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Updated
Name | APR | Min Credit score | Max loan amount |
---|---|---|---|
HSBC Personal Loans | 6.99% to 6.99% | 700 | $30,000 |
PenFed Credit Union personal loans | 6.49% to 6.49% | 650 | $20,000 |
TD Bank Personal Loans | 6.99% to 6.99% | Varies | $50,000 |
Wells Fargo personal loans | 5.99% to 5.99% | Varies | $100,000 |
Navy Federal Credit Union personal loans | 7.49% to 7.49% | Varies | $50,000 |
Bank loans don’t differ much from personal loans through other lenders. The main advantage of a bank loan with your existing bank is that you could apply through your current online dashboard and manage your accounts in one place. Banks sometimes offer perks — like fee reductions — for bundling multiple financial products.
Your bank may be able to use your checking and saving account activity to verify your income and expenses. But you’ll likely be required to provide additional documentation to confirm your eligibility.
Banks offer a wide range of loan products to meet most borrowing needs. Here are just a few of the loan products you can expect to find at a bank:
Pros
Cons
First, weigh your bank loan options against the online options in our comparison table above. If you’ve found an online lender you’re interested it, click Go to site for a secure transfer to that lender’s online application form.
The details you’re required to submit as part of the application process will depend on the lender you choose. However, lenders generally require personal and financial details that include your income, assets and debts.
To get a personal loan, you’ll also need to be at least 18 years old, a US citizen or permanent resident and have a good to excellent credit score. Most lenders also require you to provide proof of steady employment.
If you’re considering going with your current bank for a personal loan because it seems like the easiest way to access credit, consider comparing your options online as well. To ensure you get the best value, you can shop around to see what nonbank loans you might be eligible for and then choose a loan that best suits your needs.
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