Bank Loans: Top Banks Offering Personal Loans in 2020

Bank loans can be a source of large personal loans at low interest rates for good or excellent credit borrowers.

Summary of Bank Loans: Top Banks Offering Personal Loans in 2020

Lender	Best For	Est. APR	Min. Credit Score	Learn More
Discover® Personal Loans NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for debt consolidation	6.99 - 24.99%	660	See my rates on NerdWallet's secure website
American Express NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for debt consolidation	5.91 - 19.98%	None	See my rates on NerdWallet's secure website
Marcus by Goldman Sachs NerdWallet rating Check Rate on Goldman Sachs's website	Bank loans for flexible payments, rate discounts	6.99 - 28.99%	660	Check Rate on Goldman Sachs's website
PNC Bank Personal Loan NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for flexible payments, rate discounts	5.74 - 22.49%	None	See my rates on NerdWallet's secure website
HSBC Personal Loan NerdWallet rating Check Rate on HSBC's website	Bank loans for flexible payments, rate discounts	6.99 - 17.29%	700	Check Rate on HSBC's website
LightStream NerdWallet rating Check Rate on LightStream's website	Bank loans for home improvement	4.99 - 16.79%	660	Check Rate on LightStream's website
Wells Fargo Personal Loan NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for home improvement	5.49 - 24.49%	600	See my rates on NerdWallet's secure website
Citizens Bank NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for co-signers	6.78 - 20.88%	None	See my rates on NerdWallet's secure website
Citibank NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for co-signers	7.99 - 23.99%	None	See my rates on NerdWallet's secure website
BB&T Bank Personal Loan NerdWallet rating See my rates on NerdWallet's secure website	Bank loans for co-signers	4.74 - 18.00%	660	See my rates on NerdWallet's secure website
U.S. Bank Personal Loan NerdWallet rating See my rates on NerdWallet's secure website	Banks for secured personal loans	6.49 - 17.99%	None	See my rates on NerdWallet's secure website

Our picks for

Bank loans for debt consolidation

See my rates

on NerdWallet's secure website

Discover® Personal Loans

5.0

NerdWallet rating

Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

See my rates

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.

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American Express

4.0

NerdWallet rating

Min. Credit Score

None

Est. APR

5.91 - 19.98%

Loan Amount

$3,500 - $40,000

See my rates

on NerdWallet's secure website

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

Read Full Review

Our picks for

Bank loans for flexible payments, rate discounts

Check Rate

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

NerdWallet rating

Min. Credit Score

660

Est. APR

6.99 - 28.99%

Loan Amount

$3,500 - $40,000

Check Rate

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.
Rate discount with autopay.

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.
For debt consolidation loans, you may be required to send part of the loan directly to your creditors.

Available Term Lengths

3 to 6 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

You may be required to have some of your funds sent directly to creditors to pay off down certain types of outstanding unsecured debt. 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

NerdWallet rating

Min. Credit Score

None

Est. APR

5.74 - 22.49%

Loan Amount

$1,000 - $35,000

See my rates

on NerdWallet's secure website

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

Read Full Review

Check Rate

on HSBC's website

HSBC Personal Loan

4.0

NerdWallet rating

Min. Credit Score

700

Est. APR

6.99 - 17.29%

Loan Amount

$3,000 - $30,000

Check Rate

on HSBC's website

Min. Credit Score

700

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

No origination fee.
Able to fund a loan by the next business day.
Soft credit check with pre-qualification for new customers.

Cons

Requires an in-person visit for existing customers.
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

Read Full Review

Our picks for

Bank loans for home improvement

Check Rate

on LightStream's website

LightStream

5.0

NerdWallet rating

Min. Credit Score

660

Est. APR

4.99 - 16.79%

Loan Amount

$5,000 - $100,000

Check Rate

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 now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

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Wells Fargo Personal Loan

4.0

NerdWallet rating

Min. Credit Score

600

Est. APR

5.49 - 24.49%

Loan Amount

$3,000 - $100,000

See my rates

on NerdWallet's secure website

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 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

Minimum credit score: 600; most borrowers have scores above 660.

Available Term Lengths

1 to 7 years

Fees

Origination fee: None.

Disclaimer

Read Full Review

Our picks for

Bank loans for co-signers

See my rates

on NerdWallet's secure website

Citizens Bank

4.5

NerdWallet rating

Min. Credit Score

None

Est. APR

6.78 - 20.88%

Loan Amount

$5,000 - $50,000

See my rates

on NerdWallet's secure website

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

Read Full Review

See my rates

on NerdWallet's secure website

Citibank

3.0

NerdWallet rating

Min. Credit Score

None

Est. APR

7.99 - 23.99%

Loan Amount

$2,000 - $50,000

See my rates

on NerdWallet's secure website

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.

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

Read Full Review

See my rates

on NerdWallet's secure website

BB&T Bank Personal Loan

4.0

NerdWallet rating

Min. Credit Score

660

Est. APR

4.74 - 18.00%

Loan Amount

$3,500 - $50,000

See my rates

on NerdWallet's secure website

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

Read Full Review

Our pick for

Banks for secured personal loans

See my rates

on NerdWallet's secure website

U.S. Bank Personal Loan

3.5

NerdWallet rating

Min. Credit Score

None

Est. APR

6.49 - 17.99%

Loan Amount

$3,000 - $25,000

See my rates

on NerdWallet's secure website

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

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How much will it cost?

As with most credit products, the rate you receive on a personal loan from a bank depends a lot on your credit score. The better your score, the lower your rate and the less interest you’ll pay over the life of the loan. The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest.

Use our personal loan calculator to see estimated rates and payments for a personal loan.

» MORE: Best personal loan interest rates

How to qualify for bank loans

Bank loans may offer benefits for their customers, but they typically have tougher credit score requirements than online loans. Many banks also do not let you pre-qualify for a loan with a soft check of your credit. Consider the following tips to improve your chances of qualifying.

Build your credit. Check your credit report for errors that may be hurting your score and dispute the errors online. Aim to make all of your debt payments on time, keep your credit utilization ratio low and avoid opening new accounts before your loan application.
Add a co-applicant or co-signer to your application. This can help you qualify for a loan that you wouldn’t have on your own because of bad credit or low income. Banks that accept co-applicants or co-signers include Citibank, LightStream and Wells Fargo.
Boost your income and pay down debt. This improves your debt-to-income ratio, or the percentage of your monthly debt payments divided by monthly income, a factor considered by some lenders. The lower the percentage, the better.

» MORE: 5 ways to boost your chances of qualifying

Bank loan alternatives

Whether you’re a loyal bank customer or not, it’s always smart to consider other options for personal loans. The best loan for you is one with the lowest rate possible and payments that fit your budget.

Credit unions: These not-for-profit, members-only organizations consider loan applicants’ full financial picture and are more likely to approve borrowers with average or bad credit. Rates on loans at federal credit unions are capped at 18%.

Online loans: With online lenders, you can complete the entire loan process on a mobile device and get funding within a day or two. Unlike some banks, online lenders typically let you pre-qualify for financing to see your estimated rate. This triggers a soft credit pull, so you can check your rate and terms at several lenders without impacting your credit score.

Home equity loans and HELOCs: This may be a lower-cost borrowing option if you have equity in your home, but you also risk losing it if you fail to repay the loan.

How to pre-qualify for an online personal loan

Taking the steps to pre-qualify for an online loan lets you see potential loan terms, including the loan’s interest rate, without hurting your credit. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.

Last updated on March 26, 2020

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Bank Loans: Top Banks Offering Personal Loans in 2020

Discover® Personal Loans: Best for Bank loans for debt consolidation
American Express: Best for Bank loans for debt consolidation
Marcus by Goldman Sachs: Best for Bank loans for flexible payments, rate discounts
PNC Bank Personal Loan: Best for Bank loans for flexible payments, rate discounts
HSBC Personal Loan: Best for Bank loans for flexible payments, rate discounts
LightStream: Best for Bank loans for home improvement
Wells Fargo Personal Loan: Best for Bank loans for home improvement
Citizens Bank: Best for Bank loans for co-signers
Citibank: Best for Bank loans for co-signers
BB&T Bank Personal Loan: Best for Bank loans for co-signers
U.S. Bank Personal Loan: Best for Banks for secured personal loans

Frequently asked questions

Which bank is best for a personal loan?

If you’re an existing customer and in good standing with a bank that offers personal loans, you could get benefits like rate discounts and a larger loan amount. If you’re not an existing customer, consider the APR and loan amount different banks can offer you based on your credit profile.

Is an online loan or a bank loan better?

While some online lenders can offer loans to borrowers with fair or poor credit, good-credit borrowers looking for higher loan amounts may get approved for a bank loan more easily. The best lender is typically the one that offers the lowest interest rate with reasonable monthly payments, which is why it’s important to compare lenders.

How do bank loans work?

Bank loans work similarly to online loans in that you apply for a loan and, if you're approved, the lender will let you know how much you can borrow and at what rate. Bank loans can differ from online loans in their qualification criteria and application processes.

Learn more about how bank loans work.