Wells Fargo: Secured And Unsecured Personal Loans
Why consider Wells Fargo: The bank is a national lender with branches in 36 states and offers unsecured loans.
Here are some more details about Wells Fargo.
- Large loan amounts available Fixed-rate unsecured loans range from $3,000 to $100,000.
- Repayment terms Loan terms range from one to seven years.
- Competitive interest rates and a discount Wells Fargo offers competitive interest rates. And depending on the type of account you have, you might be eligible for an interest rate discount of 0.25% or 0.50% if you have automatic payments from a qualifying Wells Fargo checking account.
- Origination fee Theres no origination fee on an unsecured personal loan.
Learn more in our full review of Wells Fargo personal loans.
Best For Military Members: Usaa
- Minimum credit score: Not disclosed
- Loan terms: 12 to 84 months
USAA offers banking services and loans to military members and veterans as well as rate discounts.
Term requirements for loans of $5,000 or more
Relatively low maximum loan amount
- Maximum/minimum amount you can borrow: $2,500 to $100,000
- : 7.24%-18.51%
- Fees: No prepayment penalties or application fees
- Minimum recommended credit score: Not disclosed on company website
- Other qualification requirements: Must meet membership requirements and have a valid USAA Bank account.
- Repayment terms: 12 to 84 months
- Time to receive funds: Within 24 hours to your USAA Bank account
- Restrictions: Financing for 12 to 36 months requires a minimum loan amount of $2,500. Financing for a 48-month term requires a minimum loan amount of $5000. Financing for a 60-month term requires a minimum loan amount of $10,000. Financing for a 72-month term requires a minimum loan amount of $15,000. Financing for an 84-month term requires a minimum loan amount of $20,000. Applications for loan terms longer than 60 months must meet higher credit and risk standards than applications for loan terms of 12 to 48 months.
Read the full review: USAA Personal Loans
How To Apply For Personal Loans
When you apply for a personal loan youll need to provide information to prove your creditworthiness.
The company offering the loan will research you to determine whether youll be able to make the required payments. Some of the information youll have to provide includes:
- Proof of identity, such as a drivers license
- Social Security number
- Proof of income, such as bank statements or pay stubs.
- Verification of employment
Though it may be daunting to gather all of this information, reputable lenders offer better terms than less careful lending operations.
The more information you have to provide, the better the lender will be able to assess its overall risk. That lets the lender charge less interest in the end.
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What To Know Before You Apply
- In most cases youll need a FICO credit score of 660 or above, or higher if not a U.S. Bank Customer. We also consider your debt-to-income ratio and credit history. If youre interested in applying jointly, contact a banker.
- If you have an existing U.S. Bank checking account and are approved for a personal loan, you may close your loan online.
- If you do not have a U.S. Bank personal checking or savings account but are approved for a personal loan, you may need to visit a U.S. Bank branch to close your loan.
What Is A Simple Loan
The Simple Loan is a quick and convenient way for U.S. Bank checking customers to borrow up to $1,000 to take care of planned and unplanned expenses.
To get started, simply log in to online or mobile banking and select the Simple Loan application from your checking account menu.
Not a U.S. Bank checking customer? Explore our checking account options.
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Where Does Bank Of America Fall Short
Not sure Bank of America is right for you? Consider these potential drawbacks first:
- Limited options available. If youre looking to take out a personal loan, personal line of credit or student loan, youll need to look elsewhere.
- Requires a lot of paperwork. As with many bank loans, youll need to provide a lot of documentation for approval. The good news: You may be able to upload most of it online and avoid a long office visit.
- You must apply to see your exact APR. Because so much goes into the APR youre ultimately offered, youll need to submit an application to learn what you qualify for.
- Strong credit recommended. If your creditworthiness isnt good to excellent, you may not be approved for a loan.
Bank Of America Small
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Best For Refinancing High
Who’s this for? SoFi got its start refinancing student loans, but the company has since expended to offer personal loans up to $100,000 depending on creditworthiness, making it an ideal lender for when you need to refinance high-interest credit card debt.
If you have high-interest debt on one or more card, and you want to save money by refinancing to a lower , SoFi offers a simple sign-up and application process, plus a user-friendly app to manage your payments.
Another unique aspect of SoFi lending is that you can choose between variable or fixed APR, whereas most other personal loans come with a fixed interest rate.Variable rates can go up and down over the lifetime of your loan, which means you could potentially save if the APR goes down . However, fixed rates guarantee you’ll have the same monthly payment for the duration of the loan’s term, which makes it easier to budget for repayment.
By setting up automaticelectronic payments, you can earn a 0.25% discount on your APR. You can also set up online bill pay to SoFi through your bank, or you can send in a paper check.
Once you apply for and get approved for a SoFi personal loan, your funds should generally be available within a few days of signing your agreement. You can both apply for and manage your loan on SoFi’s mobile app.
What To Know First
Personal loans allow you to borrow a lump-sum to pay for a large expense and then pay it back over time in monthly installments. They have a couple of key factors to keep in mind when comparing options. The ones Bankrate highlights in our best list include:
- The annual percentage rate or the interest rate and fees expressed as a percentage.
- Loan term: How long you have to pay back what you borrow.
- Loan amount: How much you can borrow is often critical when taking out a personal loan. Make sure the lenders you’re reviewing offer enough to cover your purchase.
- Best for: What situation this lender best fits. Categories range from overall best to best in-person banking experience.
The best personal loan interest rates currently range from about 3 percent to 36 percent. The actual rate you receive depends on multiple factors, such as your credit score, annual income and debt-to-income ratio. The best rate that you can qualify for might not be the best loan you can qualify for consider additional features offered and the other listed factors as well.
To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets.
Of the 33 lenders reviewed, 12 made Bankrate’s list of best personal loans. Each lender has a Bankrate rating, which consists of three categories. These categories include:
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Are You In Need Of A Personal Loan
Before making the decision about getting a personal loan, assess your needs and your current situation and decide if it is right for you. Review your needs and determine if they currently require a personal loan. Consider things like what the loan is for, how you will repay it, how soon you need it, and what you need to do to qualify for the loan. Take note of your FICO score because the higher your credit score, the better interest rate you can receive.
Common reasons to get a personal loan include debt consolidation, making a large purchase, or a financial emergency.
How Balance Assist Works
Bank of America customers in good standingwho have had their checking account for at least a yearcan apply for a Balance Assist loan on the banks mobile app. A decision is made within minutes and the approved amount is deposited into the customers checking account instantly. Bank of America will launch Balance Assist in some states as early as January 2021, with a full rollout in spring 2021.
Loans start at $100 and can be as large as $500, in hundred-dollar increments. Theres a flat fee of $5 per loan, and the loan is repaid in equal installments over the course of three months. There is no early repayment penalty if a customer is approved for more than they end up needing, or if they pay back the loan ahead of the three-month period.
The program was designed with customers who may be frequent overdrafters in mind, along with people who may otherwise turn to alternative lending like payday loans, says Steve Boland, president of retail at Bank of America. To compare the cost of a Balance Assist loan with its flat $5 fee to other types of lending, it converts to an effective annual interest rate of 5.99% to 29.76%, depending on how much you borrow. There are no surprise fees or charges, and they know exactly what it costs, instead of trying to navigate confusing loan terms, he says.
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How Bank Of America Balance Assist Loan Compares
Even with a $100 loan, Balance Assist rates don’t exceed 36%, which most consumer advocates consider to be the maximum limit for a loan to be affordable.
Other options for small-dollar loans include personal loans from credit unions, which may be especially affordable for borrowers with fair or bad credit scores. Credit unions tend to offer lower interest rates, flexible terms and more lenient criteria for applicants, and many have a small minimum loan amount. You will need to become a member before applying.
Other lenders cater specifically to applicants with bad credit or no credit history, but will likely carry a higher APR than Balance Assist.
Prosper Loans Best If You Want Multiple Offers
|Within 5 days of accepting your offer|
|Repayment terms||3 or 5 years|
Prosperis an online lender that offers personal loans nationwide. Borrowers can qualify for up to $40,000 in financing. Prosper is a peer-to-peer, online loan marketplace where you can borrow money thats provided by investors who choose the loans theyd like to fund. You can get prequalified without any impact to your credit score. If you meet Prospers qualifications, your loan request will be evaluated and assigned a Prosper letter grade rating. The rating indicates how likely Prosper thinks youll repay the loan. An origination fee is charged that ranges from 2.4% to 5%. The fee is deducted from your loan proceeds.
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Bank Of America Personal Loan Review
Bank of America does not offer personal loans. However, it does provide a variety of loans for specific needs, including mortgages, auto loans, credit cards, business loans and lines of credit.
This guide features an overview of the loan products BofA does offer, as well as a list of alternative lenders including other banks, credit unions and online lenders that do offer personal loans.
Best Big Bank: Wells Fargo
- Minimum credit score: Not disclosed
- Loan terms : 12 to 84 months
Wells Fargo has thousands of branches, online banking, and offers competitive rates and same-day funding.
Repayment terms up to 84 months
No origination fee or prepayment penalties
Funding available as soon as same-day
New clients must apply in person at a branch
Minimum credit score not disclosed up front
Read the full review: Wells Fargo Personal Loans
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Best For Relationship Rewards: Citibank
- Starting interest rate: 7.99%
- Minimum credit score: Not disclosed
- Loan terms: 12-60 months
Citibank is the best bank loan for relationship rewards due to its thank you points and other customer rewards.
Relatively low annual income requirement
Discount for Autopay
Only available to qualifying Citibank customers
No pre-qualification option
- Maximum/minimum amount you can borrow: $2,000 to $30,000
- : 7.99%23.99%
- Fees: No origination fee. Possible fees for late payments and returned payments.
- Minimum recommended credit score: Not disclosed by the company.
- Other qualification requirements: Must be U.S. citizen or Permanent Resident. Applicants will need an annual income of at least $10,500 and an eligible Citibank account open for 3 months.
- Repayment terms: 12 to 60 months
- Time to receive funds: Within 5 business days
- Restrictions: Loan funds are processed by check only. Applications for loan amounts greater than $30,000 must be made by phone . You may only have one additional Citi personal loan open at the time of application, and it must have been originated at least six months prior. Personal loans may not be used for education purposes.
Read the full review: Citibank Personal Loans
What Kind Of Bank Of America Loans Are Available
Though Bank of America doesnt offer personal loans, if you were hoping to borrow for a home or a car, or if you have enough equity in your home, you could consider the following Bank of America products. Note that Bank of America also doesnt offer student loans.
- Mortgages & mortgage refinancing: Bank of America offers mortgages for purchasing homes as well as home refinance loans for saving on existing mortgages. The house you buy or own will serve as collateral for the loan, and the interest you pay should be tax deductible up to federal limits. Read our full Bank of America Mortgage Review.
- Home equity lines of credit: When you want to borrow against the equity in your home, Bank of America has you covered. A home equity line of credit can allow you to tap into the equity youve built in your property for home improvements or other purchases. Read our full Bank of America HELOC Review.
- Auto loans: Car loans are also secured loans because the car acts as collateral. The interest rate on a car loan is usually lower than the rate on a personal loan because the loan is secured. Learn more about Bank of Americas auto loans.
- : Though not technically a loan, Bank of America also offers many credit cards that you may be interested in.
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Home Equity Lines Of Credit
HELOCs let you turn some of the equity youve built into your home into cash. Much like a credit card, your lender will give you a credit limit, which is the most theyre willing to lend to you.
You can go to the lender and request cash from your HELOC, which will be deposited into your checking account.
Each month youll be billed for whatever your HELOCs balance is, plus interest.
If you havent taken money from your HELOC, you wont be billed. It serves as a line of credit that you have the option of using, but are not obligated to.
HELOC interest rates are closer to mortgage rates than credit card rates because your house serves as collateral. That makes them a good way to consolidate other loans or fund home improvements.
Compare Offers To Find The Best Loan
When searching for a personal loan, it can be helpful to compare several different offers to find the best interest rate and payment terms for your needs. With this comparison tool, you’ll just need to answer a handful of questions in order for Even Financial to determine the top offers for you. The service is free, secure and does not affect your .
Editorial note: The tool is provided and powered by Even Financial, a search and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Even Financial. Select does not have access to any data you provide. Select may receive an affiliate commission from partner offers in the Even Financial tool. The commission does not influence the selection in order of offers.
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Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
Applying For A Personal Loan
Although Bank of America personal loans might have been your first choice, its important to know that there are several alternatives available to help you reach your financial goals.
If youre ready to apply for a loan, its a good idea to compare both variable and fixed rates from several different lenders to make sure youre getting the best deal. Credible allows you to compare rates from multiple lenders in just 2 minutes.
Kat Tretina is a freelance writer who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.
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