Best Banks For Personal Loans in 2024
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A bank loan is a personal loan you get from a bank, instead of an online lender or credit union. Loans are offered at both large national banks and smaller regional or local banks. Here are the best banks offering personal loans. Plus, learn about bank loan rates, how to qualify and loan alternatives.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Banks For Personal Loans in 2024
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Citibank personal loans can be a good choice for Citibank customers, but you may find more flexible options elsewhere if you have strong credit.
- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
- No fees.
TD Bank promises fast approval and funding time for a wide range of loan amounts, but they’re only available in 15 states.
- Must be at least 18 years old.
- Must provide a Social Security number.
- Must live in a state where TD Bank operates.
- Origination fee: None.
- Late fee: $10 or 5% of the minimum payment (whichever is less).
For borrowers who want flexibility, PNC delivers with a wide range of repayment terms and a joint loan option, but non-customers may need to visit a branch to close the loan.
- Minimum credit score: None.
- Provide date of birth and Social Security number.
- Provide photo ID.
- Proof of income. PNC accepts income from employment, alimony, retirement, child support, Social Security payments, investments, rental income and inheritance
- Origination fee: None.
- Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.
Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
7.99-24.99%
$5K-$50K
700
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Provide a valid tax identification or Social Security number.
- Must provide proof of income.
- Minimum credit score: 700.
- Late fee: $20 or 10% of loan payment.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Citibank personal loans can be a good choice for Citibank customers, but you may find more flexible options elsewhere if you have strong credit.
- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
- No fees.
TD Bank promises fast approval and funding time for a wide range of loan amounts, but they’re only available in 15 states.
- Must be at least 18 years old.
- Must provide a Social Security number.
- Must live in a state where TD Bank operates.
- Origination fee: None.
- Late fee: $10 or 5% of the minimum payment (whichever is less).
For borrowers who want flexibility, PNC delivers with a wide range of repayment terms and a joint loan option, but non-customers may need to visit a branch to close the loan.
- Minimum credit score: None.
- Provide date of birth and Social Security number.
- Provide photo ID.
- Proof of income. PNC accepts income from employment, alimony, retirement, child support, Social Security payments, investments, rental income and inheritance
- Origination fee: None.
- Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.
Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Provide a valid tax identification or Social Security number.
- Must provide proof of income.
- Minimum credit score: 700.
- Late fee: $20 or 10% of loan payment.
What is a bank loan?
A bank loan is an unsecured personal loan from a bank that you pay back in fixed, monthly installments. These loans come in a wide range of amounts — from $1,000 to $50,000, though some banks may lend up to $100,000 — and repayment terms of two to seven years.
Rates for personal loans from banks can start as low as 6%. Some banks require you to be an existing customer and offer perks for account holders, but not all.
You can use a bank loan for almost anything. Here are some popular reasons to get a personal loan:
Paying for a large expense like a move or wedding.
How to get a loan from the bank
Check the bank’s loan criteria. Before you apply for a loan, familiarize yourself with the application requirements on the bank’s website or give the branch a call.
Pre-qualify, if possible. Some banks offer pre-qualification for a personal loan, which lets you check 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. Required documents typically include proof of income and employment. You’ll also undergo a hard credit inquiry during this step, which temporarily knocks a few points off your score.
Get approved and funded. Approval can be instantaneous or take a few days, depending on the bank and if additional documentation is needed. Once approved, you’ll receive the loan documents, usually electronically, which you’ll sign and return to the lender. Funding time varies, but can be as early as same-day or up to a week.
Make a plan to pay back the loan. Once you receive the loan funds, it’s important to make a plan to manage your monthly payments, so you don’t fall behind, which can hurt your credit and result in late fees.
Not every bank offers personal loans. Some, like American Express, offer personal loans only to current customers who are pre-approved. Other major banks, like Bank of America, Chase and Capital One, don’t currently offer personal loans at all.
If you’re unsure whether your bank offers personal loans, call and ask about their personal lending options. Even if the bank doesn’t offer a personal loan, they may be able to provide other types of financing that fit your needs, including credit cards or lines of credit.
Bank personal loan rates
The average interest rate on a two-year personal loan from a bank is 12.49%, according to the most current data from the Federal Reserve.
As with most credit products, the annual percentage rate you receive on a personal loan — which includes interest and any fees — 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 you pay more interest over time.
Use our personal loan calculator to estimate interest and monthly payments on a personal loan, based on your credit score.
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
11 / 2029
| Payment date | Principal | Interest | Monthly payment | Principal balance |
|---|---|---|---|---|
| Nov 2024 | $129.14 | $83.33 | $212.47 | $9,870.86 |
| Dec 2024 | $130.21 | $82.26 | $212.47 | $9,740.65 |
| Jan 2025 | $131.30 | $81.17 | $212.47 | $9,609.35 |
| Feb 2025 | $132.39 | $80.08 | $212.47 | $9,476.96 |
| Mar 2025 | $133.50 | $78.97 | $212.47 | $9,343.46 |
| Apr 2025 | $134.61 | $77.86 | $212.47 | $9,208.85 |
| May 2025 | $135.73 | $76.74 | $212.47 | $9,073.12 |
| Jun 2025 | $136.86 | $75.61 | $212.47 | $8,936.26 |
| Jul 2025 | $138.00 | $74.47 | $212.47 | $8,798.26 |
| Aug 2025 | $139.15 | $73.32 | $212.47 | $8,659.11 |
| Sep 2025 | $140.31 | $72.16 | $212.47 | $8,518.80 |
| Oct 2025 | $141.48 | $70.99 | $212.47 | $8,377.32 |
| Nov 2025 | $142.66 | $69.81 | $212.47 | $8,234.66 |
| Dec 2025 | $143.85 | $68.62 | $212.47 | $8,090.81 |
| Jan 2026 | $145.05 | $67.42 | $212.47 | $7,945.76 |
| Feb 2026 | $146.26 | $66.21 | $212.47 | $7,799.51 |
| Mar 2026 | $147.47 | $65.00 | $212.47 | $7,652.03 |
| Apr 2026 | $148.70 | $63.77 | $212.47 | $7,503.33 |
| May 2026 | $149.94 | $62.53 | $212.47 | $7,353.39 |
| Jun 2026 | $151.19 | $61.28 | $212.47 | $7,202.20 |
| Jul 2026 | $152.45 | $60.02 | $212.47 | $7,049.74 |
| Aug 2026 | $153.72 | $58.75 | $212.47 | $6,896.02 |
| Sep 2026 | $155.00 | $57.47 | $212.47 | $6,741.02 |
| Oct 2026 | $156.30 | $56.18 | $212.47 | $6,584.72 |
| Nov 2026 | $157.60 | $54.87 | $212.47 | $6,427.12 |
| Dec 2026 | $158.91 | $53.56 | $212.47 | $6,268.21 |
| Jan 2027 | $160.24 | $52.24 | $212.47 | $6,107.98 |
| Feb 2027 | $161.57 | $50.90 | $212.47 | $5,946.41 |
| Mar 2027 | $162.92 | $49.55 | $212.47 | $5,783.49 |
| Apr 2027 | $164.27 | $48.20 | $212.47 | $5,619.22 |
| May 2027 | $165.64 | $46.83 | $212.47 | $5,453.57 |
| Jun 2027 | $167.02 | $45.45 | $212.47 | $5,286.55 |
| Jul 2027 | $168.42 | $44.05 | $212.47 | $5,118.13 |
| Aug 2027 | $169.82 | $42.65 | $212.47 | $4,948.31 |
| Sep 2027 | $171.23 | $41.24 | $212.47 | $4,777.08 |
| Oct 2027 | $172.66 | $39.81 | $212.47 | $4,604.42 |
| Nov 2027 | $174.10 | $38.37 | $212.47 | $4,430.32 |
| Dec 2027 | $175.55 | $36.92 | $212.47 | $4,254.76 |
| Jan 2028 | $177.01 | $35.46 | $212.47 | $4,077.75 |
| Feb 2028 | $178.49 | $33.98 | $212.47 | $3,899.26 |
| Mar 2028 | $179.98 | $32.49 | $212.47 | $3,719.28 |
| Apr 2028 | $181.48 | $30.99 | $212.47 | $3,537.81 |
| May 2028 | $182.99 | $29.48 | $212.47 | $3,354.82 |
| Jun 2028 | $184.51 | $27.96 | $212.47 | $3,170.31 |
| Jul 2028 | $186.05 | $26.42 | $212.47 | $2,984.25 |
| Aug 2028 | $187.60 | $24.87 | $212.47 | $2,796.65 |
| Sep 2028 | $189.17 | $23.31 | $212.47 | $2,607.49 |
| Oct 2028 | $190.74 | $21.73 | $212.47 | $2,416.75 |
| Nov 2028 | $192.33 | $20.14 | $212.47 | $2,224.42 |
| Dec 2028 | $193.93 | $18.54 | $212.47 | $2,030.48 |
| Jan 2029 | $195.55 | $16.92 | $212.47 | $1,834.93 |
| Feb 2029 | $197.18 | $15.29 | $212.47 | $1,637.75 |
| Mar 2029 | $198.82 | $13.65 | $212.47 | $1,438.93 |
| Apr 2029 | $200.48 | $11.99 | $212.47 | $1,238.45 |
| May 2029 | $202.15 | $10.32 | $212.47 | $1,036.30 |
| Jun 2029 | $203.83 | $8.64 | $212.47 | $832.47 |
| Jul 2029 | $205.53 | $6.94 | $212.47 | $626.93 |
| Aug 2029 | $207.25 | $5.22 | $212.47 | $419.69 |
| Sep 2029 | $208.97 | $3.50 | $212.47 | $210.71 |
| Oct 2029 | $210.71 | $1.76 | $212.47 | $0.00 |
Pros and cons of bank loans
While personal loans from banks are often structured similarly to online loans, getting and qualifying for one may be different. Here are a few pros and cons to consider:
Pros of bank loans
Customer benefits. Banks typically offer lower interest rates, higher borrowing amounts and additional perks, like a rate discount, to existing account holders.
Convenience. If you are an existing account holder, getting a personal loan at the same bank may make the process easier and help keep track of your money.
Better assistance. Customer service may be more robust at banks, especially if you can visit a brick-and-mortar location. You may even have the same contact person throughout the life of the loan.
Cons of bank loans
Limited pre-qualifying options. Not all banks offer the option to pre-qualify online, so you can't see your prospective rates and terms before applying and submitting to a hard credit check.
Possible longer funding time. Funding can take longer compared to getting a loan from an online lender, though some banks offer same- or next-day funding.
May require going to a branch. Some banks may require an in-person visit to complete a loan application or receive funding.
How to get a bank loan with bad credit
Bank loans may offer benefits for their customers, but they typically have higher credit score requirements than online loans.
Having an existing relationship at your bank may help your chances of qualifying, but getting approved often comes down to how you look on paper. Consider these tips for the best chance of getting a loan:
Build your credit. At least a few years of credit history with on-time payments and no delinquencies will help your application. Avoid opening new accounts right before you apply (it can ding your credit) and check your credit report for errors that may be hurting your score. You can often dispute any errors online.
Review your credit score. Many banks have a minimum credit score requirement, but a higher score gives you the best chance at a low rate. Get a free credit score with NerdWallet.
Boost your income and pay down debt. Lowering the percentage of your income that goes to debts, also called your debt-to-income ratio, is viewed favorably by most lenders. In many cases, lenders want to see that you make enough income to cover your existing obligations, plus the loan you're applying for. The lower your DTI, the better.
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.
Alternatives to banks for personal loans
Whether you’re a loyal bank customer or not, it’s always smart to consider other sources for personal loans. No matter the lender, the best loan is the one with the lowest rate and payments that fit your budget.
Here are a few alternatives to getting a bank loan:
Credit unions: These not-for-profit, members-only organizations consider loan applicants’ full financial picture and some are more likely to approve borrowers with average credit (a 630 to 689 credit score) or bad credit (a 629 credit score or lower). Rates on loans at federal credit unions are capped at 18%.
Online loans: Lenders let you complete the entire loan process online and provide funding within a day or two. Unlike some banks, online lenders typically let you pre-qualify for financing to see your estimated rate. Since this only triggers a soft credit pull, you can check your rate and terms at several online 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 lenders on NerdWallet to compare offers and find the lowest rate.
Last updated on June 10, 2024
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. 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, compare APRs and loan amounts from online lenders as well as banks.
- How much money can I get from a bank loan?
Loan amounts vary by bank and range from $1,000 to $100,000. Your credit profile, income and existing debts will help determine the amount the bank lets you borrow.
- How do I borrow from the bank?
When you borrow from a bank, you apply for the loan and, if you're approved, the lender will let you know how much you can borrow and at what rate. It helps to be an existing customer, but it isn't always necessary. Some banks require you visit a branch to get a loan.
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 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 Best Banks For Personal Loans in 2024
- Discover® Personal Loans: Best for debt consolidation loans
- Citibank: Best for bank loans with multiple rate discounts
- TD Bank Personal Loan: Best for bank personal loans with fast funding
- PNC Bank Personal Loan: Best for bank loans and joint borrowers
- Wells Fargo Personal Loan: Best for bank loans with large loan amounts
- Santander Personal Loan: Best for bank loans with low rates
