6 Biggest Banks Offering Personal Loans -Personal Loans
Banks make money through various functions. One of their most common income silos involves lending out money to customers, who must pay back the loans, plus interest penalties. Although federal laws and market influences may narrow the range of interest rates banks can charge, it's nevertheless important to know the numbers. Here are the ratesÂ that six of the largest banksÂ offer on their personal loans.
1. Wells Fargo & Co. (WFC)
Wells Fargo & Co. (WFC) offers loans from $3,000 to $100,000, without charging origination or prepayment fees. The bank is quick to approve loansâ€”often greenlighting applications in asÂ little as 15 minutes.
Rates hover between 7% and 8% for applicants with excellent credit scores.
2. Toronto-Dominion Bank (TD)
Toronto-Dominion Bank's (TD) loans range from $2,000 to $50,000. Customers are presented with various ways to structure their loans. They may either lock in monthly payments with a traditional unsecured personal loan, they can acquireÂ personal unsecured lines of credit, or they can pledge collateral with secured loans.
Each of theseÂ options carries different terms, but those who take the regular unsecured personal loan route can expect interest rates to hover just below 10%.
3. Citigroup Inc. (C)
Citigroup Inc. (C) takes a members-only approach to granting personal loans, which start at $2,000 and go up to $50,000, with interest rates ranging from 7.99% to 17.99%. To qualify, applicants must earn at least $10,500 in annual income, and they must satisfy at least one of the following requirements:
- They must hold an account with the bank for at least one month
- They must have a Citi-linked mortgage
- They must hold a Citi credit card
If approved, customers will receive their loan checks in the mail within five business days.
4. U.S. Bank (USB)
U.S. Bank (USB) offers personal loans and lines of credit, with loans ranging from $3,000 to $25,000, commanding interest rates as low as 8.99%. Those who commit to using their loans to make energy-efficient improvements to their homes may qualify for even lower rates.
While there are no annual fees or collateral requirements, the loans will have an origination fee of approximately $50. Individuals can apply online if they've been U.S. Bank customer for more than 120 days.
5. PNC Financial Services Group Inc. (PNC)
The seventh-largest bank in the United States in terms of 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, which can either be secured or unsecured. Rates are as low as 5.99%, depending on the size of the loan.
6. SunTrust Banks, Inc. (STI)
SunTrust (STI) owns LightStream, a lender that makes loans for "practically anything," according to its marketing literature. LightStreamÂ operates solelyÂ online and offers comparatively lowÂ rates. Individuals with excellent credit who are looking to refinance aÂ car may enjoy rates as low as 3.99%, depending on the size andÂ length of the loan. Individuals can apply and receive the money the same day, and if their loan experience is problematic, LightStream will give them $100.Â