If you’re looking for a loan, the nation’s largest banks hope that you will call them for a quote. Banks make money by taking in deposits and lending money at a profit, so they’re always looking for a way to put the money to work. Some of the largest banks might not offer rates competitive enough for consideration, but it doesn’t hurt to listen to their pitches. We’ve looked at some of the largest banks and what they offer for personal loans. (For more, see Different Needs, Different Loans.)
Wells Fargo & Co. (WFC)
You won’t have any trouble finding experts who say to avoid big banks like the plague when shopping for a personal loan, but Wells Fargo has found itself on some of the “best of” lists for personal loans. The bank offers loans from $3,000 to $100,000, no origination or prepayment fees and a decision in as little as 15 minutes. If you need access to additional funds today, Wells Fargo can make that happen. Expect a rate between 6% and 8% if you have excellent credit. (For more, see Your Credit Score Is Important, But Why?)
Toronto-Dominion Bank (TD)
TD Bank’s loans range from $2,000 to $50,000. You can lock in your monthly payment with a traditional unsecured personal loan, get fancy with a personal unsecured line of credit or pledge collateral with a secured loan. Each of the three options has different terms but for the regular unsecured personal loan, expect an interest rate just under 10%.
Citigroup Inc. (C)
Citi has a members-only approach to personal loans. In order to apply, you have to hold "at least one month of tenure" on a deposit account with the bank, a linked Citi mortgage or a Citi credit card. You’ll also need income of at least $10,500 per year. If you’re approved, you’ll get your check in the mail within five business days. Citi’s loan start at $2,000 and go up to $50,000, with rates ranging from 9.99% to 14.99% on a $10,000 loan. (For more, see How Citigroup Makes its Money.)
U.S. Bancorp (USB)
Also a members-only bank, U.S. Bank offers personal loans and lines of credit. You can get a loan from $3,000 to $25,000 with an interest rate as low as 8.99%. If you’re using your loan to make energy-efficient improvements on your home, you may qualify for a lower rate. There are no annual fees and no collateral requirement. However, the loan will have an origination fee of approximately $50. You can apply online if you’ve been a customer for more than 120 days; if not, or you want to become an account holder, you have to visit a branch office.
PNC Financial Services Group Inc. (PNC)
You may not have heard of PNC bank, but it’s the seventh largest bank in the United States by total assets. PNC offers personal loans of $1,000 to $100,000 depending on the loan type. Like other banks, PNC offers fixed amount loans or lines of credit – either secured or unsecured. Rates are as low as 7.74% depending on the size of the loan.
SunTrust Banks, Inc. (STI)
SunTrust owns LightStream, a lender that makes loans for “practically anything.” LightStream is completely online, but what you’re really going to love are the rates. If you’re refinancing your car and have excellent credit, your rate could be as low as 1.99%, depending on the amount you need and the length of the loan. You can apply and receive the money on the same day, and if your loan experience isn’t super easy, LightStream will give you $100.
The Bottom Line
If you need a personal loan, one of the larger banks might offer a competitive rate, but look at all these options to find the best rate.
