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.
Best for bank loans overall
2025 NerdWallet award winner
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
2025 NerdWallet award winner
7.90 - 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 - 19.49%
$2K - $30K
Undisclosed
1 to 5 years
Best for bank loans with fast funding
2025 NerdWallet award winner
8.74 - 35.49%
$5K - $100K
None
2 to 7 years
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
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
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
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.
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.
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.
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.
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.
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.
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.
TD Bank offers competitive rates, fast funding and a wide range of loan amounts, but it’s 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 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.
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.
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?
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
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.
The average interest rate on a two-year personal loan from a bank is 11.14%, according to the most current data from the Federal Reserve .
Several banks have starting APRs in the single digits and maximum rates under 25%.
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
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
Interest rate
7.25%
Loan term (years)
3
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 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.
» MORE: How to apply for a bank loan
If you have bad credit (a score under 600), consider these tips to boost your chances of loan approval at a bank.
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.
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.
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.
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.
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.
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.
