5 Top Personal Loans From Banks for 2022

Best for home improvements: Wells Fargo

Wells Fargo is notable because it is one of the biggest banks in the country, with about 4,900 bank branches spread across 37 states. Estimating how much money you’ll need when planning a home renovation can be challenging—up to $100,000 in unsecured loans from Wells Fargo. Just be careful to borrow what you need to avoid paying more interest.

Here are some more details about Wells Fargo’s loans.

- - Competitive interest rates — If you have good credit, Wells Fargo offers competitive interest rates. If you open an autopay account and have a qualifying checking account, Additionally, the business provides a 0.25% interest rate discount.
  - Wells Fargo offers a variety of repayment options with terms ranging from 12 to 84 months.
  - Customers of Wells Fargo only — You must already be a customer of Wells Fargo to be eligible for a personal loan.
  - No origination or prepayment penalty fees — If you choose to pay off your loan early, the bank won’t penalize you. There is no origination fee for processing at the bank. personal loans.

Best for co-applicants: PNC Bank

PNC Bank stands out: PNC Bank allows co-applicants, which, if you’re worried about your ability to get a personal loan, might be a good option for you. You must include the co-applicants address and annual income when applying for a personal loan with them.

Here is more information from PNC Bank on personal loans.

- - The rate reduction is possible if you have an automatic loan payment PNC checking account. In this situation, your interest rate will be reduced by 0.25 percent. If your credit is good, PNC’s rates are reasonable. Any means of bringing down interest rates are appreciated.
  - Smaller loans are available; PNC personal loans have a $1,000 minimum loan amount, which may be helpful if you only need a small loan.

U.S. is best for short-term loans. Bank

Personal loans from U.S. Bank are one reason the bank stands out. If you prefer a one-stop shop, a bank can be an excellent choice. U.S. is one of the biggest banks in the country. Bank. Credit cards, mortgages, personal and business checking and savings accounts, among other products, are among the many services it offers.

Here are a few more facts about the United States. Individual bank loans

- - U.S. Bank offers competitive rates with its autopay discount. Additionally, you will be qualified for a discount on the interest rate If you program monthly automatic payments through your U.S. Checking account at a bank. A benefit is always lower rates.
  - Terms for loan repayment as little as 12 months are only sometimes offered by lenders. This could be viable if you want to repay your loan quickly.

Regions Bank is the best for a variety of loan possibilities

Why Regions Bank stands out: Regions Bank has more than 1,300 locations in the Midwest and South and provides a range of personal lending choices. The company offers an unsecured personal loan, a loan secured by a deposit, and a secured installment loan, all with fixed rates.

Here are some additional details on a personal loan from Regions Bank.

- - Request prequalification – Regions Bank partners with online lender Avant for unsecured loans. Prequalification applications allow you to view potential loan offers with estimated rates and terms without negatively affecting your credit ratings Just keep in mind that prequalification does not ensure loan acceptance. A hard credit inquiry will be made if you submit a formal loan application, which could lower your credit scores.
  - By applying for and receiving a Regions Relationship Rewards credit card account, you can earn rewards that can be redeemed for money, travel, or merchandise.

Best for lower credit scores: OneMain Financial

Why OneMain Financial is unique: If your credit history isn’t great, consider getting a personal loan from OneMain Financial. According to the lender, a borrower’s application for a loan is evaluated based on various factors, including annual income, expenses, and the loan’s intended use.

Here’s some more info about OneMain Financial.

- - Quick loan application and funding process — According to OneMain, if your application is approved by a specific time and you submit it by the deadline, you could get the money as soon as the following business day. However, remember that there might be a delay before you can access your money, depending on your bank.
  - Higher interest rates — OneMain might approve applicants with less-than-stellar credit, which might charge a higher interest rate. The company’s starting rates are higher than the other lenders on our list.

What you should know about personal loans from banks

You should apply for a personal loan from a bank for many reasons. You might require money for a project, such as home renovations, or a loan to pay off high-interest credit cards.

However, only some banks provide personal loans. Some sizable financial institutions, like Chase Bank and Bank of America, don’t.

In some cases, you may need good or excellent credit to meet the banks’ stricter credit requirements. You probably won’t get the best rates if you qualify for a loan but have a lower credit score. But there are personal loan options for people with bad credit even if they have to pay higher rates.

Consider personal loans from credit unions or online lenders if you are dissatisfied with the personal loan options banks offer.

Doing your research is crucial whether or not you apply for a personal loan from a bank. When you receive loan approval, carefully read the loan contract; if there is anything you need help understanding, feel free to ask questions. Knowing that you chose wisely will make it easier for you to sleep.

How we picked these loans

Numerous personal loans provided by big and small banks were examined. We evaluated each lender’s requirements for loans, loan amounts, loan terms, interest rates, fees, and funding procedures. Rate reductions, additional benefits, and the ability to prequalify without a hard credit inquiry were also considered.