When you're looking for a personal loan, it's important to understand which banks offer the best terms and conditions. Discover, American Express, Wells Fargo and Citibank are all great options for personal loans. We'll explain why these banks are the best for personal loans, as well as provide additional details about each one. When you're looking for a personal loan, it's important to understand how the bank makes money.
Many banks offer financial products that come from companies that pay them. This money helps give you access to free credit scores and reports, as well as other great educational tools and materials. Compensation can influence how and where products appear on a bank's platform. However, banks usually make money when you find an offer you like and receive it.
That's why they offer features such as your approval odds and savings estimates. Banks don't represent all the financial products out there, but they strive to show you as many great options as possible. Let's take a closer look at the four banks mentioned above. Discover offers low interest rates for well-qualified borrowers, flexible repayment amounts and terms, and limited fees.
Plus, they don't charge opening fees, late payment fees or early payment penalties.
Discoveralso offers customers unemployment protection and the ability to change the due date of their payments once a year. American Express offers an APR of between 6.99% and 19.99%, with a 0.25% discount for those enrolled in automatic payment. They don't charge any fees, not even for enrollment, late payment or early payment.
However, they don't offer direct payments to the borrower's other creditors - the loan funds will be deposited in your bank account and you will have to pay your other lenders individually. Wells Fargo offers potential borrowers the ability to pre-qualify for a loan, making it easier to see their loan options without hurting their credit score. They also allow co-signers on joint applications and don't reveal their minimum credit score requirement. Citibank allows applicants to pre-qualify with a gentle credit attraction, making it easy to see their loan options without hurting their credit profile.
Plus, they offer timely payment rewards and flexible repayment dates. Personal loans can be used for a variety of expenses, such as home improvements, weddings, vacations, emergency costs and even post-secondary education (except in California, Connecticut, Illinois, Washington and the District of Columbia). Once approved, it usually takes between one and four days after bank account verification for the funds to reach your account. When choosing a bank for your personal loan needs, make sure to compare all of your options carefully. Consider factors such as interest rates, repayment terms and fees before making your decision.