Best Bank Loans

Wells Fargo is our pick for the best big bank, thanks to its reasonable interest rates and high maximum loan amount. APRs range from 5.74%–19.99%, as of publication, but the lowest rate of that range requires getting a “relationship discount” of 0.25%–0.50%. To qualify for the relationship discount you must have an eligible Wells Fargo checking account and make automatic loan payments from an eligible Wells Fargo deposit account. Loan amounts range from $3,000 to $100,000, with repayment terms of 12 to 84 months.

Wells Fargo doesn’t disclose its credit score requirements, although it states that over 10% of applicants qualified for the lowest rate during a three-month period from 2021 to 2022. There are no origination, closing, or prepayment fees, but you may be charged a fee for late or returned payments.

Wells Fargo only allows you to pre-qualify for loans if you’re already a banking customer; if you’re not a customer, you’ll need to undergo a hard credit inquiry to check your loan options. Similarly, only current Wells Fargo customers can apply for loans online or by phone; non-customers will have to visit a Wells Fargo branch location to apply.

Once you’re approved for a loan, funds are usually available on the same day or by the next business day. When it’s time to pay back the money, you can adjust your payment due date to fit your financial schedule, and payments can be made online, in person, or by phone. 

Wells Fargo doesn’t do well when it comes to customer satisfaction. Trustpilot reviews mention many complaints about poor customer service and issues with payment and account processing. Wells Fargo is also notorious for fraudulently opening millions of checking and savings accounts for customers without their knowledge or approval, as revealed in 2016; the bank was forced to pay $3 billion in penalties.

LightStream is an online-only lender offering personal loans with flexible terms and minimal fees. Loan terms vary depending on why you need the money, but APRs start exceptionally low at 3.99%. To get the lowest rate you’ll need excellent credit, and must set up autopay for a 0.50% discount. You can borrow $5,000 to $100,000, and repayment terms range from 24 to 240 months.

Home improvement loan APRs range from 4.99% to 16.99%, as of publication. These are unsecured loans, which don’t require your home as collateral. They can be used for a variety of purposes, like kitchen or bathroom remodeling, landscaping, and solar panel or pool installation.

If you’re shopping around and get approved for a better rate, LightStream’s Rate Beat program will offer a rate 0.10 percentage points lower. You’ll also pay no origination, prepayment, or even late fees with LightStream, but paying late could cause you to default on your loan agreement. The only fees you’ll pay are interest charges.

Although LightStream has attractive terms, it’s not as accessible to borrowers with fair credit or poor credit as some other lenders. Lightstream requires a minimum credit score of 680, which could make it difficult for some to qualify, especially because co-signers and joint applications aren’t allowed. Take note of the details if you accept a loan because you won’t be able to change your due date later on.

You can apply for a personal loan online or by mobile app. LightStream offers a fast funding time—if your application is approved and final verification is completed by 2:30 p.m. EST, you could have the money by the same day. In addition to these perks, LightStream also plants a tree for every loan it funds.

Debt can feel overwhelming, but a consolidation loan could help you save money and reduce the number of payments you need to make each month. Personal loans from Marcus could be a great choice for debt consolidation, although the maximum loan amount is relatively low at just $40,000 (the minimum is $3,500). But even if you only consolidate a portion of your high-interest debt, you could save quite a bit of money thanks to a lower interest rate.

Loan APRs from Marcus range from 6.99% to 19.99% (as of publication); the best rate of 6.99% will require setting up autopay for a 0.25% discount. But if you’re dealing with high-interest credit card debt, even a 9% or 10% APR could be a substantial rate reduction. Repayment terms for Marcus loans range from 36 to 72 months, and loan funds can be sent directly to your creditors.

Marcus also allows you to defer a monthly payment if you’ve paid on time for 12 months in a row (and continue to do so). Interest won’t accrue for that skipped month, and your loan will be extended for an extra month. Deferrals must be requested at least 16 days before the intended month’s payment is due.

Marcus' recommended minimum credit score is 660, which could be out of reach for some. This lender also doesn’t allow co-signers or joint applications to help you qualify or get a better rate. If you’re approved for a loan, your funds will typically be disbursed within five business days.

Marcus gets mediocre reviews from customers on consumer review site Trustpilot. It has an “Average” rating of 3.1 stars, with a mix of good and bad reports. Many praise the fast transaction times, while others are unhappy with poor customer service or high interest rates.

If you have poor or limited credit, you may have a hard time qualifying for a loan. Applying with a co-signer could improve your chances of getting approved or getting a better rate, and TD Bank’s TD Fit Loan allows you to do just that. Loan terms range from 36 to 60 months, and you can borrow $2,000 to $50,000 at a rate of 6.99% to 19.99%, as of publication. There is no rate discount for setting up autopay. 

Funds for a TD Fit Loan can be delivered as soon as the next business day, provided you’re approved by 4:30 p.m. EST. The only potential fee, aside from interest charges, is a late payment fee of $10 or 5% of the minimum payment due, whichever is less. 

TD Bank only offers personal loans to residents of Washington, D.C., and the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.

While the TD Fit Loan can be a good option, borrowers don’t have many positive things to say about TD Bank on Trustpilot. Most of the problems reported mention poor customer service, with slow response times and unhelpful support agents.

American Express is a massive multinational corporation, offering a variety of financial services in addition to lending like banking, credit cards, and merchant payment systems. Eligible Amex cardholders have access to exclusive personal loan offers, ranging from $3,500 to $40,000. 

APRs on American Express personal loans start fairly low at 7.98%, going up to 19.98% (as of publication). Amex offers repayment terms of 12, 24, or 36 months. But you can only apply if you have a personal offer; you can check Amex’s site to see if you have a pre-qualified offer waiting. 

Loan funds are generally disbursed to your bank account within three to five business days. American Express personal loans are available in all 50 states, and although they can be used for debt consolidation, the funds can’t be used to pay off cards issued by Amex. Amex will send the funds to an eligible bank account; it won’t send the money directly to creditors.

American Express doesn’t charge origination, administrative, or prepayment fees, but late and returned payments will incur a relatively hefty $39 fee. You can’t apply with a co-signer or joint applicant, and you won’t be able to change your payment due date. 

American Express, on the whole, doesn’t rate highly among customers. Trustpilot gives it only 1.7/5 stars, a “Bad” rating, although this rating is fairly common among big banks. Reviewers cite frequent issues with customer support and payment cards, but there are few mentions of Amex loans.

Read our full review of American Express personal loans.

Military members and their families can find a variety of special offers from USAA, including personal loans. USAA membership is limited to current and former members of the military, including pre-commissioned officers, and their eligible family members (spouses and children). 

Depending on your creditworthiness, you can borrow $2,500 to $100,000 with a USAA personal loan. APRs range from 7.39% to 18.51% (as of publication), including a potential autopay discount of 0.25%. If necessary you can take up to 84 months to pay back the loan, with a minimum of 12 months, although the available loan terms depend on the amount you’d like to borrow.

You’ll likely need a credit score of at least 660 to qualify for a USAA loan. Loan terms longer than 60 months require you to meet higher credit and risk criteria. The lowest rate and longest terms require excellent credit and setting up autopay. You’ll pay no origination or prepayment fees, though USAA does charge a late/returned payment fee of 5% of the minimum payment.

You’ll need a USAA bank account to be eligible for a loan, and loans can be disbursed to that account in as little as 24 hours. USAA personal loans can be used for many purposes, like home remodeling or big purchases, but they can’t be used to help fund higher education. 

USAA received poor reviews on Trustpilot, but it consistently scores highly on J.D. Power’s U.S. Consumer Lending Satisfaction Study. In 2021 the lender took first place by a wide margin, after coming in second to Navy Federal in 2020.

Read our full review of USAA personal loans.

Citibank offers its valuable ThankYou Rewards loyalty program to eligible customers, which allows you to earn points and redeem them for statement credits, gift cards, purchases, and travel expenses. Many Citi credit cards earn ThankYou points, but you can also earn points by linking an eligible Citi checking account to your Citi loan and performing certain activities.

Depending on the type of checking account you link to your loan, you can earn 50 or 125 ThankYou points per month for a direct deposit and bill payment. You’ll also get 50 points per month for making a debit or credit transaction with the checking account.

Citi’s personal loans come in amounts of $2,000 to $30,000, with APRs ranging from 7.99% to 23.99% (as of publication). Setting up autopay will get you a small rate discount. Repayment terms run from 12 to 60 months, with several options in between. You may receive loan funds as soon as the next business day if you choose direct deposit for the delivery method, while mailed checks generally take around five business days to arrive.

Citi has a few initial hurdles you’ll have to pass to be considered for a loan: 

• You must have an eligible Citi deposit account that has been open for at least 12 months.
• You must have an annual income of at least $10,500.
• You must not have more than one other Citi personal loan. If you do have another Citi personal loan, it must have been open for at least six months.

You can get a personal loan from Citi in all 50 states and Washington, D.C. But you can’t check for pre-qualified offers—you’ll have to apply and undergo a hard credit inquiry to check your rates. There are no origination or prepayment fees, but late and returned payment fees may apply. Citi’s personal loans can’t be used for debt consolidation of Citi credit cards and certain Citi credit accounts and checking accounts (for which credit may be extended).

Some lenders can take several business days to send your loan funds after approval, but sometimes you can’t wait that long. Whether you have an emergency, high-interest debt that’s come due, or some other urgent expense, you might want a loan that arrives tomorrow. Discover offers personal loans with fast funding, delivering $2,500 to $35,000 as soon as the next business day.

APRs on Discover personal loans start at 5.99% and go up to 24.99%, as of publication, and it offers repayment terms of 36 to 84 months. You must have a household income of at least $25,000 to be eligible for a loan, and you can’t use the money to pay for post-secondary education, secured loans, or Discover credit cards. Discover doesn’t allow co-signers or joint applicants.

Discover’s personal loans are available nationwide. There are no origination or prepayment fees, but late and returned payments may be charged. Customers have the unique option of returning the loan funds within 30 days for a full refund. Any interest charges paid will be returned.

Discover receives only 2/5 stars on Trustpilot—a “Poor” rating. Like many big banks, customers express dissatisfaction with the results of their loan and credit card applications, while others are annoyed by unhelpful customer support. But the lender scores better elsewhere, such as J.D. Power’s 2021 U.S. Consumer Lending Satisfaction Study, in which Discover tied for first place.