7 Best Banks for Personal Loans in 2026: Lowest Rates, Fastest Funding and Highest Loan Amounts

The best bank for a personal loan in 2026 is SoFi®, with fixed annual percentage rates (APRs) from 6.99% to 35.49% and loan amounts up to $100,000. Rates checked August 20, 2026.

The right pick for you depends on your credit score, how fast you need the money and whether you already bank somewhere. Below you'll find seven strong options, each with a clear best-for label so you can jump to the one that fits.

MoneyLion

You apply for a few loans fast - would they count as one credit score inquiry?

Possibly, if they're the same typeNo, each one always counts separatelyOnly if you apply on the same dayYes, but only for mortgage apps

43

It's important to shop around for personal loans when sorting through potential lenders. Some have limited loan amounts and sky-high interest rates. Others have hidden fees that make the loan more expensive than the rate suggests.

Here's a look at the best banks for personal loans.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Key Takeaways

• What's the best bank for a personal loan in 2026? SoFi leads for overall value: Fixed APRs from 6.99% to 35.49% and loan amounts up to $100,000.

• Wells Fargo has the lowest starting rate: APRs from 6.74% to 26.74% for existing customers, with loans from $3,000 to $100,000.

• Citi offers the lowest rate ceiling: A 9.99% to 17.49% range and no origination, late or prepayment fees.

• Three banks lend up to $100,000: SoFi, Truist (via LightStream) and Wells Fargo offer the highest amounts on the list.

• A credit union may beat a bank on rate: Federal credit union APRs are capped at 18%, and PenFed starts at 6.09%.

• Prequalify with a soft check first: Compare real rates at two or three banks without hurting your score before you formally apply.

Summary generated by AI, verified by MoneyLion editors

How MoneyLion Picked the Best Banks for Personal Loans

MoneyLion reviewed more than 20 national banks and looked at the numbers that matter most when you borrow. Each bank was scored on the same five factors, so the list stays fair and useful.

• Annual percentage rate (APR): Lower fixed APR ranges scored higher.

• Fees: Banks with no origination fee, no prepayment penalty and no hidden charges ranked above those that stack fees.

• Loan amounts and terms: Wider ranges — small loans under $5,000 and larger loans up to $100,000 — earned more points.

• Funding speed: Same-day or next-day funding beat lenders that take a week or more.

• Requirements and eligibility: Banks that serve a wider range of credit scores and income levels scored higher than those with tight rules.

7 Best Banks for Personal Loans: Compare APR, Loan Amounts and Terms

Rates last checked August 20, 2026.

SoFi: Best Overall for Personal Loans

• APR: 6.99% to 35.49%

• Loan amount: $5,000 to $100,000

• Terms: 24 to 84 months

• Processing speed: Most borrowers receive funds the same day the loan is approved and the loan agreement is signed by 5:30 p.m. ET on a business day. 

• Autopay discount: Get a 0.25% interest rate reduction when you enroll in automatic monthly payments from a bank account of your choice.

• Late fees: No

• Prepayment penalties: No

• Origination fee: No, but optional origination fees apply in exchange for a lower interest rate

SoFi offers fixed-rate personal loans from $5,000 to $100,000 with repayment terms of two to seven years. According to SoFi’s rates page, APRs currently range from 6.99% to 35.49%. SoFi also advertises same-day funding and lets applicants check their rate online before applying.

Citi: Best for a Low Rate Ceiling

• APR: 9.99% to 17.49%

• Loan amount: $2,000 to $30,000

• Terms: 12 to 60 months

• Processing speed: Receive your funds the same day you are approved through Citi deposit account. Expect funding to take two business days if direct deposited into a non-Citi account.

• Autopay discount: Score a 0.50% APR rate discount when you sign up for automated payments when your loan is originated.

• Late fees: No

• Prepayment penalties: No

• Origination fee: No

Citi offers personal loans from $2,000 to $30,000, with eligible existing customers qualifying for up to $50,000. You don't have to be a current Citi customer to apply — new customers can qualify for loans up to $30,000. 

If you're an existing Citi credit card customer who has held the card for fewer than 12 months, you may need a Citi deposit account to qualify. You can lower your rate by 0.50% with autopay, and Citigold® and Citi Priority® customers can earn an additional 0.25% discount. Keep in mind that defaulting can raise your rate by 2%.

Discover: Best for No Fees

• APR: 6.99% to 24.99%

• Loan amount: $2,500 to $40,000

• Terms: 36 to 84 months

• Processing speed: Funds sent as soon as the next business day after acceptance.

• Autopay discount: No

• Late fees: No

• Prepayment penalties: No

• Origination fee: No

With a personal loan from Discover — a division of Capital One, N.A., Member FDIC — there are no hidden fees. Additionally, Discover can send funds directly to your creditors or deposit them directly into any of your bank accounts as soon as one business day after acceptance, according to the bank's website. Checking your rate has no impact on your credit score.

One thing to know if you're consolidating debt: a Discover personal loan can't be used to directly pay a Capital One account — including any Discover or Capital One credit card — or a secured loan or education expense.

Truist: Best for Large Loans and Low APRS

• APR: 7.24% to 24.89%

• Loan amount: $5,000 to $100,000

• Terms: 24 to 240 months

• Processing speed: Same-day funding may be available.

• Autopay discount: Yes

• Late fees: No

• Prepayment penalties: No

• Origination fee: No

Truist’s online personal loans are issued through LightStream, and your loan can be funded the same day if you work with a loan officer to submit the required documents and expedite the process. Truist also offers personal lines of credit. If you run into issues during the repayment process, you might qualify for payment relief for up to 90 days.

TD Bank: Best for Existing TD Customers

• APR: 7.99% to 23.99%

• Loan amount: $2,000 to $50,000

• Terms: 36 to 60 months

• Processing speed: After approval, funds might be available within one to three business days.

• Autopay discount: No

• Late fees: 5% of the minimum payment due or $10, whichever is less

• Prepayment penalties: No

• Origination fee: No

TD Bank personal loans come with a fixed interest rate. You can check your loan options without affecting your credit unless you decide to move forward with the loan. Note: TD Bank lends only in 15 states and the District of Columbia.

U.S. Bank: Best for Small Loan Amounts

• APR: 9.24% to 24.99%

• Loan amount: $1,000 to $25,000 ($50,000 for current U.S. Bank customers)

• Terms: 12 to 60 months (up to 84 months for current U.S. Bank customers)

• Processing speed: It may take only hours for U.S. Bank customers.

• Autopay discount: Yes

• Late fees: Up to $40

• Prepayment penalties: No

• Origination fee: No

Qualified U.S. Bank customers can apply for a loan of up to $50,000 — and if you meet the credit score requirements and other qualifying factors, you could receive your funds the same day. Non-U.S. Bank customers can apply for up to $25,000.

Wells Fargo: Best for Existing Wells Fargo Customers

• APR: 6.74% to 26.74%

• Loan amount: $3,000 to $100,000

• Terms: 12 to 84 months

• Processing speed: Same-day credit decisions

• Autopay discount: Yes, varies based on Wells Fargo accounts

• Late fees: Yes, Wells Fargo may charge a late fee (reported at around $39, though it can vary by state)

• Prepayment penalties: No

• Origination fee: No

Wells Fargo personal loans come with a simple online application and funding process. You'll need to have a Wells Fargo account that's been open for at least 12 months. Once you're approved, you can get your loan amount by the next business day at the earliest.

Customers who have a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account qualify for a 0.25% relationship discount.

Bank vs. Credit Union vs. Online Lender for a Personal Loan

Where you borrow changes what you pay and how fast you get the money. Here's how the three main options stack up.

• Banks: Banks work well if you want a branch you can walk into. Wells Fargo, for example, offers personal loans with APRs ranging from 6.74% to 26.74% and loan amounts up to $100,000.

• Credit unions: Credit unions often have lower rates and softer credit requirements. PenFed Credit Union offers personal loans from 6.09% to 17.99% APR for loans up to $50,000.

• Online lenders: Online lenders move faster and approve a wider range of credit. Upstart offers personal loans with APRs ranging from 6.3% to 35.99%, with same-day funding in many cases.

Rates last checked August 20, 2026.

If you have strong credit and an existing relationship with a bank, it usually wins out in terms of trust and speed. If your credit is fair or you want the lowest possible rate, a credit union is worth a look. If you need money in your account tomorrow, an online lender is the safer bet.

How To Get Approved for a Bank Personal Loan

Follow these steps in order to boost your odds of approval and lock in a lower rate.

1. Check your credit reports and scores first. Pull your free report from Equifax, Experian or TransUnion, so you know where you stand before you apply.

2. Fix quick credit issues. Pay down credit card balances below 30% of your limit and dispute any errors you spot on your report.

3. Figure out how much you need. Borrow only what you can pay back — a smaller loan is easier to approve and cheaper over time.

4. Gather your documents. Have your pay stubs, W-2, photo ID and proof of address ready, so the application moves fast.

5. Prequalify with two or three banks. Prequalification uses a soft credit check, so you can compare real rates without hurting your score.

6. Pick the best offer and apply. Choose the lowest APR, including fees, then submit the full application and set up autopay to shave off another 0.25% at many banks.

Once you've decided on a bank, credit union or online loan, the next step is getting approved. Approval for a personal loan depends largely on your creditworthiness. If you have excellent credit, you're likely to receive approval at most financial institutions, an attractive interest rate and reasonable loan terms.

Even if your credit is less than perfect, you may have options. Many lenders will also consider other factors such as your employment history, income and overall financial stability. Some lenders specialize in lending to those with poor credit or no credit history, though you'll typically pay much higher interest rates.

Beyond your basic creditworthiness, you'll want to be ready to demonstrate your ability to repay the loan. Usually, this involves providing proof of regular income, whether from your job or another source (lenders consider pensions and benefits income, so even if you're on disability, you may still be able to get a loan).

Tips To Increase Your Chances of Personal Loan Approval

When comparing personal loans, consider these tips to increase your chances of approval.

• Boost your credit score. Not only can a higher credit score improve your approval odds, but it can also help you tap into lower interest rates. One way to improve your score is to make on-time payments on credit accounts.

• Check your credit report. You'll also want to be sure your credit report is accurate. Errors in your credit report can negatively impact your chances of approval, so be sure to review a recent copy. You can get one free credit report each week from AnnualCreditReport.com, which (despite the dot com domain name) is a website maintained by the federal government.

• Increase your income. A higher income tends to give a lender more confidence in your ability to repay the loan.

• Grow your savings. If you are able to build up more savings, a robust stash can indicate to lenders that you can make on-time payments.

• Do your research. The best banks for personal loans with good credit might not be the same as those for personal loans with bad credit. Evaluate your credit score and choose to apply for loans with banks that align with your credit needs. This is an especially important tip for people with bad credit because the easiest bank to get a loan from will likely be willing to work with borrowers in this category.

Weigh Your Options Carefully

As you consider which bank is best for a personal loan, remember that it is a significant financial obligation. Don't take it lightly. Make sure it fits within your budget and will allow you to achieve your goals without adding more stress. The choice you make can greatly impact your finances.

Best Banks for Personal Loans FAQs

Which bank has the lowest personal loan rates right now?

Wells Fargo, SoFi and Discover tend to have the lowest fixed APRs for borrowers with strong credit, starting under 7% as of August 2026. You need strong credit — usually 720 or higher — to qualify for the lowest rates.

Which bank offers the highest personal loan amount?

SoFi, Truist and Wells Fargo all offer personal loans up to $100,000. That’s the highest amount on this list.

Is a credit union better than a bank for a personal loan?

Credit unions often beat banks on rates because federal rules cap their APRs at 18%, and they tend to approve borrowers with fair credit more often. The trade-off is that you have to join first, and funding can take a day or two longer than with a big bank.

What credit score do you need for a personal loan from a bank?

Most major banks require a score of 660 or higher, and the best rates go to borrowers with scores above 720. If your score is under 640, an online lender or credit union is a better place to start.

How fast can a bank fund a personal loan?

Citi and Wells Fargo can fund approved loans for existing customers the same day or the next business day. New customers usually wait two to five business days.

Do personal loans from banks have fees?

Some banks charge an origination fee of 1% to 8% of the loan amount, while others — like Discover — charge no origination fee. Always check for prepayment penalties and late fees before you sign.

Does applying for a personal loan hurt your credit?

Prequalification uses a soft pull and does not affect your score. The final application triggers a hard credit inquiry, which can drop your score by a few points for a few months.

Key Terms

• Annual percentage rate (APR): The yearly cost of the loan, including interest and certain fees.

• Fixed APR: A rate that stays the same for the life of the loan, so your payment doesn't change.

• Origination fee: A one-time charge some lenders deduct from your loan proceeds; several banks here charge none.

• Autopay discount: A rate reduction (often 0.25% to 0.50%) for enrolling in automatic payments.

• Relationship discount: An extra rate cut some banks give existing customers.

• Prequalification: A soft-check preview of your likely rate that doesn't affect your score.

• Funding speed: How fast approved funds reach your account — same-day to a few business days.

• Credit union APR cap: The 18% ceiling federal law sets on most federal credit union loans.

Sources

• SoFi: Personal Loan Rates 

• Wells Fargo: Personal Loan Rates 

• Citi: Personal Loans 

• NCUA: Interest rate ceiling 

Summary generated by AI, verified by MoneyLion editors

Emily Gadd, CCC™, contributed to editing this article.

Photo Credit: fizkes / Gettyimages / iStockphoto.com