Which bank is best for personal loan?
The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
| Company | Forbes Advisor Rating | Current APR range |
|---|---|---|
| Discover | 3.5 | 7.99% to 24.99% |
| Wells Fargo | 3.5 | 7.49% to 23.24% |
| PNC Bank | 3.0 | Rates vary by zip code |
| Citibank | 3.0 | 10.49% to 19.49% |
| S.No. | Personal Loan Plans | Interest Rates |
|---|---|---|
| 1. | HDFC Bank Personal Loan | 10.50% p.a. onwards |
| 2. | ICICI Bank Personal Loan | 10.50% p.a. onwards |
| 3. | Bajaj Finserv Personal Loan | 13.00% p.a. onwards |
| 4. | Fullerton India Personal Loan | 11.99% p.a. onwards |
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.
Some don't even need to look at your credit and banking history before letting you open an account. The financial institutions we decided have the easiest bank accounts to open online included banks like Chase, Wells Fargo, U.S. Bank, Discover® Bank, and Ally, as well as financial services companies Chime® and Albert.
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.
| Personal Loan | Loan Amount | Approval Time |
|---|---|---|
| UnionBank Personal Loan | Up to ₱2 million | As fast as 5 minutes |
| UNO Digital Bank Personal Loan | ₱10,000 to ₱200,000 | As fast as 7 banking days |
| Metrobank Personal Loan | ₱20,000 to ₱1 million | 7 days |
| BPI Personal Loan | ₱20,000 to ₱3 million | 5 to 7 banking days |
Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score.
A low credit score doesn't have to keep you from getting a personal loan to cover an emergency or consolidate debts, but borrowers with bad credit scores (629 or lower) may need to put in extra work to qualify.
What is the easiest company to get a personal loan?
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
If you're new to credit, the best place to get a first-time personal loan is your current bank or credit union. If you already have a checking or savings account with a financial institution, it may be more willing to approve your application, though you may still need a personal loan cosigner.
| Bank name | Personal loan amount | Rate of interest (%) |
|---|---|---|
| Bank Of Maharashtra | Upto 20 Lacs | >=10.00% |
| Punjab & Sind Bank | Opto 3 Lacs | 10.15% - 12.80% |
| Bank Of India | Upto 20 Lacs | >=10.25% |
| IndusInd Bank | >=30000 and <=25 Lacs | 10.25% - 32.02% |
This depends on your financial situation. For those with a good credit score — around 670 and up — a $30,000 personal loan may be pretty easy to get.
If you're self-employed, have been on the job for a short time, have a short credit history, or simply don't have enough cash reserves in the bank, your underwriter can reject a loan application that was initially approved.
Your credit report may show too many missed payments, or your credit history may need to be longer. Alternatively, your debt-to-income ratio, the portion of monthly income that goes toward debt payments, could be too high. Once you know why you were denied, you can prepare for next time.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
| Best For | Average Origination Fee | |
|---|---|---|
| Upstart | Best for Low Minimum Credit Requirement | 0.00%–12.00% |
| Achieve | Best for Debt Consolidation | 1.99% - 6.99% |
| LendingPoint | Best for Repayment Terms | 0.00% - 10.00% |
| Patelco Credit Union | Best With a Co-Signer | 0.00% |
| Company | Forbes Advisor Rating | Fees |
|---|---|---|
| Varo Bank | 4.7 | No monthly, overdraft or ATM |
| Discover® Bank | 4.6 | No monthly, overdraft or ATM |
| Quontic Bank | 4.4 | No monthly, overdraft or ATM |
| Capital One 360 | 4.3 | No monthly or ATM, $35 overdraft |
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
What credit score do you need for a $20000 personal loan?
Requirements for a $20,000 Personal Loan
Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670. Some lenders state they require stable, consistent income, while others list a minimum income requirement.
You will likely need a credit score of at least 580 for a $4,000 personal loan. Most lenders that offer personal loans of $4,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
How hard is it to get a personal loan from Chase Bank? Chase Bank does not offer personal loans. However, for other loan types like mortgages, auto loans or HELOCs, approval depends on several factors, including credit score, income, debt-to-income ratio and loan amount.
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
Personal loans generally aren't hard to get and are available from credit unions, banks, and online lenders. There are various types of personal loans to consider, depending on how much money you need to borrow.
