WalletHub makes it easy to find the best banks for personal loans.
Updated Sep 6, 2024Fact checked
By:John Kiernan, Credit Card Editor
|Sep 6, 2024
Reviewed by:Alina Comoreanu, Senior Researcher
Fact checked
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 2024
Winner:Discover- Long payoff periods:LightStream
- No SSN required:PNC
- Low APR:American Express
- Quick funding:Citibank
- Bad credit:Santander Bank
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.
WalletHub's best personal loan picks and ratings are completely independent and not provided, commissioned, or endorsed by any lender. In addition, our editors follow a strict editorial policy. Some offers may come from WalletHub's advertising partners.
Best Overall
BEST BANK FOR PERSONAL LOANS OVERALL
Discover
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 7.49% - 24.99% | 0% of loan amount | 36 - 84 months | Fair |
APR
7.49% - 24.99%
Origination Fee
0%
of loan amount
Term
36 - 84 months
Accepted Credit
Fair
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: 7.49% - 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: As soon as the next business day
Best for Excellent/Good Credit
BEST NATIONAL LENDER FOR QUICK PERSONAL LOANS
Citi® Personal Loan
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 11.49% - 20.49% | 0% of loan amount | 12 - 60 months | Good |
APR
11.49% - 20.49%
Origination Fee
0%
of loan amount
Term
12 - 60 months
Accepted Credit
Good
Editors’ Thoughts
Citibank is the best big bank for quick personal loans because it offers approval and funding as soon as the same business day. You can also borrow $2,000 - $30,000 with no origination fee.
Key Facts About Citibank Personal Loans:
- Range of APRs: 11.49% - 20.49%
- Minimum credit score: Excellent
- Loan sizes: $2,000 - $30,000
- Origination fee: 0%
- Payoff period: 12 - 60 months
- Approval/funding timeline: As soon as the same business day
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BEST FOR LONG PAYOFF PERIOD
LightStream
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 7.49% - 25.99% | 0% of loan amount | 24 - 84 months | Good |
APR
7.49% - 25.99%
Origination Fee
0%
of loan amount
Term
24 - 84 months
Accepted Credit
Good
Editors’ Thoughts
LightStream, part of Truist Bank, is the best option for a long payoff period because it offers 24 - 84 months to pay off loans of $5,000 - $100,000 and does not charge any major fees. If you are getting a boat/RV loan or a home improvement loan, you may even be able to pay off what you borrow over the course of 144 months (12 years).
In addition to a long payoff period, you can get a good deal on interest. The APR on LightStream loans ranges from 7.49% - 25.99%, depending on your overall creditworthiness.
Key Facts About LightStream Personal Loans:
- Range of APRs: 7.49% - 25.99%
- Minimum credit score: 700
- Loan sizes: $5,000 - $100,000
- Origination fee: 0%
- Payoff period: 24 - 84 months
- Approval/funding timeline: As soon as the same day you are approved (conditions apply)
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BEST BANK FOR A PERSONAL LOAN WITH NO SSN
PNC
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 5.99% - 32.24% | None | 12 - 60 months | Good |
APR
5.99% - 32.24%
Origination Fee
None
Term
12 - 60 months
Editors’ Thoughts
PNC is the best bank that offers personal loans for people who don’t have an SSN because it allows you to apply with either an ITIN or a passport instead, as long as you are a U.S. citizen or permanent resident. You could also get a very low APR.
Key Facts About PNC Personal Loans:
- Range of APRs: 5.99% - 32.24%
- Minimum credit score: Not disclosed
- Loan sizes: $1,000 - $35,000
- Origination fee: None
- Payoff period: 12 - 60 months
- Approval/funding timeline: 5 - 7 business days after approval
Best for Fair Credit
BEST BANK FOR PERSONAL LOANS WITH FAIR CREDIT
Laurel Road
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 9.24% - 24.50% | 0% of loan amount | 36 - 60 months | Fair |
APR
9.24% - 24.50%
Origination Fee
0%
of loan amount
Term
36 - 60 months
Accepted Credit
Fair
Editors’ Thoughts
Laurel Road is the best bank for personal loans for people with fair credit because it offers loans of $5,000 - $45,000 with APRs ranging from 9.24% - 24.5% and a payoff period of 3, 4 or 5 years. Laurel Road, an online bank, has no origination fee.
Key Facts About Laurel Road Personal Loans:
- Range of APRs: 9.24% - 24.5%
- Minimum credit score: 660
- Loan sizes: $5,000 - $45,000
- Origination fee: 0%
- Payoff period: 3, 4 or 5 years
- Approval/funding timeline: Up to 7 days
BEST BANK FOR LARGE PERSONAL LOANS
Wells Fargo
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 7.49% - 23.24% | 0% of loan amount | 12 - 84 months | Fair |
APR
7.49% - 23.24%
Origination Fee
0%
of loan amount
Term
12 - 84 months
Accepted Credit
Fair
Editors’ Thoughts
Wells Fargo is the best bank for large personal loans because it offers up to $100,000 in funding for 1 - 3 business days. It also offers low rates and does not charge an origination fee.
Key Facts About Wells Fargo Personal Loans:
- Range of APRs: 7.49% - 23.24%
- Minimum credit score: 660
- Loan sizes: $3,000 - $100,000
- Origination fee: 0%
- Payoff period: 12 - 84 months
- Approval/funding timeline: 1 - 3 business days
BEST BANK FOR SMALL PERSONAL LOANS
U.S. Bank
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 8.74% - 24.99% | 0% of loan amount | 12 - 84 months | Fair |
APR
8.74% - 24.99%
Origination Fee
0%
of loan amount
Term
12 - 84 months
Accepted Credit
Fair
Editors’ Thoughts
U.S. Bank is the best bank for small personal loans because it offers loans as small as $1,000 along with long payoff periods 12 - 84 months and no major fees. U.S. Bank has branches in 26 states, but people who live elsewhere can still apply.
Key Facts About U.S. Bank Personal Loans:
- Range of APRs: 8.74% - 24.99%
- Minimum credit score:680
- Loan sizes: $1,000 - $50,000
- Origination fee: 0%
- Payoff period: 12 - 84 months
- Approval/funding timeline: 1 - 4 business days after approval
BEST BANK FOR PERSONAL LOANS WITH NO ORIGINATION FEE
American Express
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 5.91% - 19.97% | 0% of loan amount | 12 - 60 months | Fair |
APR
5.91% - 19.97%
Origination Fee
0%
of loan amount
Term
12 - 60 months
Accepted Credit
Fair
Editors’ Thoughts
American Express is the best bank for a low-APR personal loan. Its minimum and maximum APRs are both much lower than average, ranging from 5.91% - 19.97% based on your overall creditworthiness. To qualify for a personal loan from American Express, you must be an existing Amex customer and have a credit score of at least 660.
Key Facts About American Express Personal Loans:
- Range of APRs: 5.91% - 19.97%
- Minimum credit score: Reportedly 660
- Loan sizes: $3,500 - $40,000
- Origination fee: 0%
- Payoff period: 12 - 60 months
- Approval/funding timeline: As soon as 1 day after approval
Barclays is another good option for low-interest personal loan, with an APR as low as 4.99%. The only downside is that you need an invitation to apply for a Barclays personal loan, and Barclays doesn’t specify who’s eligible.
Best for Bad Credit
BEST BANK LOANS FOR BAD CREDIT
Santander Bank
| APR | Origination Fee | Term | Accepted Credit |
|---|---|---|---|
| 7.99% - 24.99% | 0% of loan amount | 36 - 84 months | Excellent |
APR
7.99% - 24.99%
Origination Fee
0%
of loan amount
Accepted Credit
Excellent
Editors’ Thoughts
Santander Bank is the best bank for a personal loan if you have bad credit. You could borrow $5,000 - $50,000 without paying an origination fee and with an APR as low as 7.99%. Santander Bank also offers approval as soon as the same day you apply and funding as soon as the same day you are approved.
To be eligible for a Santander Bank personal loan, your primary residence needs to be in: AZ, CA, CT, CO, DC, DE, FL, GA, IL, IN, MA, MD, ME, MI, MN, MO, NC, NJ, NH, NY, OH, OR, PA, RI, TN, TX, VA, VT, or WA.
Key Facts About Santander Bank Personal Loans:
- Range of APRs: 7.99% - 24.99%
- Minimum credit score: 600+ reportedly
- Loan sizes: $5,000 - $50,000
- Origination fee: 0%
- Payoff period: 36 - 84 months
- Approval/funding timeline: As soon as the same day you are approved
Were the editor’s picks helpful?
Best Banks for Personal Loans in 2024
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 | 7.49% | $40,000 | 660 |
| Citibank | 11.49% | $30,000 | Excellent |
| Barclays Bank | 4.99% | $35,000 | 700 |
| PNC | 5.99% | $35,000 | Not disclosed |
| LightStream | 7.49% | $100,000 | 700 |
| Wells Fargo | 7.49% | $100,000 | 660 |
| American Express | 5.91% | $40,000 | 660 |
| U.S. Bank | 8.74% | $50,000 | 680 |
| Laurel Road | 9.24% | $45,000 | 660 |
| Santander Bank | 7.99% | $50,000 | 600+ |
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 20 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.
About the author
John S Kiernan
John Kiernan has covered the credit card industry for more than 15 years as a writer and editor for WalletHub. His work has been featured by major media outlets such as The Washington Post, Fox News and The New York Times and has been cited by industry regulators such as the Consumer Financial Protection Bureau.
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
21
Upvotes
What is the easiest bank to get a personal loan from?
Reply
21
Adam McCann, Financial Writer
@adam_mcan
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify. You do need to be a member of the military community, though.
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo's secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From
| Bank | WH Rating | Minimum credit score |
| USAA | 4.33 | Not disclosed |
| Wells Fargo | 4.2 | 660 |
| American Express | 4.1 | 660 |
| Discover | 4.4 | 660 |
| TD Bank | 4.25 | Not disclosed |
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person's credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant's minimum score requirement is reportedly 600 and LendingPoint's is 585.
6
15
Upvotes
What credit score is needed for a personal loan?
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
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21
Upvotes
Which bank has the lowest interest rate on personal loans?
Reply
21
1
Adam McCann, Financial Writer
@adam_mcan
The major bank with the lowest interest rate for a personal loan is Barclays, which advertises APRs of 4.99% - 20.99%. Other notable banks with low personal loan rates include PNC (APRs of 5.99% - 32.24%) and American Express (APRs of 5.91% - 19.97%). Also, you may find similarly low rates to some smaller banks across the country that offer personal loans.
Banks with the Lowest Interest Rates for Personal Loans
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21
Upvotes
What are Wells Fargo's debt consolidation loan options?
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...
21
Upvotes
Does Discover offer good debt consolidation loans?
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....
25
Upvotes
What credit score do you need for a Wells Fargo personal loan?
Reply
25
Rick Bormin, Personal Loans Moderator
@rhandoo2020
You need a credit score of 660 or higher to get a personal loan from Wells Fargo, according to multiple third-party sources. Keep in mind that to be eligible for a Wells Fargo personal loan, you must have an open account with them for at least 12 months.
When deciding whether to approve you, Wells Fargo will consider your entire financial profile, including things like your income, existing debts, and recent credit inquiries. It's...
21
Upvotes
Does Wells Fargo offer medical loans?
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
21
Upvotes
How do you get an emergency loan from Wells Fargo?
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...
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View more answers
21
Upvotes
How long does it take to get money from a Wells Fargo personal loan?
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...
21
Upvotes
What credit score do you need for a Discover personal loan?
Reply
21
Rick Bormin, Personal Loans Moderator
@rhandoo2020
You need a credit score of 660 or higher to qualify for a Discover personal loan. 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.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Discover personal loan online to gauge your chances of getting approved with your current...
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Expert Opinions
For more advice on best banks for personal loans, WalletHub posed the following questions to a panel of experts. You can check out their bios and responses below.
- Do you think credit unions and online lenders can compete with the best banks for personal loans?
- Why do you think some big banks don’t offer personal loans?
- Do you have any advice for finding the best bank loan?
Chintamani Jog
Ph.D., Associate Professor, Department of Economics – University of Central Oklahoma
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Octavian Ionici
Professor of Finance – American University, Kogod School of Business
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Steven Gattuso
CFA, CFP®, CMA, Executive Director, Golden Griffin Fund, Assistant Professor, Economics & Finance – Canisius College
Read More
Devrim Yaman
Ph.D., CFA, Associate Dean at Haworth College of Business, Western Michigan University
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Fred V Carstensen
Professor of Finance and Economics at University of Connecticut, School of Business
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Mark Evans Rosa
Adjunct Professor of Finance at University of New Orleans
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More Experts
