For years, the best option for procuring a personal loan has been a bank. Now, borrowers can simply procure a personal loan from various online lenders. However, if you understand the process of banking and have a good credit score, you will realize that banks and financial institutions are in majority of the cases, still the best options for procuring a personal loan. While not all banks offer personal loans, the ones that do, usually do so with additional benefits to customers. These benefits include lower interest rates, rate discounts, and a smooth application process. If an individual has been in good standing with the bank, he/she can access high-amount personal loans. A personal loan taken from a bank can be used for emergency expenses, debt consolidation, and home improvements. Here are some of the best banks that allow you to procure a personal loan.
- Wells Fargo & Co. Wells Fargo & Co. is one of the best banks to procure a personal loan. It offers personal loans ranging from $3,000 to $100,000. Applying for loans at Wells Fargo & Co. does not require any prepayment or origination fees. The bank has proven to be extremely quick at processing loan applications with approvals usually taking around 15 minutes. Interest rates for the loan are quite manageable. If your credit score is excellent, interest rates range from 7% to 8%.
- Toronto-Dominion Bank Toronto-Dominion bank offers personal loans ranging from $2,000 to $50,000. It is one of the best banks to offer personal loans as it provides you with a wide range of repayment options. You can provide the bank with collateral in return for a secured personal loan. Unsecured loans include acquiring a line of credit or a monthly repayment plan. Every option has its own terms and conditions. However, traditional unsecured personal loans are available at interest rates below 10%.
- Citigroup Incorporated Citigroup approves personal loans only for its members. However, this is not a big obstacle. An applicant must have a minimum tenure of one month on a Citi mortgage, a Citi credit card, or a deposit account. An applicant must also have an annual income of at least $10,500. If your application meets all these criteria, you will obtain your check in five days via mail. The bank offers personal loans ranging from $2,000 to $50,000. Interest rates usually range between 7.99% and 17.99% for $10,000.
- U.S. Bank (USB) Similar to Citigroup, USB provides credit lines and personal loans on a members-only basis. You can apply for a loan between $3,000 and $25,000. The interest loans offered by USB can be 8.99%. While there is no requirement for collateral, the loan application requires $50 as origination fees. If you have been a customer of USB for above 120 days, you are eligible to apply for a personal loan online.
