Options for taking out personal loans have grown exponentially in recent years, and borrowers are able to choose from traditional banks, credit unions, online lenders and finance companies.
Borrowing from a full-service bank can offer several advantages, especially if you already use it for other financial services. Wells Fargo, for example, offers a 0.25% relationship discount to customers who have a qualifying checking account and set up automatic payments.
We’ve picked the best personal loans from chartered banks, looking at rates, funding times, approval requirements, customer experience and more. To learn how we made our selections, read our methodology.
Best banks for personal loans
Best for no fees: Discover
Discover personal loans come with fairly high credit score requirements, but have no origination or late fees and funding is available in as little as one business day. That makes them a great option iff you have good credit.
- No origination fee or late fee.
- Discover will pay creditors directly if you have a debt consolidation loan
- Funds may be available as soon as the next business day.
- No autopay discount.
- No joint applications.
- Debt consolidation loans can’t be used to pay off Discover or Capital One bills.
Who’s this for?Discover stands out for not charging an origination fee, which can range from 1% to 10% of your loan amount. The lender also doesn’t have late fees or prepayment penalties.
Standout benefits: Discover doesn’t charge late fees on personal loans and funds can be deposited in your account as quickly as the next business day.
Best for low rates: Citibank
We like that Citi combines a low maximum fixed APR with no origination or late fees. But higher loan limits and faster funding are reserved for existing Citi customers.
- No origination or late fees
- Nearly 700 branches across the U.S.
- Eligible Citi customers can get funds on the same business day
- No co-applicants
- $30,000 loan cap for non-account holders
Who’s this for? Citibank‘s fixed APR tops out at 18.49%, significantly lower than the 35.99% many online lenders max out at. The lack of an origination fee also helps keep the cost of borrowing down.
Standout benefits: Existing Citi deposit account holders can receive funds on the same business day
Best for fast funding: SoFi
We like that SoFi has high loan caps and doesn’t charge any origination fee, so borrowers get the full amount funded. The credit requirements can be stringent, however, and interest rates for weaker applicants are on the higher side.
- Loans approved for up to $100,000
- No origination fee or late fee
- Next-day funding available
- Accepts co-borrowers
- Minimum loan amount is $5,000
- High APR for fair/low credit
Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Who’s this for? If you need funds quickly, SoFi can provide same-day funding for eligible borrowers who sign by 5:30 p.m. ET.
Standout benefits: SoFi checking and savings account holders who meet deposit requirements may qualify for a 0.25% rate reduction.
Best for large loans: Wells Fargo
Wells Fargo is a great choice if you already bank with the lender, have good credit and need a larger loan for major expenses, like debt consolidation or home remodeling. The $3,000 loan minimum is high for one-off expenses, though, and if you’re not an existing Wells Fargo account holder, you’ll need to look to other lenders.
- High borrowing limit.
- No origination fee.
- Most borrowers receive funds the same day they’re approved.
- 4,000+ physical branches.
- Must be an existing Wells Fargo account holder for at least 12 months.
- Wells Fargo does not accept co-borrowers or co-signer
Who’s this for? If you’re renovating your home or have another big expense, Wells Fargo offers loans up to $100,000, with rates starting as low as 6.74% for applicants who qualify for autopay and relationship discounts.
Standout benefits: Existing Wells Fargo customers can qualify for a discount of up to 0.50% if they’ve had an eligible checking account for at least 12 months and enroll in autopay.
Best for existing bank customers: U.S. Bank
U.S. Bank is a good option for existing clients looking for competitive rates and fast funding. If you’re not an existing account holder, though, your loan cap, funding speed and repayment term options are significantly limited.
- No origination fee.
- Same-day funding available for existing customers.
- Accepts joint applications.
- Bank Smartly checking account holders can qualify for autopay discount of up to 0.50%
- Loan limit only $25,000 for non-account holders.
- Non-customers may wait 1 to 4 business days for funds.
Who’s this for? Existing U.S. Bank customers can be approved for loans of up to $50,000 with more flexible repayment terms, same-day funding and an autopay discount of up to 0.50%.
Standout benefits: If you have a co-borrower with good credit, you can apply for a U.S. Bank loan jointly and improve your chances of approval and favorable rates.
Best for debt consolidation: Happen Bank
Formerly LendingClub, Happen Bank offers competitive rates on a wide range of loan amounts, with funds available in as little as 24 hours after final approval.
- Accepts borrowers with fair credit.
- High loan limit of $75,000.
- Funds may be available in as little as 24 hours.
- Repayment terms range from two to seven years.
- Co-borrowers are permitted.
- Origination fee of 2% to 6%.
- No autopay discount.
- No physical branches
Who’s this for? Borrowers who use their Happen Bank loan funds to consolidate debt can qualify for a 0.50% rate discount if they have the lender pay their creditors directly.
Standout benefits: If you make loan payments using your Happen Bank LevelUp checking account, you can earn 2% cash back. According to the lender, existing customers may also benefit from faster approval, more competitive rates and lower origination fees.
Best for small loans: PNC Bank
We like that PNC Bank has no origination fee and a lower maximum APR than many online competitors. You’ll need a linked PNC Bank checking account to get your loan funds deposited quickly, however.
- Maximum APR tops out lower than many competitors.
- No origination fee.
- Can borrow as little as $1,000.
- Can add co-borrowers.
- Funds may be available the next business day if deposited into existing PNC checking account.
- Over 2,000 physical branches.
- Maximum loan amount is only $35,000.
- Not available nationwide.
Who’s this for? PNC Bank approves financing for as little as $1,000 and doesn’t charge origination fees, making it a great option when you don’t need a big loan.
Standout benefits: PNC Bank allows you to apply with a co-borrower to improve your chances of approval and favorable terms. And with more than 2,200 physical locations, it has one of the largest branch networks in the U.S.
What is a chartered bank?
A chartered bank has received a government-issued charter authorizing it to make loans, accept deposits and provide other financial services. In the U.S., banks can receive either a federal charter, granted by the Office of the Comptroller of the Currency, or a state charter, granted by a state banking authority..
A banking charter establishes a bank’s legal authority to operate and identifies its primary banking regulator, whether it has physical branches or is online-only. Nonbank lenders are also regulated, but chartered banks operate under specific banking laws and regulatory requirements. They can also offer a broader range of services beyond loans, including checking and savings accounts, credit cards and investment services.
Pros and cons of borrowing from a bank
Getting a loan from a full-service bank has many benefits, but there are also distinct drawbacks.
Pros
- Convenience: Having a loan and deposit account at the same institution makes it easy to set up automatic payments and check on your finances.
- Competitive rates: Banks tend to have lower APRs and are less likely to charge fees.
- Relationship banking: You may be able to get a rate discount or other benefits if you’re already an accountholder.
- In-person experience: Borrowing from a brick-and-mortar bank allows you to meet with a loan officer,
Cons
- Stricter approval requirements: Banks typically have higher credit score minimums and may be less likely to approve applicants with limited credit histories or nontraditional income sources.
- Slower approval and funding times: Applications may require manual reviews or additional documentation.
- Fewer loan options: Not all traditional banks offer personal loans and those that do may not allow co-applicants or secured loans.
How to choose a bank to borrow from
- Rates: Compare the APR, not just the advertised interest rate.
- Fees: Check for origination fees, late fees and other charges.
- Credit and income requirements: Check the minimum credit score, income and debt-to-income ratio. If you have weak credit, find out if a lender accepts co-borrowers or secured loans.
- Prequalification: Look for lenders that offer prequalification with a soft credit inquiry.
- Loan amount: Make sure the lender’s minimum and maximum loan amounts fit your needs.
- Repayment term: Longer terms mean smaller monthly payments, but more interest paid overall.
- Funding speed: If you need money quickly, look for lenders that offer same- or next-day funding
How to get a personal loan from a bank
While the steps are similar with most institutions, the timeline for getting approved for a personal loan depends on the bank and your application.
1. Check your credit
Your credit has a big impact on whether you are approved and the rate you are offered, so review your credit score and credit reports before applying for a loan. You can check your Experian FICO Score for free withExperian Credit Monitoringand visitmyFICOfor your Equifax and TransUnion FICO scores.
2. Decide how much you need to borrow
Loan limits vary widely by lender, so knowing how much financing you want will help guide your decision. If a bank’s minimum loan is more than you need, for example, it’ll mean paying interest on money you don’t need. Conversely, if a lender’s max loan is less than you need, you should cross it off your list.
3. Prequalify
Try to focus on lenders that allow you to prequalify so you can compare estimated rates and terms without a hard credit pull. That way.
4. Gather your documents and submit the loan application
Once you’ve decided on a lender, you’ll submit a full application. That typically means a hard inquiry on your credit report, so, ideally, you’re only doing it once. If you are applying with a traditional brick-and-mortar bank, you may be able to apply in person or online.
The required information varies by lender, but typically, you need to provide:
- Name, address and telephone number
- Social Security number
- Government-issued ID
- Proof of employment
- Bank statements
- Debt information
- Loan purpose
- Bank account information for direct deposit
5. Review and sign the loan agreement
Depending on the lender, your application and the loan size, you may get an answer in as little as an hour or it may take up to a week. If you’re approved, look over the offer to make you approve of the interest rate, fees, monthly payments, repayment timeline and total cost of borrowing.
6. Receive your money and begin repayment
After you sign the loan agreement and complete any remaining requirements, the lender will disburse your funds (minus any origination fee). It may take several days for your money to be deposited, although bothSoFiandCitiadvertise that eligible borrowers can get funded within 24 hours.
In most cases, the money will be deposited directly into your bank account, although many banks will send the funds sent directly to your creditors if you’ve taken out a debt consolidation loan.
Once you’ve received your loan, you typically have 30 days to make your first loan payment. On-time payments will help you avoid late fees and improve your credit score, and many banks offer a rate discount if you set up autopay.
Alternatives to borrowing from a banks
If you can’t or don’t want to work with a traditional full-service bank, there are many other options for personal loans.
Financial platforms
Fintech companies like Avant and Upstart don’t offer a full range of financial products but they offer loans to borrowers with less-than-excellent credit. Prosper operates as an online loan marketplace, offering loans of $2,000 to $50,000.
Bad credit? You can still get funding for major expenses.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Annual percentage rate (APR)
Credit unions
Because credit unions answer to members and not shareholders, they often have lower average APRs, fewer fees and more flexible credit score requirements.
Alliant Credit Union doesn’t charge an origination fee and approves loans ranging from $1,000 up to $100,000. Borrowers may be able to get funding the same business day.
We like how Alliant Credit Union combines competitive rates with easy membership requirements and high loan limits. There are no physical branches, however, which could be a deal-breaker if you want in-person banking.
- No origination fee.
- Loan limit of $100,000, which is higher than many other credit unions
- Quick approval with potential same-day funding into an Alliant account.
- Membership only requires joining the Alliant Credit Union Foundation, with dues waived.
- You must be a member for at least 90 days before applying
- Alliant does not offer prequalification
- You can’t add a co-signer or collateral.
Home equity loans
A home equity loan allows you to borrow money using the equity you’ve earned in your property. Since it’s a secured loan using your home as collateral, you’re likely to get a lower interest rate than you would with a personal loan. However, the lender may be able to foreclose if you’re delinquent or default on the loan.
You can leverage equity to access cash through home equity sharing or a home equity loan.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Credit cards
If you need to borrow a relatively small amount and can pay it off quickly, using a credit card may be the better option over taking out a personal loan. A card could also make sense if you’re not sure how much you’ll need, since you can keep borrowing up to your credit limit rather than receiving a lump sum.
You may even be able to take advantage of a promotional 0% APR offer, enabling you to borrow money at no interest — provided you pay off the balance before the offer expires.
Earn valuable welcome bonuses with a Chase card
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Buy now, pay later
Buy now, pay later (BNPL) loans allow you to pay in smaller installments, usually over several weeks. These short-term installment plans don’t require great credit and usually don’t charge interest. Klarna has no set limit, making it a good option if you’re using BNPL for a big-ticket item. Users can make four interest-free payments every two weeks, one payment within 30 days or monthly payments for six to 24 months.
Klarna
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Credit limit
Initial limit of $100; may be increased up to $2,500.
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Loan terms
Four interest-free payments every two weeks or a one-time payment within thirty days
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Monthly payment plan?
Yes, users can pay over 6 to 24 months.
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Fees
Late fee of up to $7 (after 10 days)
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Available merchants
Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target. Through the Klarna card, you can buy from retailers not integrated with the company.
Pros
- Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target
- Splits purchases into four interest-free payments
- Pay-over-time plans available up to 24 months for larger purchases
Cons
- Late fees apply, though capped at $7
- Monthly installment plans may charge interest
- No option to reschedule payments once scheduled
- Credit limit starts at $100
FAQs
What is a chartered bank?
A chartered bank is a financial institution that has received a government-issued charter authorizing it to accept deposits, make loans and provide other banking services. Banks can receive either a federal charter (through the Office of the Comptroller of the Currency) or a state charter. Nonbank lenders typically partner with chartered banks to originate loans.
Should I take out a loan from a bank where I already have an account?
Some banks provide preferential rates or relationship discounts to eligible account holders. But you should compare the rate and terms provided by your bank to several other options, including online lenders and credit unions.
How much can I borrow from a bank?
Most banks cap personal loans at $50,000 to $100,000. Some banks may offer different limits to existing customers, or place different caps on loans used for certain purposes, like home renovations.
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Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to help readers make informed financial decisions. Every loan article is based on rigorous reporting by our team of expert writers and editors, who possess extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties, and we pride ourselves on maintaining high journalistic standards and ethics.
Our methodology
To determine the best banks for personal loans,CNBC Selectanalyzed more than 30 brick-and-mortar and online banks that offer personal loans. All of the banks on our list are chartered by the Office of the Comptroller of the Currency.
When making our selections, we focused on the following features:
- APR:We considered the interest rate and overall cost of borrowing for each lender.
- Fees:Lenders that didn’t charge an origination or late fee were given more weight. None of the lenders on this list charge a prepayment penalty.
- Repayment terms:We considered the range of terms offered by each lender and whether they were available to new customers.
- Loan amounts:We considered the minimum and maximum loan amounts from each lender we reviewed.
- Eligibility requirements:When possible, we considered the credit score and debt-to-income ratio needed for loan approval. We also considered whether co-signers or collateral were accepted.
- Funding options:We prioritized lenders who made funding available the same or next business day. For debt consolidation loans, we also considered whether lenders paid creditors directly.
- Discounts:We considered whether lenders had rate reductions for autopay, existing customers or for other categories.
- Rate and terms transparency:We considered whether rates, fees, eligibility requirements, and loan terms were clearly disclosed on the lender’s website.
- Customer experience:We weighted lenders with evening and weekend customer service hours more heavily, as well as those with easy-to-navigate mobile and web interfaces.
- Reputation:We reviewed lenders’ Better Business Bureau ratings and third-party reviews from sites like TrustPilot. We also considered whether a lender had been subject to any lawsuits or regulatory actions.
- Availability:We gave more weight to lenders that operate in all or most U.S. states.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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