Best Banks For Personal Loans in 2026
Compare the best banks for personal loans, including features and rates, plus learn how to qualify and alternatives to consider.
Checking rates is free and won't impact your credit score.
Which bank is best for a personal loan?
The best bank for a personal loan may be the one you already use, assuming that bank offers personal loans. At the very least, your bank is a solid starting point for finding a personal loan. Existing customers in good standing may receive rate discounts or perks like larger loan amounts or longer loan terms.
If you’re not an existing customer — or if you are but want to explore your options — pre-qualify with multiple banks to compare APRs and loan terms. The best personal loan is often the one with the lowest rate.
Best for bank loans overall
7.99 - 24.99%
$2.5K - $40K
660
3 to 7 years
Best for bank loans for co-borrowers
8.74 - 24.99%
$1K - $50K
680
1 to 7 years
Best for large bank loans
6.74 - 26.74%
$3K - $100K
None
1 to 7 years
Best for bank loans for debt consolidation
2026 NerdWallet award winner
6.53 - 35.99%
$1K - $60K
600
2 to 7 years
Best for bank loans for East Coast borrowers
7.99 - 23.99%
$2K - $50K
None
3 to 5 years
Best for bank loans with autopay discounts
9.99 - 17.49%
$2K - $30K
Undisclosed
1 to 5 years
Best for bank loans with fast funding
2026 NerdWallet award winner
7.74 - 35.49%
$5K - $100K
None
2 to 7 years
Explore more
Discover additional loan resources and tools
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.
30+
Lenders reviewed
30+
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.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 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.
NerdWallet’s guide to the best banks for personal loans
A bank loan is a personal loan you get from a national, regional or local bank, instead of an online lender or credit union. 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
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 — which help make them accessible and affordable.
Note that Discover doesn’t offer any rate discounts. Most other lenders on this list reduce rates for options like setting up automatic payments or, for debt consolidation, having the lender directly send funds to creditors.
U.S. Bank: Best bank loan for co-borrowers
U.S. Bank lets two individuals apply together on a joint personal loan. If your co-borrower has a higher credit score or income, it could boost your chances of getting approved for a bank loan. Your co-borrower’s qualifications could also help you score a lower rate or higher loan amount.
Keep in mind that U.S. Bank doesn’t offer any hardship assistance for borrowers in need; these programs are offered by most other lenders on this list.
Wells Fargo: Best for large bank loans
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. Borrowers must have an eligible Wells Fargo bank account for at least a year in order to get a personal loan from this lender.
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.
LendingClub: Best bank loan for debt consolidation
LendingClub’s low credit score requirement, high loan amounts and long terms make it a solid option for borrowers looking to consolidate their 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. LendingClub also offers a rate discount if you choose to use the loan to consolidate debt.
Note that LendingClub may charge an origination fee up to 8%.
🤓 Nerdy Tip
You’ll see that many lenders charge origination fees, which can be up to 10% of the loan amount and are typically taken from the loan proceeds. Say you get a $20,000 loan with a 5% origination fee. That 5% — or $1,000 — would be deducted from your loan and leave you with $19,000. And while you receive the lesser amount, you must still repay the higher amount of $20,000.
TD Bank: Best bank loan for East Coast borrowers
TD Bank offers competitive rates, fast funding and a wide range of loan amounts, ranging from $2,000 to $5,000.
The downside is that TD Bank loans are only available to loan applicants on the East Coast. Those living outside of CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA or Washington, D.C., are not eligible for this bank loan.
Citi: Best bank loan for autopay discounts
Citi reduces borrowers’ rates by 0.5 percentage points if they agree to automatic monthly payments when they get their personal loan. Other banks have smaller autopay discounts or require you to make payments from an account at their financial institution. In addition to the autopay discount, Citi offers a 0.25 percentage-point discount for existing CitiGold and Citi Priority customers.
Keep in mind that Citi’s loans max out at $30,000 for those without certain Citi accounts. The rest of the lenders on this list offer higher maximum loan amounts and would be a better fit if you’re looking to borrow a large amount.
SoFi: Best bank loan for fast funding
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.
But 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.
When does a bank loan make sense?
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.
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.
Another reason you may opt for a bank loan is if you prefer to meet with a loan officer in person rather than applying for your loan online. A 2024 NerdWallet survey conducted online by The Harris Poll found that 53% of banking customers said a bank having physical branches was one of the most important bank services or features to them.
You might also prefer a bank loan for the convenience of managing loan payments at the same financial institution where you bank.
» MORE: How do personal loans from banks work?
When a bank loan may not be the best option
If you have fair or bad credit (a score from 300 to the low 600s), you may have a better chance of being approved for a personal loan by choosing one from an online lender or credit union.
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 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
Rates and monthly payments for bank loans
As with most credit products, the annual percentage rate you receive on a bank loan depends heavily on your credit score — in addition to your income and existing debt. Lenders often reserve lower rates for borrowers with the highest credit scores.
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 11.65% in the fourth quarter of 2025, according to the most current data from the Federal Reserve .
Several banks have starting APRs in the single digits and maximum rates under 25%.
Bank loan monthly payments
Your monthly payment depends on your interest rate and the loan’s repayment term length. A longer-term loan means lower monthly payments, but you pay more interest over time.
Use our personal loan calculator to estimate monthly payments on a personal loan based on your loan amount, estimated rate and loan term.
Estimated monthly payment
$309.92
Total interest over 3 years
$1,157.12
Total loan payment
$11,157.12
Loan amount
$10,000
Interest rate
7.25%
Loan term (years)
3
Requirements for a bank loan
Banks typically require borrowers to have good or excellent credit (a score in the mid-600s or higher).
Some banks require borrowers to be an existing customer to get a personal loan or to benefit from rate discounts and other perks.
For example, American Express only offers personal loans to current customers it pre-approves. Wells Fargo only offers personal loans to those who’ve had an eligible Wells Fargo bank account for at least a year.
U.S. Bank, on the other hand, lends to everyone, but it has rate discounts, faster funding, larger loans and longer repayment terms for its existing customers.
🤓 Nerdy Tip
Some major banks — including Bank of America, Chase and Capital One — don’t offer traditional personal loans at all. If you’re unsure whether your bank offers them, call and ask about their personal lending options. Even if your bank doesn’t offer personal loans, they may be able to provide other types of financing that fit your needs, such as credit cards or lines of credit.
How to get a personal loan from a bank
- Pre-qualify. The best banks for personal loans let you pre-qualify, so you can check your loan options without hurting your credit score. Pre-qualification is quick — complete a short application, undergo a soft credit pull and view your potential loan offers.
- 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 600), 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 free credit report with NerdWallet or at AnnualCreditReport.com.
- 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.
- Increase your savings, if you can. Showing a lender that you've got enough money in the bank can boost their confidence that you'll make payments on time.
- 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 they can use the collateral to recoup losses if the borrower defaults.
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 up to $500 with a $5 flat fee. Loan payments are due in three 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:
Zero interest credit cards: You’ll generally need a good or excellent credit score to qualify for a credit card with a zero interest introductory rate. 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.
Cash advance apps: Cash advances let you essentially borrow a few hundred dollars from your next paycheck. They typically don’t require a credit check but can come with fees or requests for optional tips. Make sure you can afford to repay the advance with your next paycheck in addition to your other regular expenses.
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. BNPL plans can be easy to get, so avoid overusing them, which could lead to overspending.
Family loans: Asking a family member or friend for a loan may feel awkward, but it 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.
Frequently asked questions
Which bank is best for a personal loan?
The best bank for a personal loan may be the one you already use — assuming that bank offers personal loans. If you’re an existing customer in good standing and you have good credit, you might be eligible for rate discounts or perks like a larger loan amount or longer loan terms.
If you’re not an existing customer, pre-qualify with multiple banks to compare APRs and loan terms. The best personal loan is often the one with the lowest rate.
How much money can I get from a bank loan?
Loan amounts vary by bank and 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.
