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Bank loans can have low rates and high borrowing amounts for existing customers with good credit scores, including those with a score of 690 and above.
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Last updated on December 19, 2023
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✅ Fact checked and reviewed
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✅ Fact checked and reviewed
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A bank loan is a personal loan you get from a bank, rather than an online lender or credit union. It can be issued by a large national bank or a smaller local bank.
Rates for personal loans from banks can start as low as 6%, and bank loan amounts can be as high as $100,000. Some banks require you to be an existing customer to be eligible for a personal loan, but not all banks do.
Here are the best banks offering personal loans. Plus, learn about bank loan rates, how to qualify and loan alternatives.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Featured partners for Personal Loans
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5.0
NerdWallet rating
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Discover more lenders
Explore a wider selection of lenders and find the perfect match for your financial situation.
Discover more lendersExplore a wider selection of lenders and find the perfect match for your financial situation.
Lenders catering to diverse financial needs
For unique credit situation and loan needs
Best Bank Loans 2024: Compare Personal Loans From Banks
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
---|---|---|---|---|---|
Santander Personal Loan Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Bank loans with low rates | 6.99-24.99% | $5,000-$50,000 | 700 | Check Rateon NerdWallet on NerdWallet |
Discover® Personal Loans Top 3 most visited 🏆Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Bank loans and debt consolidation Fast funding | 7.99-24.99% | $2,500-$40,000 | 660 | Top 3 most visited 🏆Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet |
TD Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Bank loans with fast funding | 8.99-23.99% | $2,000-$50,000 | None | Check Rateon NerdWallet on NerdWallet |
LightStream Top 3 most visited 🏆Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Bank loans with no fees Rate discount | 7.99-25.49% | $5,000-$100,000 | 660 | Top 3 most visited 🏆Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
Citibank Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Bank loans with multiple rate discounts | 10.49-19.49% | $2,000-$30,000 | 720 | Check Rateon NerdWallet on NerdWallet |
PNC Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Bank loans and joint borrowers | 7.49-30.49% | $1,000-$35,000 | None | Check Rateon NerdWallet on NerdWallet |
Wells Fargo Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Bank loans with large loan amounts | 7.49-23.74% | $3,000-$100,000 | None | Check Rateon NerdWallet on NerdWallet |
U.S. Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Bank loans with small loan amounts | 8.24-21.49% | $1,000-$50,000 | 660 | Check Rateon NerdWallet on NerdWallet |
Explore all of our lender picks by category
Our pick for
Bank loans with low rates
on NerdWallet
Santander Personal Loan
5.0
NerdWallet rating
Est. APR
6.99-24.99%
Loan amount
$5,000-$50,000
Min. credit score
700
Our pick for
Bank loans with no fees
Visit Lenderon LightStream's website
on LightStream's website
Check Rateon NerdWallet
on NerdWallet
LightStream
4.5
NerdWallet rating
Est. APR
7.99-25.49%
Loan amount
$5,000-$100,000
Min. credit score
660
Our pick for
Bank loans and debt consolidation
Visit Lenderon Discover's website
on Discover's website
Check Rateon NerdWallet
on NerdWallet
Discover® Personal Loans
5.0
NerdWallet rating
Est. APR
7.99-24.99%
Loan amount
$2,500-$40,000
Min. credit score
660
Our pick for
Bank loans with fast funding
Check Rateon NerdWallet
on NerdWallet
TD Bank Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-23.99%
Loan amount
$2,000-$50,000
Min. credit score
None
Our pick for
Bank loans with multiple rate discounts
Check Rateon NerdWallet
on NerdWallet
Citibank
4.5
NerdWallet rating
Est. APR
10.49-19.49%
Loan amount
$2,000-$30,000
Min. credit score
720
Our pick for
Bank loans and joint borrowers
Check Rateon NerdWallet
on NerdWallet
PNC Bank Personal Loan
4.5
NerdWallet rating
Est. APR
7.49-30.49%
Loan amount
$1,000-$35,000
Min. credit score
None
Our pick for
Bank loans with large loan amounts
Check Rateon NerdWallet
on NerdWallet
Wells Fargo Personal Loan
4.5
NerdWallet rating
Est. APR
7.49-23.74%
Loan amount
$3,000-$100,000
Min. credit score
None
Our pick for
Bank loans with small loan amounts
Check Rateon NerdWallet
on NerdWallet
U.S. Bank Personal Loan
4.5
NerdWallet rating
Est. APR
8.24-21.49%
Loan amount
$1,000-$50,000
Min. credit score
660
What is a bank loan?
A bank loan is an unsecured personal loan you get from a bank that you pay back in fixed, monthly installments. These loans come in a wide range of amounts — from $1,000 to $50,000, though some banks may lend up to $100,000 — and repayment terms of two to seven years.
Not all banks require you to be a customer before applying for a loan, but existing customers often see the most perks.
You can use the loan funds for almost anything, but popular loan uses include consolidating your debts, funding a home improvement project or paying for a large expense, like a move or wedding.
» MORE: How do bank loans work?
Pros and cons of bank loans
While personal loans from banks are often structured similarly to online loans, the process of getting and qualifying for one may be different. Here are a few pros and cons to consider:
Pros of bank loans
Banks typically offer lower interest rates, higher borrowing amounts and additional perks, like a rate discount, to existing customers.
If you already have accounts with the bank, you can keep them all in one place, making it easier to track your money.
Customer service may be more robust at banks, especially if you can visit a brick-and-mortar location. You may even have the same contact person throughout the life of the loan.
Cons of bank loans
Not all banks offer an online pre-qualification process, so you can't see what rates and terms you qualify for before applying and submitting to a hard credit check.
Funding can take longer compared to getting a loan from an online lender, though some banks do offer same- or next-day funding.
Some banks may require an in-person visit to complete a loan application or receive funding.
» MORE: Should you apply for a loan online or in person?
Which banks offer personal loans?
Not every bank offers personal loans. Some, like American Express, offer personal loans only to current customers who are pre-approved. Other major banks, like Bank of America, Chase and Capital One, don’t currently offer personal loans at all.
If you’re unsure whether your bank offers personal loans, call and ask what their personal lending options are. Even if they don’t offer a personal loan, banks may be able to provide other types of financing that fit your needs, including credit cards or lines of credit.
Bank personal loan rates
The average interest rate on a two-year personal loan from a bank is 12.17%, according to the most current data from the Federal Reserve.
As with most credit products, the annual percentage rate you receive on a personal loan — which includes interest and any fees — depends a lot on your credit score. The better your score, the lower your rate and the less interest you’ll pay over the life of the loan. The interest rate also affects your total monthly payment, as does the term length. A longer term means lower monthly payments, but you pay more interest over time.
Use our personal loan calculator to estimate interest and monthly payments on a personal loan, based on your credit score.
» MORE: Best personal loan interest rates
How to get a loan from the bank
Check the bank’s loan criteria. Before you apply for a loan, familiarize yourself with the bank’s requirements. Some banks may only accept existing customers who’ve had an account open with the bank for a certain amount of time. This information should be available on their website or you can give them a call.
Pre-qualify, if possible. Some banks let you pre-qualify for a personal loan, which lets you check your loan options without hurting your credit score. Pre-qualification is quick — you’ll fill out a short application, undergo a soft credit pull and view your potential loan offers.
Submit your application. After you pre-qualify, or if pre-qualification isn’t available, you’ll submit a formal loan application. Required documents typically include proof of income and employment. You’ll also undergo a hard credit inquiry during this step, which temporarily knocks a few points off your score.
Get approved and funded. Approval can be instantaneous or take a few days, depending on the bank and what additional documentation is needed, if any. Once approved, you’ll receive the loan documents, usually electronically, which you’ll sign and return to the lender. Funding time varies, but can be as early as same-day or up to a week.
Make a plan to pay back the loan. Once you receive the loan funds, it’s important to make a plan to manage your monthly payments, so you don’t fall behind, which can hurt your credit and result in late fees.
» MORE: How to apply for a bank loan in 5 steps
How to get a bank loan with bad credit
Bank loans may offer benefits for their customers, but they typically have tougher credit score requirements than online loans.
Having an existing relationship with employees at your bank — whether it's a small local bank or a large national bank — can help your chances of qualifying. But getting approved often comes down to how you look on paper. Consider these tips for the best chance at qualifying:
Build your credit. At least a few years of credit history showing on-time payments and no delinquencies will help your application, but avoid opening new accounts right before you apply (it can ding your credit). Check your credit report for errors that may be hurting your score and dispute any errors online.
Review your credit score. Many banks have a minimum credit score they'll accept from a borrower, but aim above the minimum requirement for the best chance at a low rate. You can get your free credit score with NerdWallet.
Boost your income and pay down debt. Lowering the percent of your income that goes to debts, also called your debt-to-income ratio, will be viewed favorably by most lenders. In many cases, lenders want to see that you make at least enough income to cover your existing obligations, plus the loan you're applying for. Still, the lower your DTI, the better.
Increase your savings, if you can. Showing a lender that you've got enough money in the bank to cover a difficult time can boost their confidence that you'll make payments on time.
» MORE: 5 tips to boost your chances of personal loan approval
Bank loan alternatives
Whether you’re a loyal bank customer or not, it’s always smart to consider other options for personal loans. The best loan for you is the one with the lowest rate and payments that fit your budget. Here are a few alternatives to getting a bank loan:
Credit unions: These not-for-profit, members-only organizations consider loan applicants’ full financial picture and are more likely to approve borrowers with average credit (a 630 to 689 credit score) or bad credit (a 629 credit score or lower). Rates on loans at federal credit unions are capped at 18%.
Online loans: With online lenders, you can complete the entire loan process online and get funding within a day or two. Unlike some banks, online lenders typically let you pre-qualify for financing to see your estimated rate. Since this only triggers a soft credit pull, you can check your rate and terms at several online lenders without impacting your credit score.
Home equity loans and HELOCs: This may be a lower-cost borrowing option if you have equity in your home, but you also risk losing it if you fail to repay the loan.
How to pre-qualify for an online personal loan
Taking the steps to pre-qualify for an online loan lets you see potential loan terms, including the loan’s interest rate, without hurting your credit. You can pre-qualify with lenders on NerdWallet to compare offers and find the lowest rate.
Last updated on December 19, 2023
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Bank Loans 2024: Compare Personal Loans From Banks
- Santander Personal Loan: Best for Bank loans with low rates
- LightStream: Best for Bank loans with no fees
- Discover® Personal Loans: Best for Bank loans and debt consolidation
- TD Bank Personal Loan: Best for Bank loans with fast funding
- Citibank: Best for Bank loans with multiple rate discounts
- PNC Bank Personal Loan: Best for Bank loans and joint borrowers
- Wells Fargo Personal Loan: Best for Bank loans with large loan amounts
- U.S. Bank Personal Loan: Best for Bank loans with small loan amounts
Frequently asked questions
Which bank is best for a personal loan?
The best bank for a personal loan may be the one you already use. If you’re an existing customer and in good standing with a bank that offers personal loans, you could get benefits like rate discounts and a larger loan amount. If you’re not an existing customer, compare APRs and loan amounts from online lenders as well as banks.
How much money can I get from a bank loan?
Loan amounts vary by bank and range from $1,000 to $100,000. Your credit profile, income and existing debts will help determine the amount the bank lets you borrow.
How do I borrow from the bank?
When you borrow from a bank, you apply for the loan and, if you're approved, the lender will let you know how much you can borrow and at what rate. It helps to be an existing customer, but it isn't always necessary. Some banks require you visit a branch to get a loan.