Which bank has the best personal loan rates?
Personal loan rates range from around 7% to 36%, with the average hovering around 12-15% for a 3-year loan. A good interest rate on a personal loan is one that is lower than the national average. However, borrowers with excellent credit scores may qualify for even lower rates.
| Bank name | Current interest rate on personal loan |
|---|---|
| IndusInd Bank | 10.25% to 26% |
| Bank of Baroda | 11.40% to 18.75% |
| Punjab National Bank | 11.40% to 12.75% |
| Union Bank of India | 11.35% to 15.45% |
Personal loan rates range from around 7% to 36%, with the average hovering around 12-15% for a 3-year loan. A good interest rate on a personal loan is one that is lower than the national average. However, borrowers with excellent credit scores may qualify for even lower rates.
| INTEREST RATES | LOAN AMOUNTS | |
|---|---|---|
| PenFed | 7.99% to 17.99% | $600 to $50,000 |
| Prosper | 6.99% to 35.99% | $2,000 to $50,000 |
| LightStream | 7.49% to 25.99% | $5,000 to $100,000 |
| U.S. Bank | 8.74% to 24.99% | $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers) |
Citibank is the best bank for quick personal loans because it offers approval and funding in as little as as soon as the same day you are approved. You can also borrow $2,000 - $30,000 with no origination fee.
To avail of the HDFC Bank Personal Loan, all you need to do is submit the loan application form.On meeting the eligibility critieria, you will get an offer with the sanctioned amount, tenure of loan and interest rate.Once you accept the offer, funds are transferred to your bank account instantly.
Higher interest rates and fees: Banks tend to charge higher interest rates and more fees compared to their credit union and online lender counterparts. 12 If you don't qualify for a discount rate, you might end up paying more through a bank than you would with another lender.
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.
| Account | Approximate time to complete application | Minimum opening deposit |
|---|---|---|
| SoFi Checking and Savings Account: Best for Member Perks | 1 to 3 minutes | $0 |
| Wise: Best for Non-Residents | 1 to 3 minutes | $0 |
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes | $0 |
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
How much of a personal loan can I get with a 750 credit score?
You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Unlike many banks, Bank of America does not offer personal loans. It has quite a few credit card options — and a small loan for unexpected expenses — but you will need to look elsewhere if you want to borrow a large personal loan.
Secured loans typically offer some of the lowest interest rates due to the collateral provided by the property. The loan is secured by the home, gold, or any vehicle, which reduces the risk for the lender.
Zero-interest loans are typically facilitated through third-party lenders, not by the stores themselves. These lenders may have specific eligibility criteria that borrowers must meet to qualify for 0%-interest personal loans, such as a certain minimum credit score, income level, and employment history.
Banks or credit unions typically offer the lowest annual percentage rates (APRs), which represent the total cost of borrowing, for personal loans. Loan amounts range from a few hundred dollars to $50,000 or more. Some banks provide an additional APR discount to existing customers.
Quick funds for all your needs
The final loan amount, annual percentage rate and estimated monthly payment may vary based on your credit score and other credit qualifiers. If you're a U.S. Bank customer, you may borrow at least $1,000 up to $50,000.
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.
Typically, funds for a personal loan arrive within a week, but your loan may be funded faster, depending on the type of lender and how quickly you move through the application steps.
- Personal details, including name, address, phone number, date of birth and Social Security number.
- Loan details, including desired loan amount, loan purpose and repayment term.
- Proof of employment and income.
- Information about current debts.
Is it better to get a loan from credit union or bank?
Credit unions tend to offer lower rates and fees as well as more personalized customer service. However, banks may offer more variety in loans and other financial products and may have larger networks that can make banking more convenient.
In general, personal loans only require a few financial documents for approval. However, you may need to provide extra paperwork to get approved for a personal loan with bad credit. This may include prior years' W-2s, tax returns, and bank statements showing where your paychecks are deposited.
Each lender has its own application, so the specific requirements may vary. In general, though, you'll need to provide basic personal information, how much you want to borrow and the purpose of the loan.
Requirements for a $20,000 Personal Loan
Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
Requirements for a $3,000 Personal Loan
Credit score: Some personal loan lenders, such as Upstart, allow you to apply with a very low credit score. However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700.
