Based on our research, U.S. Bank is our choice for the best bank loans thanks to generally competitive interest rates and a variety of loan terms, among other factors. We researched 70 personal loan lenders and evaluated them on 31 factors, including annual percentage rates (APRs), loan amounts and terms, fees, customer experience, and much more. If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies: APR With Autopay Discount Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements. Loan Amount APR With Autopay Discount Recommended Minimum Credit Score Not Disclosed This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score Not Disclosed This lender does not disclose its minimum credit score requirements. Loan Amount APR With Autopay Discount Recommended Minimum Credit Score Not Disclosed This lender does not disclose its minimum credit score requirements. Loan Amount Why Trust Us 70 Lenders reviewed 31 Loan features considered 1,680 Data points analyzed 173 Primary data sources used Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs. Read our Full Methodology Best Personal Loans From Banks for April 2024 Best Personal Loans From Banks for April 2024 The Bottom Line How to Choose How to Apply Alternatives Why You Should Trust Us Frequently Asked Questions (FAQs) Methodology Guide to Personal Loans Investopedia's Rating 4.7 Why We Chose It U.S. Bank's APRs for personal loans are competitive with other lenders, especially if you’ve got a credit score of 800 or higher and you’re using the loan for a home improvement project. Additionally, U.S. Bank goes easy on the fees. However, the amount you can borrow from U.S. Bank fails to impress, especially for non-customers, who can borrow just $25,000. Existing customers can borrow up to $50,000. Some competitors offer personal loans capped at $100,000. Also, the bank received a below-average score in the J.D. Power 2023 U.S. Consumer Lending Satisfaction Study. Pros & Cons Pros No restrictions on loan use 0.50% autopay discount on interest rate Co-applicants allowed Loan funding possible within one business day Cons Branches in only 26 states Co-signers not allowed Fewer benefits for non-customers $25 late payment fee Qualifications Company Overview U.S. Bank is the country's fifth largest bank and dates back to 1863 when it began as First National Bank of Cincinnati. It is headquartered in Minneapolis. Read the FullU.S. Bank Personal Loans Review 2024 Investopedia's Rating 4.5 Why We Chose It Discover is our top pick for debt consolidation personal loans due to its low advertised interest rates and a borrowing limit of up to $40,000. Discover will send money from a personal loan directly to your creditors in as little as one business day after your loan is approved. Discover will just need to know which accounts you’d like to pay directly, along with account numbers, dollar amounts, and payment addresses. You can provide this information online or by phone. This is convenient for you, and it provides a bit of risk reduction for the lender. Discover does restrict what types of debts you can consolidate, however. You can consolidate bills and credit card debt (except debt on a Discover card), but you can’t consolidate secured loans, such as mortgages and auto loans. Pros & Cons Pros Low minimum APR Low income requirements Few restrictions on loan use Above-average score in J.D. Power 2023 U.S. Consumer Lending Satisfaction Study Cons Highest APR is 24.99%, which is close to the average for credit cards No interest rate discount with automatic payments $39 late payment fee No co-signers or co-applicants Qualifications Company Overview Headquartered in Riverwoods, Illinois, Discover began as a credit card company in 1985. Read the FullDiscover Personal Loans Review 2024 Investopedia's Rating 4.7 Why We Chose It If you need money in a hurry, you may want to check out Citibank when you’re shopping for a personal loan. It’s the highest-rated same-day lender on our list. Citibank says if you already have an account at the bank, you can receive funds as soon as the same business day that your application is approved. For non-Citibank customers, you might get your money in two business days if you choose the direct deposit option. While Citi’s APRs aren’t the best, they’re still decent. However, the maximum loan amount is $30,000 for most borrowers, which is well below the caps for personal loans from some other lenders. (The cap bumps up to $50,000 for existing customers willing to visit a branch or apply over the phone.) Keep in mind that Citi prohibits using personal loan funds for post-secondary education or business purposes. Pros & Cons Pros Decent range of APRs 0.50% interest rate discount for automatic payments No fees Available in 50 states and the District of Columbia Cons Low maximum loan amount for most borrowers ($30,000) Lowest APR requires a loan term of three years or shorter No co-applicants or co-signers Below-average score in J.D. Power 2023 U.S. Consumer Lending Satisfaction Study Qualifications Company Overview Citibank began in 1812 as the Citi Bank of New York. It is headquartered in New York. Read the FullCitibank Personal Loans Review for 2024 Investopedia's Rating 4.3 Why We Chose It If you hold an American Express credit card and are seeking a personal loan, you might want to check your inbox. You must be invited to borrow a personal loan from Amex, but as you might imagine, American Express leads the way as the best personal loan destination for Amex cardholders. Among the advantages of taking out an American Express personal loan are a rock-bottom APR for applicants with the best credit, a high customer satisfaction score, and a lack of origination and prepayment fees. But there also are disadvantages to getting an Amex personal loan. For instance, you must hold an Amex consumer credit card to qualify, and the loan terms are less attractive than some competitors. In addition, Amex places several restrictions on how you can spend your personal loan funds. For example, you can’t put proceeds from an Amex personal loan toward post-secondary education expenses, business costs, or real estate deals. Pros & Cons Pros APR as low as 5.91% No loan origination or prepayment fees Top score in J.D. Power 2023 U.S. Consumer Lending Satisfaction Study Available in 50 states and the District of Columbia Cons Must have an Amex consumer credit card to apply for a loan Restrictions on loan use Low maximum loan amount ($40,000) Minimum of three business days to receive funds Qualifications Company Overview American Express began as a freight forwarding company in 1850 and introduced its travelers cheque in 1891. Its headquarters are in New York. Read the FullAmerican Express Personal Loans Review 2024 Investopedia's Rating 4.5 Why We Chose It Wells Fargo, the third largest bank in the country, sits atop the list of major lenders offering personal loans up to $100,000. It’s our highest-rated big bank in this category. Adding to Well Fargo’s appeal, it earned an above-average score in the J.D. Power 2023 Consumer Lending Satisfaction Study. At the lower end of the APR range, Wells Fargo fares well. But the upper end is higher compared to some of Wells Fargo’s rivals. It’s worth noting that to score the 0.25% relationship discount, you must have a qualifying Wells Fargo consumer checking account and must make automatic loan payments from a Wells Fargo deposit account. Pros & Cons Pros High maximum borrowing limit ($100,000) Same-day funding available No loan origination or prepayment fees Broad array of loan terms Cons Must be a Wells Fargo customer for at least 12 months to be eligible Restrictions on loan use not disclosed No co-signers or co-applicants allowed $39 late payment fee Qualifications Company Overview Wells Fargo dates back to 1852 and is headquartered in San Francisco. Read the FullWells Fargo Personals Loans Review 2024 APR Range Average Origination Fee Late Fee Time to Receive Loan Loan Amount Latest Repayment Reset All Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me *APR ranges for some companies include a discount for automatic payments or existing bank customers. U.S. Bank jumps to the head of the class as our best overall bank for personal loans due to its competitive rates—especially for highly qualified borrowers. If you’re looking for the best lenders in more specific categories, we’ve got you covered there as well: As you’re weighing which lender to choose, remember to consider factors like interest rates, fees, payoff periods, and borrowing limits. A big bank can be a good choice for a personal loan, but you have many options. See our selections for the 10 best personal loans, which features lenders and loans for most every need, from a variety of providers. If your finances are in good shape, a personal loan might make sense to pay for a home improvement project, cover medical bills, or consolidate debt. However, if you’ve already got a lot of debt, you may not want to take on even more with a personal loan. Your current financial situation might even prevent you from qualifying for a loan. Think twice about getting a personal loan if you’d use the proceeds for unnecessary purchases like a closet full of fancy new clothes, an antique watch, a sailboat, or a high-end home theater system. According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation was the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons. Personal loans can be used for almost any purpose, but there are some restrictions. For example, you can't use a personal loan for a down payment when buying a home. Most lenders will forbid this, but even if they do not, mortgage lenders would be far less likely to approve your application if you also need to borrow money for a down payment. It's also unlikely that you would be allowed to use a personal loan to pay down student loan debt. Before agreeing to the terms of your personal loan, be sure to familiarize yourself with any restrictions. You’ve got multiple options for where to get a bank loan. These include: In our 2023 survey, we also asked how people choose where to get a personal loan. By far the most popular answers centered around online research—both by looking at bank websites and by reviewing third-party reviews. Having a prior relationship with a bank also plays heavily into decisions. Pros Money to cover big purchases or expenses Potentially high borrowing limit Ability to build a positive credit history Generally lower interest rates than credit cards Typically no requirement for collateral Cons More debt Potentially low borrowing limit Possible short-term or long-term damage to credit Months or years of payments Possibility of fees When you’re shopping for a personal loan, be sure to consider: Based on data from 18 lenders, the average personal loan interest rate is 23.88% for terms of about 48 months. However, the Fed reports that 24-month personal loans have an average rate of 12.35%. If you can afford the higher monthly payments that come with a shorter term, it could save you a lot of money. The chart below shows the potential savings of a 24-month term as opposed to a 48-month term on a $10,000 personal loan: The Fed held rates steady at its most recent meeting March 19-20—the fifth consecutive meeting at which it has done so. From March 2022 through July 2023, the Fed increased its target rate range 11 times, from near zero to 5.25–5.50%. Before that rate-hiking campaign, the average APR for a 24-month personal loan from commercial banks was 9.38%. That number has risen along with the Fed's rate hikes to 12.35%. Fed members indicated that they expect to cut rates later this year, but until that happens, lending rates are unlikely to get any lower. Because personal loans typically are fixed-rate products, the rate you get when you take out your loan is the rate you'll have for the duration of that loan. Lending rates typically will rise or fall along with what the Fed does, so if you expect to have a longer repayment term, it might be a good idea to wait until later this year or next year to get a personal loan. The Fed is scheduled to meet again April 30–May 1. To qualify and apply for a bank loan, follow these steps: If you’re looking for alternatives to a bank loan: Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a personal loan. We used this data to review each company for rates, fees, repayment terms, credit requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best personal loans since 2015. Investopedia research indicates that, based on credit requirements, TD Bank may be one of the easiest banks for getting a personal loan. The bank’s recommended minimum credit score is 300. Generally, credit scores range from 300 at the low end to 850 at the high end. The Fed's March 7, 2024, Consumer Credit Report states that the average APR for a 24-month personal loan is 12.35%. That is based on data through November 2023. Based on Investopedia research, Reach Financial offers the lowest rates—as low as 5.99% APR.However, to get the best rate, you'll have to qualify based on your credit score and other factors. Rates can fluctuate daily, so always be sure to shop around. Typically, the maximum amount you can borrow with a personal loan from a bank is $100,000. Each lender has its own criteria for approving a personal loan. However, most lenders look for a good credit score, a regular source of income, a solid credit history, and a low debt-to-income ratio, among other things. Banks typically are for-profit institutions, and credit unions are member-owned nonprofit institutions. Both are federally insured—banks by the FDIC and credit unions by the NCUA. You can get personal loans from both types of institutions, and rates, fees, terms, and more will vary from lender to lender. Many banks allow you to apply online, so you can do both. Rates and terms will vary among lenders, whether they are online or not, so it really comes down to personal preference. If you prefer to visit a brick-and-mortar location, however, you are limited to just the banks with locations near you. We researched and reviewed more than 40 banks to find the best five lenders you see above on this list. While we write individual reviews for most companies we research, we do not always write reviews for companies we would not recommend. These are the banks we researched, along with links to individual company reviews, to help you learn more before making a decision:Achieve, American Express,Avant, Axos Bank, Bankers Healthcare Group,Best Egg, CapexMD,Citibank,Discover, Dividend Finance, Fig Loans, Future Family, GoodLeap,Happy Money,Laurel Road,LendingClub,LendingPoint, LendingUSA, Lightstream, Lyon Financial, Mariner, Money Key, Netcredit, Old National Bank, OneMain Financial,OppLoans, Personify Financial,PNC Bank,Prosper,Reach Financial,Regions, Reprise,Rocket Loans,Santander,SoFi, Southeast Financial, SunPower, Tally,TD Bank, Trident Funding,Truist, U.S. Bank, Universal Credit,Upgrade,Upstart,USAA, Vantage Recreational Finance,Wells Fargo, and Zable. To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas: Learn more about how we evaluated personal loans in our complete methodology. Learn more about personal loans: Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. J.D. Power. “Fintech Lenders Gain Traction as Consumer Loan Satisfaction Increases, J.D. Power Finds.” U.S. Bank. "Learn How Our Past Is Shaping Our Future." Federal Reserve. “Large Commercial Banks.” Discover. "Welcome to Discover." Citi. "United States." American Express. “Personal Loans.” American Express. "Who We Are." Wells Fargo. "History of Wells Fargo." Wells Fargo. "Locations." Experian. "Can You Use a Personal Loan as a Down Payment?" Board of Governors of the Federal Reserve. “Consumer Credit - G19.” Board of Governors of the Federal Reserve. “Consumer Credit - G19.” Federal Open Market Committee. "Meeting Calendars, Statements, and Minutes (2019–2024)." National Credit Union Association. “Credit Union and Bank Rates 2023 Q4.” Fidelity. “Thinking of Taking Money Out of a 401(k)?”Best Personal Loans From Banks for April 2024
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Company APR Credit Score est. Loan Amount More Details Best Overall :fill(white):max_bytes(150000):strip_icc()/us-bank-1fe8f914032f48b5a193d278b83c747f.png "Best Personal Loans From Banks for April 2024 (1)")
See DetailsCheck Rates Best for Debt Consolidation :fill(white):max_bytes(150000):strip_icc()/Discover_PersonalLoans_Primary_Logo_RGB-22e400594a1e4c1fbb0f412ec03c6444.jpg "Best Personal Loans From Banks for April 2024 (2)"){kind=logo}
See DetailsCheck Rates Best for Fast Funding :fill(white):max_bytes(150000):strip_icc()/Citibank-9afd220fcb634287be1e7568a933b337.jpg "Best Personal Loans From Banks for April 2024 (3)")
See DetailsCheck Rates Best for American Express Cardholders :fill(white):max_bytes(150000):strip_icc()/American_Express-4876c7d0db694256968485f3085dfa78.jpg "Best Personal Loans From Banks for April 2024 (4)")
See DetailsCheck Rates Best for Large Loan Amounts :fill(white):max_bytes(150000):strip_icc()/Wells_Fargo-e5027d3338434079a998d01691b5c6d9.jpg "Best Personal Loans From Banks for April 2024 (5)")
See DetailsCheck Rates Best Overall :U.S. Bank
Best for Debt Consolidation :Discover
:fill(white):max_bytes(150000):strip_icc()/Discover_PersonalLoans_Primary_Logo_RGB-22e400594a1e4c1fbb0f412ec03c6444.jpg "Best Personal Loans From Banks for April 2024 (7)"){kind=logo}
Best for Fast Funding :Citibank
Best for American Express Cardholders :American Express
Best for Large Loan Amounts :Wells Fargo
Compare the Best Personal Loans From Banks for April 2024
Best For U.S. Bank Best Overall 8.74% - 24.99% 0.00% $25.00 0 days $1,000 - $50,000 84 months Check Rates Discover Best for Debt Consolidation 7.99% - 24.99% 0.00% $39.00 1 day $2,500 - $40,000 84 months Check Rates Citibank Best for Fast Funding 10.49% - 19.49% 0.00% $0.00 0 days $2,000 - $30,000 60 months Check Rates American Express Best for American Express Cardholders 5.91% - 19.97% 0.00% $39.00 3 days $3,500 - $40,000 60 months Check Rates Wells Fargo Best for Large Loan Amounts 7.49% - 23.24% 0.00% $39.00 1 day $3,000 - $100,000 84 months Check Rates The Bottom Line
Guide to Choosing the Best Bank Loan
Should You Apply for a Bank Loan?
What Loans Can't Be Used For
Where to Get a Bank Loan
Websites, Prior Relationships Influence Where Customers Get Loans
Pros & Cons of Bank Loans
Comparing Bank Loans
Shorter Repayment Terms Can Save You Money
$10,000 Personal Loan Loan Term APR* Monthly Payment Total Interest Paid 24 months 12.35% $472.37 $1,336.90 48 months 23.88% $325.36 $5,617.05 Keep an Eye on the Fed's Target Federal Funds Rate
How to Qualify For and Apply For a Bank Loan
Average APR by Credit Score
Alternatives to a Bank Loan
Why You Should Trust Us
Frequently Asked Questions
Which Bank Is the Easiest to Get a Loan From?
What Is a Good Rate for a Personal Loan?
Which Bank Offers the Best Personal Loan Rates?
How Much Money Can I Borrow From a Bank?
What Do I Need to Qualify for a Personal Loan From a Bank?
How Are Banks Different From Credit Unions?
Is It Better to Get a Personal Loan Online or at a Bank?
Companies We Reviewed
How We Pick the Best Personal Loans from Banks
Guide to Personal Loans
:max_bytes(150000):strip_icc()/GettyImages-15678514891-76b43476a39744ac81915c2307392a5d.jpg "Best Personal Loans From Banks for April 2024 (11)")
See Also
Top 10 banks offering most competitive personal loan interest ratesPersonal Loan Interest Rate Forecast For 2024 | BankrateBest Banks in America - Banks with the Best BenefitsWhich Is Better: Private Lenders Or Banks? | BankrateMy Financing USA RV Loans Review 2024 Best Personal Loans With No Origination Fees for April 2024 American Express Personal Loans Review 2024 Wells Fargo Personals Loans Review 2024 Best Low-Interest Personal Loans for April 2024 Discover Personal Loans Review 2024
FAQs
Best Personal Loans From Banks for April 2024? ›
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.
What bank is the easiest to get a personal loan from? ›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.
Which bank gives the best personal loan? ›| Bank name | Current interest rate on personal loan |
|---|---|
| HDFC Bank | 10.75% to 24% |
| ICICI Bank | 10.65% to 16.00% |
| SBI | 11.15% to 11.90% |
| Kotak Mahindra | 10.99% |
Feb 9, 2024
Lower personal loan rates may be on the horizon in 2024 after the Fed made progress curbing inflation at the end of 2023. That progress came after four more Federal Reserve rate hikes in 2023.
What is the easiest loan to get approved for? ›The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Is it better to go through a bank or lender for personal loan? ›Higher interest rates and fees: Banks tend to charge higher interest rates and more fees compared to their credit union and online lender counterparts. 12 If you don't qualify for a discount rate, you might end up paying more through a bank than you would with another lender.
What credit score is needed to get a personal loan from a bank? ›Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
What is the interest rate on a personal loan in 2024? ›Personal loan rates by credit score
| Credit score | 3-year fixed | 5-year fixed |
|---|---|---|
| 680 to 719 | 21.83% | 24.59% |
| 720 to 779 | 15.73% | 22.1% |
| >780 | 12.49% | 18.3% |
| Data accurate as of: 04/20/2024 |
2 days ago
Banks: Traditional banks tend to have higher credit score and income requirements than credit unions. And if you have bad credit, getting a good interest rate on a personal loan could be challenging.
Which bank offers the cheapest personal loan? ›Current Interest Rate on Personal Loans
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Yes Bank | 10.99% p.a. onwards - 20% p.a. | Up to 2% |
| Kotak Mahindra Bank | 10.99% and above | Up to 3% |
| Axis Bank | 10.49% p.a.- 22% p.a. | Up to 2% of the loan amount |
| IndusInd Bank | 10.25% p.a. - 26% p.a. | 3% onwards |
What is a good rate on a personal loan? ›
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|---|---|
| Excellent | 720-850. | 12.64% |
| Good | 690-719. | 14.84% |
| Fair | 630-689. | 18.69%. |
| Bad | 300-629. | 21.74%. |
Apr 9, 2024
Average Overall Personal Loan Rates
| This week's rates | Last week's rates | |
|---|---|---|
| Average overall rate | 21.11% | 20.90% |
| Average low rate | 11.58% | 11.18% |
| Average high rate | 30.64% | 30.62% |
| Highest rate | 99.99% | 99.99% |
The best personal loan rates start around 7%. Shop with multiple lenders to find the lowest rate. Many or all of the products featured here are from our partners who compensate us.
How can I get a loan when no one will approve me? ›Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
The easiest loans to get approved are loans that don't require a credit check such as payday loans, pawnshop loans, car title loans, and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're easy to get even for people with bad credit.
Who has the fastest loan approval? ›Best Quick Loans Comparison
| Lender | APR | Approval/Funding Timeline |
|---|---|---|
| LightStream | 7.49% - 25.99% | Same day - 2 business days |
| Best Egg | 8.99% - 35.99% | 2 - 4 business days |
| Upgrade | 8.49% - 35.99% | 2 - 3 business days |
| OppLoans | 160% - 179% | 2 - 3 business days |
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
How to get a loan when no one will approve you? ›Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
You can still get approved for a personal loan with a less-than-stellar credit score. Having a personal loan can help boost your credit score by strengthening your credit mix, but you must remember to make your payments on time each month. Late and missed payments show up as negative marks on your credit report.