Best banks for personal loans
The Best Banks for Personal Loans in 2025
Best banks for personal loans are a versatile financial tool that can help cover a wide range of expenses, from consolidating debt and funding home renovations to managing emergency costs. Choosing the right lender ensures favourable terms, competitive interest rates, and a smooth borrowing experience. Here, we explore some of the best banks for personal loans in 2025 and highlight their features, benefits, and borrower considerations.
- Wells Fargo
Why It’s a Top Choice:
Wells Fargo is a trusted name in banking, and its loan offerings reflect its commitment to customer satisfaction. The bank provides unsecured personal loans with competitive interest rates, making it an excellent choice for borrowers with strong credit.
Key Features:
- Loan Amounts: $3,000 to $100,000
- APR Range: 5.99% – 19.99%
- Terms: 12 to 84 months
- Perks: No origination fees or prepayment penalties, plus a rate discount for autopay from a Wells Fargo account.
Best For:
Individuals with good to excellent credit who are looking for large loan amounts and flexible repayment terms.
- Discover Bank
Why It’s a Top Choice:
Discover Bank offers personal loans with straightforward terms and no hidden fees, making it a favorite among borrowers who value transparency.
Key Features:
- Loan Amounts: $2,500 to $40,000
- APR Range: 6.99% – 24.99%
- Terms: 36 to 84 months
- Perks: No origination fees, a 30-day money-back guarantee, and exceptional customer service.
Best For:
Borrowers who prioritize transparent terms and need a mid-sized loan for expenses like home improvements or medical bills.
- LightStream (A Division of Truist Bank)
Why It’s a Top Choice:
LightStream is a leading provider of online personal loans, known for its fast approval process and competitive rates for borrowers with excellent credit.
Key Features:
- Loan Amounts: $5,000 to $100,000
- APR Range: 7.49% – 22.99% (with autopay discount)
- Terms: 24 to 144 months
- Perks: No fees, a low-rate guarantee, and same-day funding in many cases.
Best For:
Borrowers with excellent credit looking for a seamless online experience and competitive rates for large loans.
- Citibank
Why It’s a Top Choice:
Citibank provides personal loans at competitive rates and requires no collateral, making it a reliable option for those seeking unsecured financing.
Key Features:
- Loan Amounts: $2,000 to $50,000
- APR Range: 6.99% – 23.99%
- Terms: 12 to 60 months
- Perks: No origination fees, a streamlined application process, and relationship discounts for existing customers.
Best For:
Citibank customers and individuals looking for a dependable lender with moderate loan amounts.
- PNC Bank
Why It’s a Top Choice:
PNC Bank’s personal loan products are known for their flexibility and the option to secure lower rates with a co-applicant.
Key Features:
- Loan Amounts: $1,000 to $35,000
- APR Range: 6.49% – 24.99%
- Terms: 12 to 60 months
- Perks: Flexible repayment terms, joint applications, and no prepayment penalties.
Best For:
Borrowers who want the option to apply with a co-applicant to increase their chances of approval or secure better rates.
- American Express® Personal Loans
Why It’s a Top Choice:
American Express provides personal loans exclusively to preapproved cardholders, offering tailored rates and terms.
Key Features:
- Loan Amounts: $3,500 to $40,000
- APR Range: 6.99% – 19.98%
- Terms: 12 to 36 months
- Perks: No origination or prepayment fees, and fixed rates for predictable monthly payments.
Best For:
Existing American Express cardholders seeking personalized loan offers.
- Marcus by Goldman Sachs
Why It’s a Top Choice:
Marcus by Goldman Sachs combines no-fee personal loans with a user-friendly online experience, appealing to many borrowers.
Key Features:
- Loan Amounts: $3,500 to $40,000
- APR Range: 6.99% – 19.99%
- Terms: 36 to 72 months
- Perks: No fees of any kind, a payment deferral after 12 consecutive on-time payments, and customizable payment options.
Best For:
Borrowers who value flexibility and a completely fee-free borrowing experience.
Factors to Consider When Choosing a Personal Loan
When selecting a personal loan, it’s important to evaluate the following factors:
- Interest Rates:
The Annual Percentage Rate (APR) determines the overall cost of the loan. Compare lenders to secure the lowest rate possible, especially if you have good credit.
- Loan Terms:
Consider the repayment period and ensure it aligns with your financial goals. Shorter terms often mean higher monthly payments but less interest paid over time.
- Fees:
Check for origination fees, late payment fees, and prepayment penalties, as these can significantly impact the cost of borrowing.
- Eligibility Requirements:
Review credit score requirements, income criteria, and other conditions to ensure you qualify before applying.
- Customer Service:
Choose a lender with a reputation for excellent customer service and support to make the loan process as smooth as possible.
