Introduction
Discover the Top 6 Personal Loans Offered by Major Banks in USA: In today’s financial landscape, personal loans have become a versatile tool for meeting various needs, from funding weddings and vacations to handling unexpected expenses like home repairs or medical bills. With their potentially lower interest rates compared to credit cards, personal loans have gained popularity among borrowers seeking flexible financing options. In this article, we’ll explore the top personal loans offered by major banks, highlighting their key features and benefits.
Exploring Personal Loans
When considering a personal loan, borrowers have several avenues to explore, including peer-to-peer lending platforms, smaller financial institutions, and major banks. To assist you in making an informed decision, CNBC Select has evaluated personal loan offerings from major banks, taking into account factors such as interest rates, fees, loan amounts, term lengths, and additional features like autopay discounts and customer service responsiveness.
Top Personal Loans from Major Banks in USA:
1. PNC Bank Personal Loans Best for Shorter Repayment Terms:
APR: 5.99% to 28.74% APR (0.25% APR discount with autopay)
Loan Amounts: $1,000 to $35,000
Terms: Up to 60 months
Credit Needed: Not disclosed
Origination Fee: None
Early Payoff Penalty: None
Late Fee: 10% of payment or $40, whichever is greater
2. PenFed Personal Loans Best for Smaller Loans:
APR: 7.99% to 17.99%
Loan Amounts: $600 to $50,000
Terms: 1 to 5 years
Credit Needed: Good/Excellent
Origination Fee: None
Early Payoff Penalty: None
Late Fee: $29
3. American Express Personal Loans Best for Quick Approval:
APR: 6.91% to 19.97%
Loan Amounts: $3,500 to $40,000
Terms: 12 to 36 months
Credit Needed: Not disclosed
Origination Fee: None
Early Payoff Penalty: None
Late Fee: $39
4. Discover Personal Loans Best for Next-Day Funding:
APR: 7.99% to 24.99%
Loan Amounts: $2,500 to $40,000
Terms: 36, 48, 60, 72, and 84 months
Credit Needed: Good
Origination Fee: None
Early Payoff Penalty: None
Late Fee: $39
5. Citi Personal Loan Best for No Origination Fee:
APR: 10.49%–19.49% APR (0.5% APR discount with autopay)
Loan Amounts: $2,000 to $30,000
Terms: Up to 60 months
Credit Needed: Not disclosed
Origination Fee: None
Early Payoff Penalty: None
Late Fee: None
6. Navy Federal Credit Union Best for Secured Loan Options:
APR: 8.99% – 18.00% APR
Loan Amounts: $250 to $50,000
Terms: Up to 180 months
Credit Needed: Not disclosed
Origination Fee: None
Early Payoff Penalty: None
Late Fee: $29
Conclusion
Personal loans offer borrowers flexibility and versatility, allowing them to finance various expenses such as debt consolidation, home improvement, or vacation plans. Each bank’s personal loan product comes with its own eligibility criteria, terms, and benefits. By comparing offers, borrowers can find the best fit for their financial needs and goals.
