Best Banks for Personal Loans in the United States
Are you in search of financing? Currently, there is a wide variety of offers and banks for personal loans. For this reason, it is natural to feel overwhelmed in a market as diverse as the financial system of the United States. However, it is always important to shop around to find the best loan for your requirements.
Whether your goals are to remodel your home or refinance your credit card debt; In this guide we bring you, you will find a summary of the best banks for personal loans. For this, we will detail the most relevant characteristics and the benefits that each one offers to its clients.
Why Apply for Personal Loans in Banks?
Banks often offer attractive options for personal loans. This is because most of these institutions maintain a dynamic of benefits for this type of financing. First, some entities offer products without the application of loan origination fees. This type of commission is applied to administrative expenses and usually fluctuates between 1% and 8%, according to the institution and its policies with the client.
Similarly, it is common to find advantages such as the relationship discount, where the bank applies a reduction in interest to long-standing clients of the institution. Likewise, there are loyalty programs where preferential interest rates are provided to users who have several qualifying accounts.
However, an important part of large banking institutions in the United States does not have a personal loan program. However, some of the institutions that have these offers may request a favorable to excellent credit rating. That is why it is crucial to know the benefits offered by each bank to select the most appropriate one.
What is the Best Bank for Personal Loans in the US?
Each institution has a particular offer in terms of benefits related to its loan programs. Likewise, each bank has unique characteristics and requirements for its financial instruments. In this sense, the selection of the entity when requesting a personal loan will depend on the relationship between the needs of the applicant and the advantages offered by the bank in question.
Taking this into account, some of the banking institutions that stand out according to their offers are the following:
Wells Fargo: Best deals to finance home renovations
PNC Bank: The best option for shared loans or co-applicants
US Bank: Maintains attractive offers for short-term loans
Regions Bank: Offers a wide variety of loan options
OneMain Financial: It is an affordable option for users with low credit scores
Each of these banks has a unique structure and benefits for each program offered.
5 Best Banks for Personal Loans in the USA
Below we will present a selection of the best banks for personal loans in the United States. We will detail their characteristics and what advantages they offer in their financing programs.
- Wells Fargo
Wells Fargo is an institution recognized for being one of the largest banks in the country. Currently, it has at least 4,900 offices distributed in 37 states. In addition to this, it has one of the personal loan systems with the largest amount of financing, being able to access up to $100,000. The most notable of which is their home improvement financing program. Since it has the most appropriate benefits.
Some of the most relevant details of Wells Fargo personal loans are the following:
- Competitive interest rates: This institution has attractive interest rates, especially if you have a good credit history. In addition, it offers an interest of 0.25% to qualified clients.
- Payment options: maintain flexible terms from 12 to 48 months.
- No Additional Fees: No origination fees or prepayment penalty applies.
- Exclusive offers: to access the personal loan programs, it is necessary to be an existing client of the entity.
- PNC Bank
PNC Financial Services Group, through its subsidiary PNC Bank, is a banking entity that currently operates in approximately 27 states in the country. Its portfolio of products and services is very varied, however, it stands out for its advantages of personal loans for co-applicants.
Among the benefits offered by this entity, we will detail the most relevant:
- Exclusive Discount Rates – If you are a customer and have a PNC checking account. In addition, if you have the automatic payments direct debited from it, you will obtain a 0.25% discount on your interest rate.
- Affordable amounts: You can request financing amounts starting at $1,000, which is ideal for small projects.
Likewise, this institution does not apply commissions for origination and has a wide variety of amortization terms.
3. U.S. Bank
US Bank is another of the largest institutions in the US banking system. This entity also has a variety of financing products, among which is its program for personal loans. In this sense, one of the most relevant advantages of its offer is the flexibility in its payment terms.
Therefore, it can be an excellent option if you require short-term financing. Other details that you should know about US Bank personal loans are the following:
- Competitive Rates: US Bank maintains a low-interest rate offering for its customers. Plus, if you set up automatic monthly payments to your checking account, you may be eligible for interest rate discounts.
- Flexible Terms: you can request loans with minimum terms of 12 months. This makes it an ideal option if you want to pay off your loan quickly.
- Regions Bank
With more than 1,300 branches, Regions Bank has a very competitive offer of personal loans. Currently, its products in this category are based on three specific branches: a secured installment loan, a deposit-secured loan, and an unsecured personal loan.
Other details to know about Regions Bank include the following:
- You can request pre-qualification – This feature is especially relevant for unsecured loans. Since Regions Bank partners with Avant Online Lender, when you apply to pre-qualify you can see the offers that are best suited to your circumstances.
- Exclusive Offers – This institution has a rewards program upon approval for a Regions Relationship Rewards credit card account.
It’s also important to keep in mind that applying for pre-qualification does not affect your credit score. However, by agreeing to the formal loan application, you trigger a credit inquiry that can cause your credit scores to drop.
- OneMain Financial
OneMain Financial is an ideal banking institution if you do not have a favorable credit history. This is because said bank has special programs for clients such as low credit scores. In this sense, the entity analyzes another series of factors when considering a personal loan. To do this, evaluate data such as annual income, types of expenses, and the purpose of the loan.
Additionally, the following information must be kept in mind:
Quick Approval – The application process can take at least 10 minutes. Then, if approved, you can receive the disbursement on the same business day.
Reward Programs – This institution has a reward program for on-time loan payments, among others.
Interest Rates – You can access loans with a low credit score, however, it is possible to charge a higher interest rate.
One of the disadvantages of this entity is that it has one of the highest interest rates in the market.
Comparison of the Best Banks for Personal Loans
In the following table we will highlight the most relevant characteristics of each of the aforementioned banks:
Each of these institutions offers particular characteristics and advantages. First, offers like Wells Fargo can be considered for consumer loans, especially home improvement programs that require high amounts. PNC Bank is a plus if you need a shared loan or low-budget financing.
US Bank is a good option for fast payout loans. Regions Bank has the lowest APR and the most product offerings, but its qualification process is complicated. Lastly, OneMain Financial is an alternative if your credit score isn’t the best, but it has the highest APR.
Finally, remember to make good use of your financing and be punctual with your payments. Otherwise, you may end up paying more than requested and reduce your options for future loans. Also, don’t forget to keep exploring our website if you want to continue learning about the best financial products.