WalletHub makes it easy to find the best banks for personal loans.
Updated Nov 30, 2023
Fact checked
Written by John Kiernan
Managing Editor
Reviewed by Alina Comoreanu
Senior Researcher
The best banks for personal loans offer $0 origination fees, low APRs and relatively large loan amounts. Other features of the best banks to get a personal loan from include long payoff periods and quick approval times. Most of the top personal loans from banks are available nationwide, too, but some lenders operate on a more regional basis.
Best Banks for Personal Loans in 2023
WalletHub
Why People Trust WalletHub
Unlike other sites that only promote loans they're paid by, WalletHub's editors focus on finding the best loans. WalletHub makes it easy to find the best banks for personal loans.
To identify the best banks for personal loans, WalletHub compared offers from more than 15 of the largest banks in the U.S. Below, you can see WalletHub’s picks, along with what makes them the best.
This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in loan selection.
Best for Excellent/Good Credit
BEST BANK FOR PERSONAL LOANS OVERALL
Discover
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 6.99% - 24.99% | $0 of loan amount | 36 - 84 months | Good |
APR
6.99% - 24.99%
Origination Fee
$0
of loan amount
Term
36 - 84 months
Accepted Credit
Editors’ Thoughts
The best bank for personal loans is Discover because it offers low APRs, a $0 origination fee and long payoff timelines. It also has one of the highest ratings from WalletHub’s editors among all personal loan providers, at 4.5/5.
Key Facts About Discover Personal Loans:
- Range of APRs: 6.99% - 24.99%
- Minimum credit score: 660
- Loan sizes: $2,500 - $40,000
- Origination fee: $0
- Payoff period: 36, 48, 60, 72 or 84 months
- Timeline for approval/funding: 2 - 10 business days
BEST BANK FOR SMALL PERSONAL LOANS
Citizens Bank
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 6.79% - 20.88% | $0 of loan amount | 36 - 84 months | Excellent |
APR
6.79% - 20.88%
Origination Fee
$0
of loan amount
Term
36 - 84 months
Accepted Credit
Editors’ Thoughts
Citizens Bank is the best bank for personal loans with long payoff periods because it offers 36, 48, 60, 72 or 84 months to pay off loans of $5,000 - $15,000, with no major fees. Citizens Bank only has branches in 11 states, but people who live elsewhere can still apply through the bank’s online lending division, Citizens One.
Key Facts About Citizens Bank Personal Loans:
- Range of APRs: 6.79% - 20.88%
- Minimum credit score: 680
- Loan sizes: $5,000 - $15,000
- Origination fee: $0
- Payoff period: 36, 48, 60, 72 or 84 months
- Approval/funding timeline: 4 - 16 business days
BEST BANK FOR A PERSONAL LOAN WITH NO SSN
Citibank
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 11.49% - 19.49% | $0 of loan amount | 12 - 60 months | Excellent |
APR
11.49% - 19.49%
Origination Fee
$0
of loan amount
Term
12 - 60 months
Accepted Credit
Editors’ Thoughts
Citibank is the best bank that offers personal loans for people who don’t have an SSN, because it allows people to apply with either an ITIN or a passport instead, as long as they are a U.S. citizen or permanent resident.
Key Facts About Citibank Personal Loans:
- Range of APRs: 11.49% - 19.49%
- Minimum credit score: 680
- Loan sizes: $2,000 - $30,000
- Origination fee: $0
- Payoff period: 12, 24, 36, 48 or 60 months
- Approval/funding timeline: Up to 12 business days
BEST BANK FOR A LOW-APR PERSONAL LOAN
Barclays
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 4.99% - 20.99% | $0 of loan amount | 36 - 60 months | Excellent |
APR
4.99% - 20.99%
Origination Fee
$0
of loan amount
Term
36 - 60 months
Editors’ Thoughts
Barclays is the best bank for a low-APR personal loan. Its minimum and maximum APRs are lower than average, ranging 4.99% - 20.99%.
Key Facts About Barclays Bank Personal Loans:
- Range of APRs: 4.99% - 20.99%
- Minimum credit score: Reportedly 700
- Loan sizes: $5,000 - $35,000
- Origination fee: $0
- Payoff period: 36 - 60 months
- Approval/funding timeline: 2 - 3 business days
Best for Fair Credit
BEST BANK FOR PERSONAL LOANS FOR FAIR CREDIT
TD Bank
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 8.99% - 21.99% | $0 of loan amount | 12 - 60 months | Fair |
APR
8.99% - 21.99%
Origination Fee
$0
of loan amount
Term
12 - 60 months
Accepted Credit
Editors’ Thoughts
TD Bank is the best bank for personal loans for people with fair credit because it offers unsecured loans (660 credit score required) and secured loans (no minimum credit score stated). People with fair credit or better may be able to qualify for both types of loans, while people with limited or bad credit have a shot at secured loans, which require money in a bank account as collateral.
Key Facts About TD Bank Personal Loans:
- Range of APRs: 8.99% - 21.99%
- Minimum credit score: Unsecured loans: 660 for people with a TD checking/savings account open 30+ days; 750 otherwise. Secured loans: no stated minimum.
- Loan sizes: $2,000 - $50,000
- Origination fee: $0 for unsecured, $50 for secured.
- Payoff period: 12 - 60 months
- Approval/funding timeline: 2 - 6 business days
BEST BANK FOR PERSONAL LOANS WITH NO ORIGINATION FEE
American Express
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 6.98% - 19.98% | $0 of loan amount | 12 - 36 months | Fair |
APR
6.98% - 19.98%
Origination Fee
$0
of loan amount
Term
12 - 36 months
Accepted Credit
Editors’ Thoughts
American Express is among the best banks for personal loans because it does not charge an origination fee and offers competitive APRs. However, you must be an existing customer and be pre-approved by the company to qualify for a personal loan.
Key Facts About American Express Personal Loans:
- Range of APRs: 6.98% - 19.98%
- Minimum credit score: 660
- Loan sizes: $3,500 - $40,000
- Origination fee: $0
- Payoff period: 12, 24 or 36 months
- Approval/funding timeline: 3 - 8 business days
BEST BANK FOR LARGE PERSONAL LOANS
Wells Fargo
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 7.49% - 23.74% | $0 of loan amount | 12 - 84 months | Fair |
APR
7.49% - 23.74%
Origination Fee
$0
of loan amount
Term
12 - 84 months
Accepted Credit
Editors’ Thoughts
Wells Fargo is the best bank for large personal loans because it offers up to $100,000 in funding for 12 - 60 months. It also offers low rates and does not charge an origination fee.
Key Facts About Wells Fargo Personal Loans:
- Range of APRs: 7.49% - 23.74%
- Minimum credit score: 660
- Loan sizes: $3,000 - $100,000
- Origination fee: $0
- Payoff period: 12 - 84 months
- Approval/funding timeline: 2 - 4 business days
BEST BANK FOR QUICK PERSONAL LOANS
PNC
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 5.99% - 32.24% | None | 12 - 60 months | Fair |
APR
5.99% - 32.24%
Origination Fee
None
Term
12 - 60 months
Accepted Credit
Editors’ Thoughts
PNC is the best bank for quick personal loans because it typically offers approval and funding in 1 - 2 business days. While PNC doesn’t have branches in every state, it’s possible to apply online or by phone from anywhere in the U.S. PNC also offers secured loans for bad credit.
Key Facts About PNC Personal Loans:
- Range of APRs: 5.99% - 32.24%
- Minimum credit score: 650 for unsecured, reportedly; no disclosed minimum for secured
- Loan sizes: $1,000 - $35,000
- Origination fee: None
- Payoff period: 12 - 60 months
- Approval/funding timeline: 1 - 2 business days
Best for Bad Credit
BEST BANK LOANS FOR BAD CREDIT
USAA
USAA
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 7.24% - 17.65% | None | 12 - 84 months | Bad |
APR
7.24% - 17.65%
Origination Fee
None
Term
12 - 84 months
Accepted Credit
Editors’ Thoughts
USAA is the best bank for personal loans for people with bad credit because it offers a low APR range and no origination fee. The only drawback is that you must become a USAA member before you can apply for a loan.
Key Facts About USAA Personal Loans:
- Range of APRs: 7.24% - 17.65%
- Minimum credit score: Not disclosed
- Loan sizes: $1,000 - $100,000
- Origination fee: None
- Payoff period: 12, 24, 36, or 48, 60, 84 months
- Approval/funding timeline: 2 - 4 business days
Were the editor’s picks helpful?
Best Banks for Personal Loans in 2023
The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
There are plenty of other banks with worthwhile offers to consider, though. Below, you can see a comparison of WalletHub’s picks for the best banks for personal loans.
Best Banks for Personal Loans Comparison
| Lender | Starting APR | Max Loan Amount | Score Requirement |
| Discover | 6.99% | $40,000 | 660 |
| Citizens Bank | 6.79% | $15,000 | 680 |
| Citibank | 11.49% | $30,000 | 680 |
| Barclays Bank | 4.99% | $35,000 | 700 |
| PNC | 5.99% | $35,000 | Not disclosed |
| USAA | 7.24% | $100,000 | Not disclosed |
| Wells Fargo | 7.49% | $100,000 | 660 |
| American Express | 6.98% | $40,000 | 660 |
| TD Bank | 8.99% | $50,000 | 660 |
Note: Credit score requirements are according to either the lender or multiple third-party sources.
5 Tips for Getting a Personal Loan from a Bank
Consider both local and national banks.
There are lots of great banks that operate nationwide that offer personal loans. But there are many more that may only be local to your state or region, and they could potentially offer even more competitive terms. You can search for banks in your area on WalletHub.Keep in mind that you may be able to apply in person.
One unique feature of banks compared to online lenders is that they often allow people to apply for personal loans in person. The advantage of this is that you can go through the entire process with a credit specialist, which gives it more of a personal connection and allows you to get answers to any questions you have on the spot.Don’t rule out other types of lenders.
Even though lots of banks offer good personal loans, lots of credit unions and online lenders do, too. Credit unions offer the advantage of lower APR caps, in most cases. And both credit unions and online lenders tend to have lower approval requirements than major banks.Check your credit before applying.
Check your credit score and report for free on WalletHub before applying for any loan. That will help you get an idea of which banks’ loans you can qualify for. You might also want to check out WalletHub’s free personal loan pre-qualification tool, which will show you which lenders you have the best approval odds with (without impacting your credit score).Consider more than just loan terms.
Loan interest rates and fees are important. However, other factors may have a big impact on which bank you choose to get a personal loan from. For example, you might want to apply with a bank that allows co-signers, has large loans and long payoff periods, or offers quick decisions.
Methodology for Selecting the Best Personal Loans From Banks
To identify the best banks for personal loans, WalletHub’s editors reviewed offers from more than 15 of the largest banks in the U.S. We compared these lenders based on six overall categories: APRs, loan sizes, fees, loan requirements, transparency and the application process. In addition to the best overall banks for personal loans, which typically require a credit score of at least 660, WalletHub also picked out the best bank loans for people with lower credit scores.
Best Banks for Personal Loans FAQ
Finding the best personal loan can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
What banks do personal loans?
Upvotes
Reply
Rick Bormin, Personal Loans Moderator
@rhandoo2020
Many banks do personal loans, including Wells Fargo, Citibank, American Express, Discover and U.S. Bank, to name a few of the biggest lenders. In addition to large national lenders, there are thousands of local banks that offer personal loans, giving borrowers plenty of choices. Below, you can see some of the biggest banks that do personal loans, along with their rates.
Major Banks That Do Personal Loans
| Lender | APR |
...
4
What credit score is needed for a personal loan?
15
Upvotes
Reply
15
Adam McCann, Financial Writer
@adam_mcan
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
Credit Score for Personal Loan Approval by Lender
... |
|---|
Which bank has the lowest interest rate on personal loans?
21
Upvotes
Reply
21
Adam McCann, Financial Writer
@adam_mcan
The major bank with the lowest interest rate for a personal loan is Barclays, which advertises a 4.99% APR. Other notable banks with low personal loan rates include PNC (5.99% APR) and American Express (6.98% APR), and some smaller banks across the country may also offer personal loans with similarly low rates.
Banks with the Lowest Interest Rates for Personal Loans
- Barclays: 4.99%+ APR
- PNC: 5.99%+ APR
- American Express: 6.98%+ APR
- ...
15
What are Wells Fargo's debt consolidation loan options?
21
Upvotes
Reply
21
Adam McCann, Financial Writer
@adam_mcan
Wells Fargo's debt consolidation offers include personal loans, personal lines of credit, home equity lines of credit, and credit card accounts. Personal loans and personal lines of credit are best for long-term, unsecured consolidation. Home equity lines of credit offer lower APRs but are secured by the borrower's house. And credit cards are best for much shorter debt consolidation periods and smaller loan amounts.
Wells Fargo Debt Consolidation Options
- Personal loan: Wells Fargo offers...
Does Discover offer good debt consolidation loans?
21
Upvotes
Reply
21
Adam McCann, Financial Writer
@adam_mcan
Discover offers three good debt consolidation options: personal loans, home equity loans and credit cards. With Discover's personal loans and home equity loans, the borrower receives a lump sum of money that they can use to pay off their existing debts, combining them into a single balance that accrues interest at a lower rate (hopefully). The main difference between the two is that personal loans are unsecured, while home equity loans are secured by the borrower's house....
What credit score do you need for a Wells Fargo personal loan?
25
Upvotes
Reply
25
Rick Bormin, Personal Loans Moderator
@rhandoo2020
Applicants need a credit score of 660 to get a personal loan from Wells Fargo, according to multiple third-party sources. That means the Wells Fargo personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 660 credit score is not enough to qualify you for a Wells...
Does Wells Fargo offer medical loans?
21
Upvotes
Reply
21
Adam McCann, Financial Writer
@adam_mcan
Wells Fargo does not offer so-called medical loans. But Wells Fargo does give consumers four options to borrow for medical expenses: personal loans, home equity loans, the Health Advantage Credit Card and traditional credit cards with low interest rates.
A personal loan from Wells Fargo works as a medical loan because you can use a personal loan for just about any expense, including medical bills. Wells Fargo's personal loans are especially attractive because they...
1
How do you get an emergency loan from Wells Fargo?
21
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Reply
21
Adam McCann, Financial Writer
@adam_mcan
Wells Fargo does not offer “emergency loans” by that name, but Wells Fargo personal loans can be used for any purpose, including paying emergency expenses. Wells Fargo offers a quick approval and funding timeline on personal loans. It takes just 2 - 4 business days for most customers to get approved and receive their funds.
There are a few other methods you can use to get a loan from Wells Fargo in an emergency as...
1
View more answers
How long does it take to get money from a Wells Fargo personal loan?
21
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Reply
21
Rick Bormin, Personal Loans Moderator
@rhandoo2020
It takes 2 to 4 business days to get money from a Wells Fargo personal loan, in most cases. The Wells Fargo loan timeline includes around up to 3 business days to get approved for a Wells Fargo loan and another 1 business day to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.
How to Get Money From Wells...
What credit score do you need for a Discover personal loan?
21
Upvotes
Reply
21
Rick Bormin, Personal Loans Moderator
@rhandoo2020
Discover personal loans require a minimum credit score of 660, according to the company. Discover will also consider your entire financial profile, including things like your income, existing debts, and recent credit inquiries when deciding whether to approve you.
Some applicants might be able to get a personal loan from Discover with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply...
3
Certainly! Here’s a detailed breakdown of the concepts and topics covered in the provided article about comparing personal loans and the best banks for them:
Concepts Covered:
-
Best Banks for Personal Loans in 2023
- Discover: Low APRs, $0 origination fee, long payoff periods, and high ratings.
- Citizens Bank: Long payoff periods, no major fees, available through online division for those outside 11 states.
- Citibank: Accepts ITIN or passport instead of SSN, restricted to U.S. citizens or permanent residents.
- Barclays: Low APR range, reportedly requiring a 700 credit score.
- TD Bank: Offers unsecured loans with a credit score requirement of 660 and secured loans without a stated minimum score.
- American Express: Requires existing customer status and pre-approval, offers competitive APRs with no origination fee.
- Wells Fargo: Offers large loans up to $100,000 with low rates and no origination fee.
- PNC: Provides quick approval and funding, offers secured loans for bad credit.
- USAA: Membership required, low APR range, and no origination fee for bad credit borrowers.
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Comparison of WalletHub’s Picks for Best Banks
- Outlines starting APRs, maximum loan amounts, and credit score requirements.
-
Tips for Getting a Personal Loan from a Bank
- Suggests considering both local and national banks, exploring in-person applications, looking into credit unions and online lenders, checking credit scores before applying, and considering factors beyond loan terms.
-
Methodology for Selecting the Best Personal Loans From Banks
- How WalletHub's editors reviewed offers from over 15 large U.S. banks based on categories like APRs, loan sizes, fees, requirements, transparency, and application processes.
-
Author Information and FAQ
- Information about the author, Grace Enfield, covering personal loans for WalletHub, along with a user-generated FAQ about personal loans, banks offering them, credit score requirements, interest rates, and options for various loan needs.
-
Editor's Best Picks and Various Types of Loans
- Editor's picks for various types of loans like debt consolidation, home improvement, student loans, online loans, and credit cards, categorizing them based on credit level, purpose, or features.
Expert Analysis:
Each bank's offerings are broken down systematically, including APR ranges, minimum credit score requirements, loan sizes, origination fees, payoff periods, approval/funding timelines, and specific features catering to different credit profiles.
The article also educates readers on considerations beyond interest rates and fees, encouraging exploration of local banks, in-person applications, credit unions, and examining the overall financial profile when seeking a loan. Furthermore, it provides a methodology for evaluating banks' loan offerings, enhancing transparency for readers.
Overall, the article offers comprehensive guidance for selecting personal loans based on individual circ*mstances and preferences, covering a wide array of banks, loan types, and credit levels.
