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How to Find the Best Bank Loan

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If you want to borrow money for a home renovation or other purchase, you can apply for a personal loan from a bank. But they tend to have tougher credit requirements than online lenders.

The best banks offer competitive interest rates and perks for existing customers, plus a variety of loan terms. But it’s important to choose the right lender for your needs.


Many banks offer personal loans, but the requirements can vary. Some have very strict credit score and employment requirements, while others are more accommodating. Generally, banks look at your credit score to make their final decision, though they will also consider other factors, like your debt-to-income ratio and current bank account balances. You may have to be a client of the bank in order to apply, so be sure to check with your specific lender to find out what their requirements are before you start looking for a loan. You can also use WalletHub’s loan search tool to help you find a bank that meets your needs. It’s a great way to compare offers from multiple lenders. We recommend that you begin making your payments as soon as you get approved, to avoid paying fees for late or missed payments.

Interest rates

There are a lot of savings account types to choose from, and interest rates vary widely. Most traditional brick-and-mortar banks offer a low 0.01% APY on their basic savings accounts, but you can often find higher yields online or with a nonbank provider. However, interest rates can change at any time, so it is important to keep an eye out for the best rate available for your needs. Bankrate’s editorial team regularly reviews rates at more than 70 popular banks and credit unions, so you can trust that we will always show you the most competitive options. You can also check out our ratings for the best savings account, high-yield checking and CDs.


Bank loans are a convenient option for many borrowers. The process is quick and easy, and a loan decision can be made within 60 seconds of submitting the application online or in-branch. Several lenders, including Citibank, have a customer service team that can help you with your credit-related questions or concerns. Some banks are even able to provide personal financial counseling services, if desired. However, it is important to note that qualifying for a bank loan is usually reserved for the most credit-worthy borrowers.