Best Big Banks in the USA for Personal Loans
People apply for a personal loan for many reasons. You might need cash to pay for your medical bills, utility bills, rent, schooling, an old debt, or to enhance your credit rating. Getting a personal loan in the US is always possible, with a significant number of banks that extend personal credit. However, it is essential to note that different banks have different offers and guidelines for this type of loan. Some banks would allow you to borrow up to $100,000 depending on credit score and capacity to pay.
If you are seriously looking for a personal loan, here is a list of these financial institutions to see the best offers.
Wells Fargo has been named the Best Big Bank with its 5,400 branches throughout the United States of America. Personal loan applicants can easily apply because of the less stringent requirement. The bank offers minimal processing fees, long term repayment, next business day loan release, and some discounts. If you need a significant amount, this is the right place for you because it allows you to borrow from $3,000 to $100,000. The interest rate ranges from 5.24% – 24.49%.
However, you have to visit the bank to apply for a loan. Wells Fargo would also check your credit history. You need a credit score of at least 600 to qualify. You could waste your time applying for a personal loan if you do not have the required credit score.
Light Stream is the lending arm of SunTrust Bank or now the Trust. It is the best bank for home improvements because people come here for a personal loan to spend on renovating or repairing their homes. Borrowers prefer this bank because they do not have to put their house as collateral. Since you might need a lot of money for home improvement, Light Stream allows clients to borrow $5, 00 – $100,000. The bank offers long-term loans with no fees and a low-interest rate that ranges from 4.99% – 15.29%.
The bank would require you to visit the bank to apply personally. Your credit rating must be at least 670. People with low credit scores would not qualify. Since you make payments through an automatic debit from your bank account, people that do not use the services of a bank would not be eligible for the loan.
Marcus by Goldman Sachs
Are you having trouble paying old balances on your credit cards that bear a high-interest rate? Get rid of your worries by applying for a personal loan from Marcus by Goldman and Sachs, the best bank for consolidation of debts. Combine into one debt all your obligations from $3,500 to $40,000. You can save yourself from several debts and focus on paying your consolidated debt loan at lower interest rates of 4.99% to 14.29% compared to what you have to pay for several debts. Marcus, by Goldman Sachs, can lighten your burden. You can delay, skip, or make an advance payment without having to pay penalties. You also enjoy a flexible repayment term, and if you can pay through directly from your bank account, you can avail of a 0.25% discount on interest.
There are some downsides, though. You can only get approval if your credit score is at least 660. You would need a cosigner for the loan, which can hamper you from getting credit. It is quite challenging to find someone who would take the risk of paying for the amount that you borrowed if ever you stop paying. You would need to have a solid credit standing to get a loan approval without a co-maker.
As the best bank for cosigners, TD bank allows borrowers with bad credit histories and low credit ratings as long as they have a cosigner, who shall pay the loan if the borrower cannot pay in full or if you delay payments. A cosigner that has a good credit rating can increase your chances of getting a sizable loan and easy repayment terms. You can borrow from $2,000 – $50,000 at a rate of 6.99% to 18.99%. The bank does not collect application fees, and you can have the funds in at most 48 hours after approval.
However, not everyone can have access because there are only a few TD banks in the US. Although you can apply by phone or online, you might have to personally visit the bank to comply with other requirements, which may not be possible if you live far from a TD bank. With your bad credit history, no one might take the risk to be your co-maker, knowing that he would be responsible for paying the amount due if you cannot pay.
Although most leading banks offer personal loans, a bad credit history would prevent you from getting a personal loan without someone to serve as a cosigner. Maintaining a high credit score would open the doors of banks offering personal loans.