If you’re making a major purchase, want to consolidate high-interest credit card debt at a lower interest rate with one monthly payment, or need cash due to an unplanned expense, a personal loan could be the solution.
Personal loans are typically available from banks and other lenders for people with good credit and above. Most lenders will evaluate your debt-to-income ratio, your credit score, and possibly even the assets you hold with their bank when they qualify you for a loan.
MagnifyMoney has researched the top personal loan products from banks to bring you a list of personal loan options to meet your needs for extra cash.
LendingTree
LendingTree could connect you with lenders, allowing you to compare up to five personal loan offers from lenders within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score.
You can use LendingTree’s personal loan tool to see if you qualify for a personal loan.
APR
5.99%
To
35.99%
Credit Req.
Minimum 500 FICO
Minimum Credit Score
Terms
24 to 60
months
Origination Fee
Varies
LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.
PNC Bank
As the fifth largest bank in the U.S., PNC Bank has 2,600 branches in 19 states, mostly concentrated in the northeast where the bank is headquartered. Like most banks, PNC offers checking and savings accounts, credit cards and a variety of loan products, including personal loans up to $35,000.
APR
4.99%
To
19.99%
Credit Req.
0
Minimum Credit Score
Terms
6 to 60
months
Origination Fee
No origination fees
on PNC Bank’s secure website
The fine print
PNC Bank personal loans are available for borrowers with very good to excellent credit and an established credit history. PNC Bank does not reveal the credit score required to borrow, but is looking for borrowers with a good debt-to-income ratio. Being a customer of the bank does not increase your chances of qualifying for the loan.
You can borrow between $1,000 and $35,000, with terms available from 6 to 60 months. There is no origination fees and no prepayment penalties. PNC Bank does not publish its interest rates, as they vary based on the amount borrowed, the loan terms, and even the region where the borrower lives.
For instance, in Long Island, NY, rates may start as low as 4.99% and go up to 11.49% fixed rate. PNC Bank customers who set up automatic payments from their PNC checking account can save 0.25% off the interest rate.
Pros
- Apply easily online, by phone or at a branch
- No prepayment penalties or loan origination fees
- Flexible terms
- Save money with autopay options
Cons
- Available only to people with very good, established credit
- Hard Pull required to see if you qualify, which can lower your credit score
- Fixed interest rates may be higher than variable rates available from other lenders
If you are looking for a loan from a reputable, longstanding bank, PNC may fit the bill. With flexible loan terms and no origination fees or prepayment penalties, PNC Bank personal loans can provide you with the cash you need for a wedding, a vacation, home repairs or emergency expenses.
Citizens Bank
With more than 1,100 branches on the East Coast and in the Midwest, Citizens Bank has become one of the largest banks in the U.S. Citizens Bank offers all the usual products, including checking and savings account, CDs, and, of course, personal loans.
Unlike many lenders, Citizens Bank lets you see your interest rates in just two minutes, with only a soft pull, which does not affect your credit score. You can also use the personal loan calculator to determine your payments. Once you’re approved and close on your loan, you can have funds deposited in your account in as little as two business days.
APR
6.78%
To
20.89%
Credit Req.
No specified
Minimum Credit Score
Terms
36 to 84
months
Origination Fee
No fees
on LendingTree’s secure website
The fine print
Citizens Bank looks for borrowers with a strong credit history and an annual salary of at least $24,000. The bank does not specify the credit score or debt-to-income ratio required, but you can get pre-qualified and check your interest rates online with just a soft pull before you apply for the loan.
Loans are available in amounts of $5,000 to $50,000, with repayment terms of 36 to 84 months. Citizens Bank does not publish its interest rates, but you can view rates and repayment examples based on current interest rates online in an interactive chart.
Citizens Bank customers may save 0.25% off their interest rate. Borrowers can also save another 0.25% by signing up for automatic payments.
Pros
- No fees
- Soft Pull lets you check rates and see if you qualify
- Flexible terms
- Apply online
- Save money as a Citizens Bank customer
Cons
- Funds may be deposited within two business days, which is slower than some other lenders
- Strong credit history required
- Fixed rate APR may be higher than variable rate loans
Citizens Bank is a relatively new bank with a solid reputation. You can check your interest rates for a personal loan online with only a soft pull, which is a benefit if you are shopping around for the best loan terms.
Wells Fargo
As one of the largest banks in the U.S., you’d expect Wells Fargo to have a flexible terms and a streamlined process to apply for personal loans. And the bank does. Wells Fargo also offers a relationship rate discount for qualified customers if you set up autopay.
Although its personal loan interest rates may not be as low as some online lenders, and its lending requirements are more stringent, Wells Fargo customers may want to consider the bank for a personal loan to consolidate debt or make a large purchase.
APR
6.99%
To
23.99%
Credit Req.
Varies
Minimum Credit Score
Terms
12 to 60
months
Origination Fee
No origination fees
on Wells Fargo Bank’s secure website
The fine print
Wells Fargo offers personal loans from $3,000 to $100,000 with terms from 12 to 60 months and no prepayment penalties. Fixed APRs begin at 6.99% with the 0.25% relationship discount for Wells Fargo customers. Wells Fargo does not specify the credit score required to qualify for a loan.
Pros
- No origination fees or prepayment penalty
- May receive funding as soon as next business day after approval
- Wells Fargo customers can save 0.25% off their interest rate if they set up automatic payments from their Wells Fargo checking account
- Competitive fixed rates
Cons
- No prequalification, so a hard pull will be required to apply
- Your credit score and debt-to-income ratio will be considered to qualify, but Wells Fargo does not list minimums required
If you are a Wells Fargo customer with excellent credit, a Wells Fargo personal loan could help you pay off existing, high-interest credit card debt, pay for a major purchase or cover unexpected expenses. If you are planning to apply for a Wells Fargo loan, you may want to open a checking account with the bank and use it for a few months to establish a relationship with the bank, which can improve your loan approval odds.
TD Bank
Founded in 1850, TD Bank. With 1,200 branches concentrated on the East Coast, many with extended business hours in the evening and on weekends, TD Bank makes getting a loan in person or online easy and convenient.
If you don’t live near a TD Bank branch, you can apply for a personal loan online and have the money deposited in your account within a few business days.
APR
6.99%
To
18.99%
Credit Req.
660
Minimum Credit Score
Terms
12 to 60
months
Origination Fee
No origination fee
on TD Bank Express Loan’s secure website
The fine print
TD Bank offers two unsecured personal loans. TD Express allows you to borrow between $2,000 and $25,000, and may offer faster approvals. TD Bank’s regular unsecured loan allows you to borrow up to $50,000. Both loans have terms from 12 to 60 months and fixed APRs ranging from 6.99% to 18.99%. Both loans have a minimum credit score requirement of 660. TD Bank customers can save 0.25% off the interest rate by establishing automatic payments from a TD Bank checking account.
Pros
- No origination fee or application fees
- No prepayment penalties
- Easy online approval process
- Flexible loan terms
- Additional savings for TD Bank customers
Cons
- Late fee of 5% of minimum payment due or $10, whichever is less
- Must have a credit score of 660 to qualify
- Loan application requires a hard pull
If you have excellent credit and are a TD Bank customer looking to keep your accounts within the same bank and enjoy a discounted interest rate on a personal loan, consider TD Bank.
TD Bank’s rates are comparable to other lenders. Combined with the bank’s reputation for customer service, extended business hours and easy online banking, these factors make TD Bank a good choice.
Citibank
Citibank, known as “the world’s most global bank,” does business in 98 markets worldwide. Founded as the City Bank of New York in 1812, today the company is well known for its credit cards and consumer banking products, including personal loans.
You can only apply online if you are a current Citibank checking or savings account holder or if you’ve received a special invitation. Online loan applications are limited to $30,000 or less. Citibank also offers several other perks to current Citibank customers who want to take out a personal loan to consolidate debt, pay for unexpected expenses, or make a large purchase.
APR
7.99%
To
17.99%
Credit Req.
Not specified
Minimum Credit Score
Terms
12 to 60
months
Origination Fee
Not specified
on Citi’s secure website
The fine print
Citibank personal loans offer flexible terms from 12 to 60 months. Borrowers can take out a loan for as little as $2,000 up to $50,000, with fixed rate APRs from 7.99% to 17.99% for a $10,000 loan.
Citibank personal loans are only available to Citibank customers with a Citibank checking, savings, money market or CD account with a month-end balance averaging greater than $0 for the past three months. Borrowers must have an annual income of at least $10,500. Citibank does not specify other minimum qualifications, but most banks will only provide personal loans to borrowers with good credit. A hard pull is required to see if you qualify.
Pros
- Competitive, fixed APR
- Easy online applications for loans under $30,000
- When you link your loan to a Citibank checking account, you earn ThankYou® rewards points, which you can redeem for gift cards, travel or merchandise
- Save 0.25% on your interest rate when you’re a Citigold or Citi®, Priority customer
- No prepayment penalties
Cons
- Personal loans are only available to Citibank customers
- Hard Pull required to apply
- Receive your money in five business days, longer than many other lenders
Citibank does not have the fastest loan process or the most flexible qualifications. But if you are a Citibank customer, it can be easy and convenient to get access to extra cash with a Citibank personal loan.
ThankYou® Rewards are a key differentiator with a Citibank loan, because most personal loans do not offer rewards. You may be able to consolidate high-interest debt with a Citibank loan and still earn rewards.
Institutions had to be in DepositAccounts’ list of largest banks by assets to be considered. (Disclosure: DepositAccounts, like MagnifyMoney, is owned by LendingTree.) APR, terms, origination fee and other factors were considered.
Personal Loans AD
LendingTree
Disclaimer
5.99% To 35.99% APR
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SoFi
Advertiser Disclosure
6.79% To 16.24% APR
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Marcus by Goldman Sachs®
Advertiser Disclosure
5.99% To 28.99% APR
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LightStream
Advertiser Disclosure
3.99% To 16.99% APR
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