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Fifth Third Bank Personal Loans Review
Fifth Third Bank personal loans at a glance
|Lender||Loan Amount||APR Range||Terms||Key Benefit|
|Fifth Third Bank||$2,000–$500,000||6.99%–15.24%||12–60 months||Accessible loans with no or low collateral|
Rates accurate as of September 2020
What we like about Fifth Third Bank’s personal loans
Fifth Third Bank personal loans come with the benefit of financial confidence — the bank has been in operation for more than 150 years and has 2/5 circles with J.D. Power in loan origination.
Clients have two options for personal loans from Fifth Third Bank: Signature Loans and Secured Loans. For Signature Loans up to $25,000 you can apply online for instant approval — since the bank uses your existing checking or savings accounts as collateral, you won’t need to wait for a decision. Loans from $25,000 to $50,000 require an appointment.
If you need even larger loans, Fifth Third Bank has you covered with its secured loan options. Borrow up to $500,000 with APR from 6.99%–15.24% and no closing costs, prepayment or annual fees. It’s worth noting, however, that secured loans require at least 50% collateral.
Things to consider
While Fifth Third Bank makes it easy to obtain a personal loan if you’re already a client, it probably won’t land on the list of best personal loans for most borrowers. With middle-of-the-road interest rates and average term lengths, it’s often outpaced by competitors looking to secure new customers and willing to offer more competitive APRs. In addition, Fifth Third Bank personal loans are only available to existing clients — meaning you’ll need to open a checking or savings account if you’re interested in this loan option.
Everything you need to know about personal loans at Fifth Third Bank
Signature Loans from Fifth Third bank range from $2,000 to $50,000 with APR between 6.99% and 15.24%. There are no application fees, closing costs or annual fees for these loans, and you can choose a term between 12 and 60 months. Plus, you can choose to defer your first payment date up to 45 days, although interest will still accrue.
Secured loans are similar but allow clients to borrow between $2,000 and $500,000 with at least 50% collateral. The APR is lower for secured loans, varying from 6.99%–15.24%, and term lengths are 12 to 60 months. Just like its Signature Loan counterpart, there are no closing costs, annual fees or prepayment penalties.
To apply for a Signature Loan amount up to $25,000, head to Fifth Third Bank’s website, navigate to the Personal Loans and Lines of Credit page and click “Apply Now”. You’ll be prompted to log into your Fifth Third Bank account and complete the application process online for an instant loan decision. Funds are deposited the next day.
For Signature Loans over $25,000 and all Secured Loans, you need to make an in-person appointment at a local Fifth Third Branch.
Here’s what you need to qualify
You’re only eligible for a Fifth Third Bank personal loan if you’re currently a bank client. This is the main criteria for the Signature Loan since the money in your checking or savings account acts as collateral. This doesn’t mean you’re automatically approved — your financial history with the bank is relevant to the decision-making process, but you won’t be required to provide extra documentation or financial securities.
In the case of the bank’s Secured Loan option, you’ll need to provide at least 50% collateral for approval, but in doing so, you’ll access significantly lower APR.
Fifth Third Bank vs. the competition
Fifth Third Bank vs. LightStream
LightStream is a popular personal loan option that offers funding between $5,000 and $100,000, no fees and terms between two and seven years. LightStream loans are designed for borrowers with a minimum credit score of at least 660, and there’s no prequalification option. Instead, a “hard” credit inquiry is required, which will knock several points off your credit score. Put simply, if you’re looking for the best personal loans for bad credit, look elsewhere.
Fifth Third Bank comes out ahead of LightStream with larger loan amounts for its Secured Loan option but also has generally higher APR and shorter terms. If you’re already a Fifth Third Bank customer, the bank’s personal loans are your best bet since you won’t face a credit check.
Fifth Third Bank vs. Marcus by Goldman Sachs
Marcus by Goldman Sachs lets you borrow between $3,500 and $40,000 with terms between 36 and 72 months. Borrowers can get an unsecured loan with no origination fees, late fees or other hidden fees. It’s also easy to apply online.
While Marcus by Goldman Sachs offers online approval and the deposit of borrowed funds within a few business days, these personal loans come with the potential for a much higher APR than Fifth Third Bank options, along with much lower borrowing limits. Even with the need to be a Fifth Third Bank client, its offerings generally outpace the Goldman Sachs solutions.
Last updated September, 2020 – Updated personal loan rates.
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