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Taking out a personal loan can be a smart way to tackle high-interest credit card debt or finance a major purchase. If you’re looking for a personal loan, working with a traditional bank can make a lot of sense.

Many major banks offer loans with high maximums and often have low interest rates. Plus, if you’re a current customer of the bank, the application process could be faster — and you might even qualify for interest rate discounts.

In this post:

9 major banks that offer personal loans

LenderRates
citibank personal loansCheck with bank
citizens bank personal loansCheck with bank
fifth third bank personal loansCheck with bank
hsbc personal loansCheck with bank
lightstream personal loans4.99% - 16.79% APR
marcus personal loans6.99% - 28.99% APR1
(For NY residents: 6.99% - 24.99% APR)
pnc bank personal loansCheck with bank
us bank personal loansCheck with bank
wells fargo personal loansCheck with bank
All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

1. Citibank

With Citibank, you can borrow $2,000 to $50,000 and choose a repayment term between 12 and 60 months in length.

To qualify for a Citibank personal loan, you must have an open Citibank checking, savings, Money Market, or CD account with a month-end balance greater than $0 averaged over the past three months. Your annual income must be at least $10,500.

While you can apply for a loan online, you can only do so if you plan on borrowing $30,000 or less. If you want to borrow up to $50,000, you’ll have to call 1-877-362-9100 or visit a branch.

If approved, a check for the loan amount will be mailed to you within five business days.

2. Citizens Bank

Citizens Bank offers personal loans ranging from $5,000 to $50,000. There are no fees, and you can access your funds in as little as two business days. The lender offers repayment terms of two to seven years.

Citizens Bank offers two interest rate discounts:

  • Automatic payment discount: Sign up for autopay and receive a 0.25 percentage point discount
  • Loyalty discount: If you have a checking account, savings account, money market account, car loan, or mortgage with Citizens Bank, you’ll qualify for an additional 0.25 percent point discount.

To qualify for a loan, you must have a strong credit history and an income of at least $24,000. You can check your eligibility and get a rate quote in as little as two minutes.

3. Fifth Third Bank

If you are a Fifth Third Bank customer with a checking or savings account, you’re eligible for a Signature Loan from the lender. Signature Loans are available from $2,000 to $25,000, with loan terms between 12 and 60 months. There are no closing costs, prepayment penalties, or annual fees.

Keep in mind that Fifth Third Bank current only services 10 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia.

4. HSBC

With HSBC, you can take out a personal loan for $3,000 to $50,000, and have up to five years to repay the debt. If approved, you can get your money in as little as one business day.

If you are an existing HSBC customer, you can qualify for a loan with a lower interest rate and borrow a larger amount than those who don’t have an existing relationship. However, the online application is only available to applicants who don’t have an account with HSBC. Existing customers must apply inside a branch.

You can check your rate online without affecting your credit score.

5. Lightstream

Lightstream, a division of Suntrust Bank, offers personal loans of $5,000 to $100,000. Designed for applicants with excellent credit and a stable income, Lightstream offers some of the lowest interest rates on personal loans, with rates as low as 4.99%.

In fact, Lightstream will beat qualifying interest rates from other lenders. If you find a lender with a lower rate, Lightstream will offer you a loan that is 0.10 percentage points lower.

If you need money quickly, Lightstream can fund your loan as soon as the same business day.

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6. Marcus

Marcus, powered by Goldman Sachs, was named the top lender in customer satisfaction with personal loans by J.D. Power. It allows you to borrow up to $40,000. Repayment terms range from 36 months to 72 months.

There are no signup fees, prepayment penalties, or late fees. And it usually takes about one to four business days, given approval and bank account verification.

Compare personal loan rates from Marcus and
other top lenders in 2 minutes

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7. PNC Bank

With a PNC Bank personal loan, you can borrow between $1,000 and $35,000. There are no prepayment penalties, origination, or application fees. Interest rates and repayment terms are dependent on your creditworthiness and location. You can apply online, over the phone, or in-person at a branch.

8. US Bank

With US Bank’s Premier Loan, you can borrow $3,000 to $25,000 and have between 12 and 48 months to repay it. To be eligible for a loan, you must be a US Bank customer.

If you have a US Bank checking or savings account and sign up for automatic payments using that account, you’ll also qualify for an automatic payment discount.

You can apply online, over the phone, or at a branch.

9. Wells Fargo

Wells Fargo offers personal loans between $3,000 and $100,000, with repayment terms as long as 84 months. There are no origination fees or prepayment penalties, and current Wells Fargo customers can qualify for automatic payment discounts. If approved, you can get your money as soon as the next business day.

You can apply online, over the phone, or at a branch.

How to qualify for bank loans

Banks typically offer larger loan maximums and longer loan terms than online lenders, but they tend to have stricter qualification requirements. To increase your chances of qualifying for a loan, follow these steps:

  • Work on your credit: Banks typically look for applicants who have good to excellent credit, meaning a score of 700 or higher. If your credit is less than that, work on making all of your payments on time and paying down existing debt to increase it.
  • Prove you have a stable income: Banks want to make sure you can comfortably afford your debt payments, so make sure you can prove your income. Be prepared with pay stubs, W-2 forms, or bank statements.
  • Apply with a cosigner: If your income or your credit score isn’t high enough, you may be able to qualify for a bank loan by adding a cosigner to your application. A cosigner is a friend or relative with good credit and stable income who agrees to make payments on the loan if you fall behind, decreasing the lender’s risk.

Learn More: How to Improve Your Credit Score

Alternatives to bank loans

While bank loans can help you reach your goals, they’re not your only option. You can also consider:

  1. Online lenders: Online personal loan lenders cater to customers with all different types of credit histories, so you’re more likely to find a lender willing to work with you. You can typically get the money you need quickly, and you can usually check your eligibility before you apply without affecting your credit score.
  2. Credit unions: Local credit unions often offer personal loans with lower interest rates and easier qualification requirements than banks because they operate as non-profit organizations. If you’re having trouble qualifying for a bank loan, check out a credit union near you.

If you’re looking for a personal loan, it’s a good idea to compare offers from several lenders to ensure you get the best deal. With Credible, you can compare personal loans from multiple lenders at once without impacting your credit.

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1APR discounts may be available for direct payment of outstanding credit card debt and autopay.

2 After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.


About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99% - 35.99% APR with terms from 24 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Kat Tretina
Kat Tretina

Kat Tretina is an authority on student loans and a contributor to Credible. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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