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Personal loans from banks typically range from $1,000 to $50,000, with repayment terms from two to seven years. The average annual percentage rate on a two-year bank loan is 11.65%, according to the most current data from the Federal Reserve , but rates can range from 7% to 36%.
The bank reviews loan applicants’ credit, debt and income to determine whether they qualify for a loan, how much they can borrow and the interest rate.
A bank loan comes as a lump sum of money, which you can use for almost any reason. You repay the loan in fixed monthly installments.
» COMPARE: Best banks for personal loans
Who can get a personal loan from a bank?
Some banks only offer personal loans to their existing customers or to people in specific states. Other banks offer loans regardless of your account status or location.
Banks typically require a borrower to have good or excellent credit (a score in the mid-600s or higher), multiple years of credit history and a low debt-to-income ratio.
When does it make sense to get a personal loan from a bank?
If you have good or excellent credit and an account in good standing at a bank that offers personal loans, it’s reasonable to start your search for a personal loan there. Several banks offer rate discounts to existing customers or other advantages, such as faster funding, a higher loan amount or a longer repayment term.
The best personal loan typically has the lowest APR and affordable monthly payments. Check the rate your bank offers against loan offers from other banks, credit unions or online lenders to find the best deal.
Plug the APR, plus your desired loan amount and repayment term, into a personal loan calculator to get your estimated monthly payments. Missing loan payments can damage your credit, so make sure you can comfortably afford to repay the loan.
Loan details
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Your loan estimate
Monthly payment
$212.47
Total principal
$10,000
Total interest payments
$2,748.23
Total loan payments
$12,748.23
Payoff date
01 / 2031
Show amortization schedule
Banks that offer personal loans
Some major banks like Capital One and Chase don’t offer personal loans, however many others do. Here are banks that offer personal loans.
1. American Express
on NerdWallet's secure website
American Express lends exclusively to existing American Express cardholders nationwide who have been preapproved for a personal loan.
- APR range: 6.99% to 19.99%.
- Minimum credit score: N/A.
- Loan amounts: $3,500 to $50,000.
- Loan terms: 1 to 5 years.
2. Citibank
Citibank offers loans in all states and Washington, D.C. Citibank customers with certain accounts may be eligible for faster funding and rate discounts.
- APR range: 9.99% to 19.49%.
- Minimum credit score: N/A.
- Loan amounts: $2,000 to $30,000.
- Loan terms: 1 to 5 years.
3. Discover
Discover offers online bank loans in all states and Washington, D.C.
- APR range: 7.99% to 24.99%.
- Minimum credit score: 660.
- Loan amounts: $2,500 to $40,000.
- Loan terms: 3 to 7 years.
4. LendingClub
on NerdWallet's secure website
LendingClub is an online bank that offers personal loans in all states, plus Washington D.C.
- APR range: 7.90% to 35.99%.
- Minimum credit score: 600.
- Loan amounts: $1,000 to $60,000.
- Loan terms: 2 to 7 years.
5. PNC Bank
on NerdWallet's secure website
PNC Bank offers loans in 24 states and Washington, D.C. Existing customers with a PNC online account may receive faster funding.
- APR range: 7.89% to 26.44%.
- Minimum credit score: N/A.
- Loan amounts: $1,000 to $35,000.
- Loan terms: 6 months to 5 years.
6. SoFi
on NerdWallet's secure website
SoFi is an online bank that offers personal loans in all 50 states and Washington, D.C. Existing SoFi customers may be eligible for a rate discount.
- APR range: 8.74% to 35.49%.
- Minimum credit score: N/A.
- Loan amounts: $5,000 to $100,000.
- Loan terms: 2 to 7 years.
7. TD Bank
on NerdWallet's secure website
TD Bank offers loans in 15 states and Washington, D.C.
- APR range: 7.99% to 23.99%.
- Minimum credit score: N/A.
- Loan amounts: $2,000 to $50,000.
- Loan terms: 3 to 5 years.
8. USAA
on NerdWallet's secure website
USAA lends exclusively to its members. Personal loans are available nationwide.
- APR range: 9.74% to 29.00%.
- Minimum credit score: N/A.
- Loan amounts: $2,500 to $100,000.
- Loan terms: 1 to 7 years.
9. U.S. Bank
on NerdWallet's secure website
U.S. Bank personal loans are available nationwide. Existing customers can get faster funding, longer repayment terms and larger loans.
- APR range: 8.74% to 24.99%.
- Minimum credit score: 680.
- Loan amounts: $1,000 to $50,000.
- Loan terms: 1 to 7 years.
10. Wells Fargo
on NerdWallet's secure website
Wells Fargo offers loans in all states but only to existing customers.
- APR range: 6.74% to 26.74%.
- Minimum credit score: N/A.
- Loan amounts: $3,000 to $100,000.
- Loan terms: 1 to 7 years.
» MORE: Where to get a personal loan
Small bank loans
If you don’t need as much money as a traditional personal loan, some banks offer small-dollar loans. These lending options let you borrow a few hundred dollars and repay the amount within three or four months.
- Bank of America has a Balance Assist loan, which allows checking account customers to borrow up to $500 for a $5 flat fee. Repayment is due in three equal monthly installments.
- U.S. Bank offers its Simple Loan to checking account customers in $100 increments, up to a max of $1,000. It costs $6 for every $100. Borrowers repay the loan in three monthly installments.
- Wells Fargo has the Flex Loan, which is only available to preapproved customers in the bank's mobile app. Borrowers have two loan amount options — $250 or $500 — with a $12 or $20 fee, based on the loan amount. Repayment is due over four monthly installments.
Small-dollar loans can help cover a one-time emergency expense or repair, but they’re not ideal for repeat borrowing. Before applying for a small-dollar loan, make sure you can pay back the loan and any fees in the allotted time period.
How to get a personal loan from a bank
While some banks still require an in-person visit to get a personal loan — especially if you’re a new customer — many banks offer online application and funding processes.
Pre-qualify
A first step that many banks offer is pre-qualification. This allows you to preview whether you qualify, how much you can borrow and what rate you can get.
There is typically only a soft credit check when you pre-qualify online, which lets you compare loan offers from multiple lenders without impacting your credit score.
Apply
After you’ve determined the best pre-qualified offer for you, you can formally apply for the loan. Some traditional banks don’t offer pre-qualification and instead require you to only submit a formal loan application.
A formal loan application triggers a hard credit pull, which can cause your credit score to drop by a few points.
Bank loan applications typically ask for personal details, like your Social Security number and contact information. You may also be asked to provide proof of employment and income. Any existing accounts you have with the bank will likely be considered as part of your application.
Receive funding
If the bank approves your loan application, funding can be as soon as the same or the next business day or may take up to a week.
How can I improve my chances of getting approved?
There are a few things you can do to boost your chances of personal loan approval:
- Build your credit. Check your credit report and resolve any issues that might be hurting your score. You can get a free credit report with NerdWallet or at AnnualCreditReport.com.
- Make consistent, on-time payments toward all of your debts. This will help lower your debt-to-income ratio and build up a positive payment history, which lenders want to see.
- Apply only for the amount of money you need. Requesting a high loan amount means you’ll have a higher monthly loan payment. A lender might view that as risky, since it could strain your budget and ability to pay your debts.
- Add a co-applicant. Adding a co-signer with a higher credit score and income or getting a joint loan with a co-borrower could boost your approval chances.
- Get a secured loan. Some banks offer secured loans backed by a savings account or vehicle, which can be easier to qualify for.
Additional options for personal loans
Credit union personal loans often have low interest rates, similar to bank loans. However, credit unions may be more likely to consider loan applicants with fair or bad credit (a score from 300 to the low 600s). You’ll need to become a member of the credit union before applying for a personal loan.
Online personal loans are typically available to borrowers across the credit spectrum. They may be more convenient than bank loans and could have faster funding. However, online loans may have higher rates and origination fees.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow 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.
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.
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- 1. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed Jan 9, 2026.
