LightStream: Best for Bank loans with low rates
Qualifications:
Key Facts:LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
Discover® Personal Loans: Best for Bank loans and debt consolidation
Qualifications:
Key Facts:Discover’s online experience, strong customer support and borrower perks make it a top lender for good- and excellent-credit applicants.
Qualifications:- 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.
Available Term Lengths:3 to 7 yearsFees:- Origination fee: None.
- Late fee: $39.
Truist Bank Personal Loan: Best for Bank loans with fast funding
Qualifications:
Key Facts:Truist Bank offers fast personal loans to good- and excellent-credit borrowers, but it lacks some benefits of other lenders.
Qualifications:- Must provide personal and contact information, including a U.S.-based cell phone number.
- Must provide two years of address and employment history.
- Must provide financial information including income, debts and other personal obligations, like rent or mortgage.
Available Term Lengths:2 to 7 yearsFees:- Late fee.
- Non-sufficient funds fee.
- Fees vary by state.
TD Bank Personal Loan: Best for Bank loans with fast funding
Qualifications:
Key Facts:TD Bank promises fast approval and funding time for a wide range of loan amounts, but they’re only available in 15 states.
Qualifications:- Must be at least 18 years old.
- Must provide a Social Security number.
- Must live in a state where TD Bank operates.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: None.
- Late fee: $10 or 5% of the minimum payment (whichever is less).
PNC Bank Personal Loan: Best for Bank loans and joint borrowers
Qualifications:
Key Facts: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.
Qualifications:- 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
Available Term Lengths:6 months to 5 yearsFees:- Origination fee: None.
- Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.
Wells Fargo Personal Loan: Best for Bank loans with large loan amounts
Qualifications:
Key Facts:Wells Fargo personal loans come with a wide variety of loan amounts and repayment terms, making them an especially good fit for home improvement projects.
Qualifications:- 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.
Available Term Lengths:1 to 7 yearsFees:- Late fee: $39.
American Express Personal Loan: Best for Bank loans and current AmEx members
Qualifications:
Key Facts:American Express personal loans are a convenient choice for preapproved cardholders, but they lack some consumer-friendly features.
Qualifications:- Must be at least 18 years old.
- Must be a U.S. citizen or permanent resident.
- Must have preapproval and an active American Express card.
Available Term Lengths:1 to 5 yearsFees:- Late fee: $39.
- Insufficient funds fee: $39.
U.S. Bank Personal Loan: Best for Bank loans with small loan amounts
Qualifications:
Key Facts:With minimal fees, a rate discount and fast funding, U.S. Bank is a strong option for good-credit customers.
Qualifications:- Be 18 years or older.
- Provide Social Security number.
- Provide home address and employment information.
Available Term Lengths:1 to 7 yearsFees:
Citibank: Best for bank loans with multiple rate discounts
Qualifications:
Key Facts:Citibank personal loans can be a good choice for Citibank customers, but you may find more flexible options elsewhere if you have strong credit.
Qualifications:- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
Available Term Lengths:1 to 5 yearsFees:- No fees.
LightStream: Best for Bank loans with low rates
Qualifications:
Key Facts:LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
Discover® Personal Loans: Best for Bank loans and debt consolidation
Qualifications:
Key Facts:Discover’s online experience, strong customer support and borrower perks make it a top lender for good- and excellent-credit applicants.
Qualifications:- 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.
Available Term Lengths:3 to 7 yearsFees:- Origination fee: None.
- Late fee: $39.
Truist Bank Personal Loan: Best for Bank loans with fast funding
Qualifications:
Key Facts:Truist Bank offers fast personal loans to good- and excellent-credit borrowers, but it lacks some benefits of other lenders.
Qualifications:- Must provide personal and contact information, including a U.S.-based cell phone number.
- Must provide two years of address and employment history.
- Must provide financial information including income, debts and other personal obligations, like rent or mortgage.
Available Term Lengths:2 to 7 yearsFees:- Late fee.
- Non-sufficient funds fee.
- Fees vary by state.
TD Bank Personal Loan: Best for Bank loans with fast funding
Qualifications:
Key Facts:TD Bank promises fast approval and funding time for a wide range of loan amounts, but they’re only available in 15 states.
Qualifications:- Must be at least 18 years old.
- Must provide a Social Security number.
- Must live in a state where TD Bank operates.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: None.
- Late fee: $10 or 5% of the minimum payment (whichever is less).
PNC Bank Personal Loan: Best for Bank loans and joint borrowers
Qualifications:
Key Facts: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.
Qualifications:- 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
Available Term Lengths:6 months to 5 yearsFees:- Origination fee: None.
- Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.
Wells Fargo Personal Loan: Best for Bank loans with large loan amounts
Qualifications:
Key Facts:Wells Fargo personal loans come with a wide variety of loan amounts and repayment terms, making them an especially good fit for home improvement projects.
Qualifications:- 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.
Available Term Lengths:1 to 7 yearsFees:- Late fee: $39.
American Express Personal Loan: Best for Bank loans and current AmEx members
Qualifications:
Key Facts:American Express personal loans are a convenient choice for preapproved cardholders, but they lack some consumer-friendly features.
Qualifications:- Must be at least 18 years old.
- Must be a U.S. citizen or permanent resident.
- Must have preapproval and an active American Express card.
Available Term Lengths:1 to 5 yearsFees:- Late fee: $39.
- Insufficient funds fee: $39.
U.S. Bank Personal Loan: Best for Bank loans with small loan amounts
Qualifications:
Key Facts:With minimal fees, a rate discount and fast funding, U.S. Bank is a strong option for good-credit customers.
Qualifications:- Be 18 years or older.
- Provide Social Security number.
- Provide home address and employment information.
Available Term Lengths:1 to 7 yearsFees:
Citibank: Best for bank loans with multiple rate discounts
Qualifications:
Key Facts:Citibank personal loans can be a good choice for Citibank customers, but you may find more flexible options elsewhere if you have strong credit.
Qualifications:- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
Available Term Lengths:1 to 5 yearsFees:- No fees.
» MORE: How do bank loans work?
Bank personal loan rates
The average interest rate on a two-year personal loan from a bank is 10.16%, according to the most current data from the Federal Reserve.
As with most credit products, the rate you receive on a personal loan from a bank 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.
Pros and cons of bank loans
While personal loans from banks are often structured similarly to online loans, the process of getting and qualifying for one may be different. Here are a few pros and cons to consider:
Pros of bank loans
Banks typically offer lower rates, higher borrowing amounts and perks to existing customers.
If you already have accounts with the bank, you can keep them all in one place.
Customer service may be more robust at banks. You may even have the same contact person throughout the life of the loan.
Cons of bank loans
Some banks require an in-person visit to complete a loan application.
Not all banks offer an online pre-qualification process, so you can't see what rates and terms you qualify for before applying.
Costs from operating brick-and-mortar locations may drive up APRs.
Do all banks offer personal loans?
Not every bank offers personal loans. Some, like American Express, offer personal loans only to current customers who receive preapproval. Other banks, like Bank of America, Chase and Capital One, don’t currently offer personal loans at all.
If you apply for a personal loan with a bank or another lender, they may require you to indicate what you plan to use the money for. Typically, people take out personal loans for a variety of purposes, including debt consolidation loans, financing for larger purchases like boats and RVs, or home improvement projects.
How to qualify for bank loans
Bank loans may offer benefits for their customers, but they typically have tougher credit score requirements than online loans.
Some financial planners say having an existing relationship with employees at your bank — whether it's a small local bank or a large national bank — can help your chances of qualifying.
But getting approved often comes down to how you look on paper. Consider these tips for the best chance at qualifying.
Build your credit. At least a few years of credit history showing on-time payments and no delinquencies will help your application, but avoid opening new accounts right before you apply (it can ding your credit). Check your credit report for errors that may be hurting your score and dispute any errors online.
Review your credit score. Many banks have a minimum credit score they'll accept from a borrower, but aim above the minimum requirement for the best chance at a low rate. You can get your free credit score with NerdWallet.
Boost your income and pay down debt. Lowering the percent of your income that goes to debts, also called your debt-to-income ratio, will be viewed favorably by most lenders. In many cases, lenders want to see that you make at least enough income to cover your existing obligations, plus the loan you're applying for. Still, the lower your DTI, the better.
Increase your savings, if you can. Showing a lender that you've got enough money in the bank to cover a difficult time can boost their confidence that you'll make payments on time.
Bank loan alternatives
Whether you’re a loyal bank customer or not, it’s always smart to consider other options for personal loans. The best loan for you 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 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: With online lenders, you can complete the entire loan process online and get funding within a day or two. Unlike some banks, online lenders typically let you pre-qualify for financing to see your estimated rate. This triggers a soft credit pull, so you can check your rate and terms at several 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 February 6, 2025
Frequently asked questions
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.
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.
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.
How we chose the best personal loans
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NerdWallet's Best Bank Loans 2025: Compare Personal Loans from Banks
- LightStream: Best for Bank loans with low rates
- Discover® Personal Loans: Best for Bank loans and debt consolidation
- Truist Bank Personal Loan: Best for Bank loans with fast funding
- TD Bank Personal Loan: Best for Bank 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
- American Express Personal Loan: Best for Bank loans and current AmEx members
- U.S. Bank Personal Loan: Best for Bank loans with small loan amounts
- Citibank: Best for bank loans with multiple rate discounts
