Best Personal Loans From Banks Of 2023 (2023)

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With a U.S. Bank personal loan you can gain quick access to funds for your one-time financing needs, whether that is consolidating your debt or covering a large expense. U.S Bank offers unsecured personal loans ranging from $1,000 to $50,000 to existing U.S. Bank customers (from $1,000 to $25,000 for noncustomers). Loan terms run between 12 and 84 months for customers (between 12 and 60 months for noncustomers).

U.S. Bank’s loans carry low interest rates that range from 8.74% to 21.24%, depending on your creditworthiness, which includes discounts for automatic payments. Borrowers with higher credit scores are more likely to qualify for interest rates on the low end of the spectrum. Similar to other top providers, U.S. Bank charges no origination fees, and there is no prepayment penalty, meaning you can always make loan payments before they are due.

Applying for a U.S. Bank loan is easy and can be done online; however, you must be a current U.S. Bank customer. Some customers may need to visit a U.S. Bank branch if additional information or documentation is required.

Eligibility: U.S. Bank requires applicants to be existing U.S. Bank customers. If you’re a current customer, you can qualify for a personal loan with a minimum credit score of 660. However, those with scores of 660 won’t benefit from the lowest interest rates available.

Because you may need to visit a branch to close your loan, you must live near a physical location. U.S Bank has branches in 26 states: Arkansas, Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.

Loan uses: U.S. Bank’s personal loans can be used for any purchase or product besides a home or education expenses. For example, they can cover vacation costs, home improvements, medical bills or help consolidate any debt obligations, like credit cards.

Turnaround time: An applicant typically will learn their loan approval status in less than a minute. If you qualify for the personal loan, you may fund your loan online; however, you may need to visit a branch if a U.S. Bank representative needs more information. After your loan closes, funds are available within one business day.

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TD Bank offers fast funding on personal loans, also known as TD Fit Loans, between $2,000 and $50,000. You don’t have to be a TD Bank customer to apply, and you can apply online, over the phone or in person. Plus, you can check your rates online with no impact on your credit score.

Note: TD Fit Loans are available to residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.

Eligibility: TD Bank does not disclose a minimum credit score to take out a loan. As with other lenders, you’ll need a strong credit score to get the lowest rates. We recommend a score of at least 670.

Loan uses: You can use TD Bank personal loans for just about any legal personal expense.

Turnaround time: If you’re approved, you’ll get your funds in as little as one business day.

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Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.

In general, loans are available from $2,500 to $35,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.

Eligibility: Prospective borrowers must have a minimum score of 660 to qualify for a Discover personal loan, but the average Discover borrower has a score of 750. Discover does not require applicants to have a minimum credit history length. Applicants also must demonstrate a minimum household income of $25,000 per year, though an average income is not disclosed. Discover also evaluates each applicant’s credit history, recent credit activities and other credit inquiries. Co-signers and co-applicants are not permitted.

Loan uses:Discover personal loans can be used for financial emergencies, medical bills, adoption and fertility costs, auto repairs and pet emergencies. Unlike some other personal loan providers, Discover loans can also be used to cover small-business expenses. Customers cannot use a Discover loan to pay for post-secondary education, to pay off a secured loan or for illegal activity.

Turnaround time: Applicants generally receive a same-day decision. If approved, funds may be sent as soon as the next business day if the loan was funded on a week day—and if there aren’t any typos or errors in the application. Otherwise, borrowers may not receive loan funds for up to seven days. Discover also can disperse funds directly to third-party creditors when a loan is being used for debt consolidation.

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Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as 84 months, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.

Wells Fargo personal loans boast interest rates between 7.49% and 23.24% for customers who qualify for the 0.25% relationship discount. To qualify, you need to have a Wells Fargo checking account and make automatic payments from a Wells Fargo deposit account.

Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online. New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.

Eligibility: Wells Fargo personal loans are available for both existing and new Wells Fargo customers. Existing customers can apply online, while new customers must visit a branch location. Although Wells Fargo doesn’t have a minimum credit score requirement, it’s a good rule of thumb to maintain a score of at least 670 to increase your chances of receiving a low personal loan rate.

Loan uses: You can use Wells Fargo personal loans for any type of purchase besides a home and education expenses. For example, you can consolidate your debt, finance purchases like new appliances or furniture, fund renovations and cover expenses, such as medical bills and auto repairs.

Turnaround time: Wells Fargo offers a simple and quick application process for existing customers. If you submit an application online, you’ll receive an instant approval response. Once approved, you can typically receive your funds by the next business day.

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Eligibility: PNC Bank does not disclose a minimum credit score requirement, but it looks for borrowers with a history of on-time payments on their loans. We recommend a score of at least 670.

Loan uses: You can use personal loan funds for most legal personal expenses; however, they cannot be used to pay for post-secondary educational expenses or to refinance student loan debt.

Turnaround time: PNC Bank will review your application and make its final decision, typically within 48 hours.

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Eligibility: You must have a minimum annual income of $10,500 and meet Citi’s creditworthiness criteria; Citi does not disclose its minimum credit score requirements. To be eligible, you must also have had a Citi deposit account open for at least twelve months.

Loan uses: You can use your funds for almost any legal personal purpose. However, you can’t use them for postsecondary education.

Turnaround time: Once approved, you’ll receive your funds on the same day into your Citi account, and up to two business days for non-Citi accounts. You can also receive a check in approximately five business days.