USAA and Wells Fargo are two of the easiest banks to get a personal loan from. USAA does not disclose a minimum credit rating requirement, but its website states that they consider people with scores below the fair credit range (below 640). This means that even people with bad credit can qualify. When it comes to Wells Fargo, they don't disclose a minimum credit rating requirement either.
However, they do offer personal loans for a variety of purposes and can help you earn more ThankYou points if you link to an eligible checking account. The average credit score is above 660, which puts people in a decent position to qualify for a personal loan from most banks. Many banks have a minimum credit score that they will accept from a borrower, but they aim above the minimum requirement for the best chance of getting a low rate. As with most credit products, the rate you receive on a personal loan from a bank depends largely on your credit rating. You can search for local banks and credit unions, especially those with whom you already have a working relationship.
Other banks, such as Bank of America, Chase and Capital One, currently don't offer personal loans at all. If you are not a current customer, compare APRs and loan amounts from online lenders and banks. You'll need a USAA bank account to be eligible for a loan, and loans can be disbursed to that account in as little as 24 hours. There are some major banks that offer secured personal loans for people with bad credit, including Wells Fargo, PNC, Fifth Third Bank, and TD Bank. LightStream, the online lending division of SunTrust Bank, offers large loan amounts and rates that are among the lowest available.
To get started with applying for a personal loan from any of these banks, simply log into mobile or online banking and select the simple loan application in your checking account menu. Once you submit your application, the bank will collect your credit information. The approval status of your loan is usually notified in less than a minute. Your first payment will be due no more than 30 days after your loan is approved. Your next two monthly payments will be due on the same day of the month. You can pay off your loan faster if you pay more than the minimum amount due, but this will not reduce the fees you owe.
There is no prepayment penalty for paying off the loan early. After your loan is approved and reserved, you can access funds in your U. S. UU.
Funds deposited to your account after 8 pm. m. The CT will be available for withdrawal, but will not be shown in your account until the next business day. You can apply for another Simple Loan 30 days after you paid your previous Simple Loan. This link takes you to an external website or application, which may have different privacy and security policies than U, S.
We do not own or control the products, services or content found there. When it comes to applying for a personal loan from any bank or lender, it's important to understand how they make money and what their terms are before signing up for any product or service. Make sure to read all of the fine print before committing to any loan agreement.