When it comes to personal loans, there are a variety of options available to borrowers. From banks to online lenders, it can be difficult to determine which one is the best for your needs. This article will provide an overview of the best banks for pre-approved personal loans, including Wells Fargo, LightStream, Marcus, TD Bank, and American Express. We'll discuss the features of each lender, such as their loan terms, fees, and eligibility requirements. Wells Fargo is one of the largest banks in the United States and offers competitive rates and same-day funding.
They have simple and simplified application processes, with helpful and accessible customer service agents. Wells Fargo has thousands of branches, in addition to online banking services. Repayment terms of up to 84 months are available with no opening fees or prepayment penalties. Prequalification is only available for Wells Fargo customers; new customers must apply in person at a branch. LightStream specializes in home improvement loans with fast funding times and no collateral required.
Extended repayment terms are available with APRs ranging from 6.99% to 19.24%. These unsecured loans can be used for a variety of purposes, such as remodeling kitchens or bathrooms, landscaping, and installing solar panels or swimming pools. LightStream's Rate Beat program offers a 0.10 percentage point lower rate than competitors. However, LightStream requires a minimum credit score of 680, which could make it difficult for some people to qualify. Marcus specializes in fee-free debt consolidation loans and sends payments directly to creditors.
The APRs for Marcus loans range from 6.99% to 24.99%, with the best rate of 6.99% requiring setting up automatic payment to get a 0.25% discount. Repayment terms on Marcus loans range from 36 to 72 months and loan funds can be sent directly to your creditors. Marcus also allows you to defer a monthly payment if you've paid on time for 12 months in a row (and you're still doing so). However, Marcus's recommended minimum credit score is 660, which may be beyond the reach of some. TD Bank has limited availability but accepts co-signers and does not charge application fees.
The APRs for TD Bank loans range from 6.99% to 24.99%, with repayment terms ranging from 36 to 72 months. Loan funds can be sent directly to your creditors but TD Bank's recommended minimum credit score is 660. American Express only offers personal loans to cardholders but the terms can be relatively competitive if you have good credit. The APRs for American Express personal loans start quite low, from 7.98% to 19.98%. Amex offers payment terms of 12, 24 or 36 months but you can only apply if you have a personal offer; you can visit the Amex site to see if you have a pre-qualified offer waiting.
Loan funds are usually disbursed into your bank account within three to five business days. The USAA offers banking services and loans to members of the military and veterans, including benefits for active military personnel such as discounts on fees. USAA membership is limited to current and former members of the armed forces, including pre-commissioned officers and their eligible family members (spouses and children). You'll need a USAA bank account to apply for a loan, and loans can be disbursed into that account in as little as 24 hours.