Fifth Third Bank Personal Loans Review

Fifth Third Bank personal loans are easy to access for bank clients and offer competitive APR, no hidden fees, fixed rates and the ability to select your first payment date. You can also borrow larger amounts with secured loan options.

Fixed APR
6.99% to 15.24%
Loan Amount
$2K–$25K
Term
12–60 months
SimpleScore
3.6 / 5.0
close
SimpleScore Fifth Third Bank 3.6
Rates 5
Loan Size 3
Customer Satisfaction 2
Support 4
Fees 4

Fifth Third Bank personal loans are potentially a great option for Fifth Third banking clients. The application process is simple and straightforward, and the money in your checking or savings account acts as collateral, meaning you won’t need to provide additional financial assurances to secure your loan. Fifth Third Bank personal loans rates are average — falling between 6.99% and 15.24% for the Signature Loan option — but they don’t come with any hidden fees or additional charges. Personal loans from Fifth Third Bank are ideal for existing customers looking to quickly access substantial funding, but they don’t stand out from the competition.

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In this article

    Fifth Third Bank personal loans at a glance

    LenderLoan AmountAPR RangeTermsKey Benefit
    Fifth Third Bank$2,000–$500,0006.99%–15.24%12–60 monthsAccessible 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.

    We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Doug Bonderud

    Contributing Writer

    An award-winning finance, technology and security writer, Doug has a knack for distilling complex concepts down into actionable, readable copy that generates interest and drives engagement.

    Reviewed by

    • Adam Morgan
      Adam Morgan

      Adam Morgan is a senior editor at The Simple Dollar and an award-winning journalist who’s covered finance and culture for 15 years. His writing has been featured in The Guardian, Los Angeles Times, Chicago Tribune, The AV Club, and elsewhere.