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Charles Schwab personal loan alternatives

Don't want to borrow against your investments? You've got options elsewhere.

If you’ve been banking with Charles Schwab for a while, you know it isn’t the best bank when you’re looking for a loan. But there are plenty of other personal loan providers out there you could apply with instead.

Why doesn’t Charles Schwab offer personal loans?

Though Charles Schwab hasn’t provided an exact reason, it’s safe to assume it doesn’t offer personal loans because its real bread and butter is banking and investing. While it has two secured line of credit options, it’s more focused on offering retirement, stock trading, investment and financial planning services to customers.

3 alternatives to Charles Schwab personal loans

Even though you won’t be able to get a personal loan from Charles Schwab, you still have options. These alternatives stand out because they cover a wide range of needs, from competitive rates to flexible loan amounts.

For competitive rates: LightStream

LightStream personal loans

4.83 / 5 ★★★★★

Go to site
on Lightstream's secure site
A subsidiary of SunTrust, LightStream offers personal loans up to $100,000 with competitive rates thanks to its Rate Beat program. If you receive a better offer from a competing lender, LightStream promises to beat that rate — provided the lender meets certain terms and conditions. But like with most banks, you'll need to have good to excellent credit to qualify for the lowest rates. And it also doesn't have that local banking experience since everything is done entirely online.
  • Available in all states
Pros
  • Competitive rates
  • High loan amounts available
  • Long loan terms
Cons
  • No option to prequalify
  • High minimum loan amount
  • No phone number on website
Loan Amount$5,000 to $100,000
APRCompetitive
Interest Rate TypeFixed
Min. Credit ScoreGood to excellent credit
Turnaround TimeAs soon as next day
Maximum Loan Term7 years
Minimum Loan Term2 years

For smaller loan amounts: LendingClub

LendingClub personal loans

3.6 / 5 ★★★★★

Go to site
on Lending Club's secure site
LendingClub, one of the largest peer-to-peer (P2P) lenders in the US, may be a good fit for borrowers only looking to take out a small loan. You can borrow as little as $1,000, making this a less-expensive alternative to taking out a short-term loan. It doesn't have as stringent credit requirements as the other lenders on this list. And you can also apply with a cosigner to strengthen your application. Its rates run a bit higher, though, topping out at 35.89%.
  • Not available in: Idaho, Iowa
Pros
  • Low starting loan amounts
  • Relaxed requirements compared to bank
  • Prequalify without affecting credit
Cons
  • Origination fees on all loans
  • Long turnaround for an online lender
  • Has gotten into trouble with regulators
Loan Amount$1,000 to $40,000
APR7.04% to 35.89%
Interest Rate TypeFixed
Min. Credit Score640
Turnaround TimeAs little as 4 days
Maximum Loan Term5 years
Minimum Loan Term3 years

For loans and lines of credit: Wells Fargo

Wells Fargo personal loans

3.65 / 5 ★★★★★

Go to site
on Wells Fargo Bank's secure site
Wells Fargo offers both secured and unsecured personal loans and lines of credit — all starting at a competitive 5.74% APR. While you may be able to borrow up to $100,000, you'll need good to excellent credit to qualify for the lowest rates and largest loan amounts. Already bank with Wells Fargo? You may also be eligible for a rate discount. And it also comes with the added bonus of visiting a branch to discuss your application in person.
  • Available in all states
Pros
  • Fast turnaround for bank
  • Wide range of loan amounts
  • Long terms available
Cons
  • Must be customer to apply online
  • High maximum APR for a bank
  • High $39 late fee
Loan Amount$3,000 to $100,000
APR5.74% to 19.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround TimeAs soon as 1 business day
Maximum Loan Term7 years
Minimum Loan Term1 year

Does Charles Schwab offer similar loans?

Sort of, but they’re all secured. It has two personal line of credit options — the Pledged Asset Line (PAL) and margin loan — which allow you to borrow against your equity securities, mutual funds, CDs and bonds. It also offers a home equity line of credit (HELOC), which requires you to borrow against the equity you own in your home. However, these won’t be much help if you don’t have enough money tied up in liquid assets or your home to use as collateral. And you risk losing these assets should you default.

Compare more personal loan providers

Name Product Filter Values APR Min. Credit Score Loan Amount
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 35.99%
600
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
4.99% to 17.99%
650
$600 to $25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
5.74 to 20.28%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Monevo personal loans
1.99% to 35.99%
None
$500 to $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
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Compare up to 4 providers

Bottom line

Charles Schwab isn’t the end of the road when it comes to personal loans. There are other lenders out there that can get you the money you need — without having to use your assets as collateral.

Compare even more providers and learn more about how it all works with our guide to personal loans.

Frequently asked questions

*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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