A personal loan is a form of loan that is taken out for a short period of time between 2 to 5 years. It is an unsecured type of debt that does not require any collateral. But unlike a line of credit or a credit card debt the loan payment time of a personal loan cannot be fluctuated and is fixed. Generally the personal loan amounts are somewhere between $1,000 to $50,000 and it depends on your needs or your credit score. The criteria for which differs from bank to bank.

Here are the 5 Best Banks for a Personal Loan, what they offer and also the credit score you need to get a personal loan from them.

1. Citigroup Inc. (C)

To qualify for a personal loan from Citigroup Inc., you must have a credit score of 680 or above and must be a member of the bank. This implies you must either hold “at least one month of tenure” on a deposit account, a linked Citi mortgage or must have a Citi Bank credit card. You must also have an annual income of $10,500. Here is what you get with a personal loan from Citi:

  • A personal loan from $2,000 to $50,000.
  • Interest rates from 9.99% to 14.99%.
  • The loan is received as a lump sum.
  • You can repay the loan over 12, 24, 36, 48 or 60 months.

2.Toronto-Dominion Bank (TD Bank)

To qualify for an unsecured personal loan from Toronto-Dominion Bank you must have a credit score of 660 or above. Here is what you get with an unsecured personal loan from TD:

  • A personal loan from $2,000 to $50,000.
  • Interest rates ranging from 8.99% to 15.99%.
  • Loan term can be from 12 to 60 months.
  • A 0.25% discount if you have opted for an automatic payment from a TD personal checking or savings account.

3.Wells Fargo & Co. (WFC)

To qualify for an unsecured personal loan from Wells Fargo & Co. you must have a credit score of 660 or above. Here is what you will get with an unsecured personal loan from WFC:

  • An unsecured personal loan from $3,000 to $100,000.
  • No origination fee or any prepayment penalty.
  • Loan term can be from 12 to 60 months.
  • Interest rates range from 7.49% to 24.49%.

4.U.S. Bancorp (USB)

To qualify for a personal loan from the USB, you must have a credit score of 760. Here is what you get when you apply for a personal loan from USB:

  • A personal loan of $3,000 to $25,000.
  • An APR ranging from 7.49% to 17.99%.
  • Loan terms ranging from 12 to 60 months.
  • No origination fee.

5.PNC Financial Services Group Inc. (PNC)

PNC Bank does not have a minimum credit score requirement defined to qualify for a personal loan but here is what you get when you apply for one:

  • A personal loan from $1,000 to $100,000. With a maximum of $35,000 limit for unsecured and $100,000 for secured loans.
  • Interest rates can be as low as 7.74% depending on the type of loan and amount borrowed.
  • An interest rate discount also exists for Automatic Payments and PNC employees.

When applying for a loan, do your research and borrow from a bank with the best interest rates and options.

 

Plus a small bonus

Leave a Reply