Best Banks For Personal Loans in 2026

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 banks to compare rates and loan terms. The best personal loan is often the one with the lowest rate.

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 sending funds directly to creditors for debt consolidation.

U.S. Bank: Best bank loan for co-borrowers

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 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.

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 of up to 5 percentage points if you choose to use the loan to consolidate debt.

Note that LendingClub may charge an origination fee up to 8%.

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 $50,000.

The downside is that TD Bank loans are only available to loan applicants on the East Coast. Only applicants living in these states are eligible: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA and Washington, D.C.

Citi: Best bank loan for rate 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.

A downside is that Citi doesn’t offer co-signed, joint or secured loans. Borrowers with sub-par credit histories may have a better chance of qualifying for a bank loan if they’re able to apply with a co-applicant or add collateral to secure the loan.

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?

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 have a high credit score: Banks typically require borrowers to have good or excellent credit (a score from 690 to 850).

When you 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 bank loan. 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.

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.

» 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 689), 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 11.40% in February 2026, according to the most current data from the Federal Reserve ^[1].

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.

How to get a personal loan from a bank

» 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.

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.

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:

0% APR credit cards: You’ll generally need a good or excellent credit score to qualify for a credit card with a 0% 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. 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 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.