is typically fast. However, rates may be higher than bank loans and often include origination fees, which many banks don’t charge.
Credit union loans: Credit unions often consider loan applicants’ full financial picture, and some are more likely to approve borrowers with less-than-ideal credit scores. Rates on loans at federal credit unions are capped at 18%, but you must be a credit union member to get a loan.
» MORE: Where to get a personal loan
Other ways to borrow
0% APR credit cards: You’ll generally need a good or excellent credit score to qualify for a 0% APR credit card. You’ll avoid paying interest if you pay off the balance before the no-interest period ends, typically the first 15 to 21 months. After that, the credit card balance will likely be subject to a double-digit interest rate.
Buy now, pay later: Many major retailers offer “buy now, pay later” plans that let customers spread out the cost of an item or service over several weeks or a few months. One popular plan lets you break up an expense over four biweekly payments with no interest, fees or hard credit inquiry. Since BNPL plans can be easy to get, avoid overusing them — which could lead to overspending.
Family loans: Asking a family member or friend for a loan may feel awkward, but a family loan can help you avoid credit checks and high interest rates that can come with traditional loans. Draw up a loan agreement so both parties are on the same page about the repayment plan.
Next steps
If you want to move forward with getting a personal loan, pre-qualify with NerdWallet to check your rates and compare loan offers.
Answer a few questions about yourself and your desired loan, and you’ll have results in minutes. Pre-qualifying with NerdWallet does not affect your credit score.
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms and high interest installment lenders operating across multiple states.
25+
Categories assessed
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
Frequently asked questions
How much money can I get from a bank loan?
Loan amounts vary by bank and typically range from $1,000 to $100,000. The bank evaluates your credit profile, income and existing debts to determine the amount you can borrow.
How do bank loans work?
When you want to borrow money from a bank, you apply for the loan either online or in person. Many banks have an online process for getting a personal loan, but some require a visit to a branch.
If you're approved, the lender will let you know how much you can borrow and at what rate. The bank typically funds the loan within a few days, but funding can be as early as the day you’re approved.
Your first loan payment is due in about a month. You’ll continue making monthly payments for the length of your loan term.
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