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Fifth Third Bank Personal Loans Review 2024

Fifth Third Bank
Offering an extensive examination of Fifth Third Bank personal loans, this guide helps you explore the various types of loans and lines of credit available. Understand what fits your needs, compare interest rates, and learn how to qualify. Your path to the right loan solution starts here.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 28.02.2024*
Finanso
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Fifth Third Bank
Signature Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 50000.00 $
Rate
i

Effective interest rate on the product

8.74 – 24.49 %
Term
i

Loan term for the financial product

1 years – 5 years
Fifth Third Loan Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Fifth Third Bank Personal Loans Review 2024

What are Fifth Third Bank Personal Loans?

Fifth Third stands as a prominent bank renowned for its attractive rates and lending options of up to $500,000 for personal loans. Nonetheless, online applicants, who must hold an account, are limited to loans of up to $25,000. If seeking higher loan amounts, prospective borrowers are required to visit a branch to finalize their applications.

For existing Fifth Third customers, there may be additional loan benefits available, including streamlined application processes. Upon approval, borrowers are provided with a comprehensive loan agreement that outlines the terms and conditions of the personal loan. It is crucial for borrowers to carefully review the loan agreement to understand repayment schedules, interest rates, and any potential fees associated with the loan.

Features

  1. Loan Amounts. The loan options include Signature Loans ranging from $2,000 to $50,000 and Secured Loans ranging from $2,000 to $500,000. For Secured Loans, the loan amount can be 50% to 100% of the collateral provided.
  2. Simple Digital Application. For loan amounts up to $25,000, borrowers can easily apply online through a straightforward digital application process.
  3. Loan Terms. Both Signature Loans and Secured Loans offer flexible repayment terms, spanning from 12 to 60 months.
  4. Annual Percentage Rates (APR). The APR for Signature Loans ranges from 8.74% to 21.49%, while for Secured Loans, it falls between 10.14% to 13.64%. The specific rate depends on factors like creditworthiness and loan type.
  5. No Closing Costs or Prepayment Fees. Borrowers are not burdened with any closing costs or prepayment fees, providing them with additional financial flexibility.
  6. Selectable First Payment Date. For Signature Loans, borrowers have the option to choose their first payment date, with the freedom to select a date up to 45 days in the future. This feature allows them to align the payment schedule with their financial circumstances.

    Fifth Third Bank Personal Loan Options

    Secured Loan

    This loan type allows you to leverage the funds in your Fifth Third savings, CD, or Investment account as collateral, providing you with immediate access to the money you require while your assets continue to grow. Key features of the Secured Loan include:

    • Loan amounts ranging from $2,000 to $500,000.
    • Borrowing up to 100% of the collateral value, with the option for a minimum of 50%.
    • Flexible repayment terms available for 12 to 60 months.
    • Annual Percentage Rates (APR) ranging from 10.14% to 13.64%.No closing costs or prepayment fees, ensuring a hassle-free borrowing experience.

      Signature Loan

      The Signature Loan is designed to provide a simple and convenient borrowing solution for today's busy consumers, without requiring any collateral. Notable features of the Signature Loan are as follows:

      • Loan amounts available from $2,000 to $50,000.
      • A user-friendly digital application process for loan amounts up to $25,000.
      • Flexible repayment terms ranging from 12 to 60 months.Annual Percentage Rates (APR) varying from 8.74% to 21.49%.
      • No closing costs or prepayment fees, allowing you to manage your finances without additional charges.
      • The option to select your first payment date, with the freedom to schedule it up to 45 days in advance, providing greater control over your repayment plan.

        Pros and Cons

        Pros

        Low Minimum Loan Amount. Fifth Third Bank offers a relatively low minimum loan amount of $2,000, making it accessible to borrowers who require smaller sums to meet their financial needs.

        No Origination Fee. Borrowers benefit from not having to pay any origination fees, reducing the overall cost of borrowing and making the loan more affordable.

        Flexible First Payment Date. Fifth Third Bank allows borrowers to choose their first payment date, granting them greater flexibility in managing their initial repayment schedule.

        Unsecured Loan Amounts as High as $50,000. For those seeking higher loan amounts without the need for collateral, Fifth Third Bank's unsecured loans provide a maximum borrowing limit of $50,000, offering significant financial assistance.

        No Closing Costs or Prepayment Penalties. Borrowers are spared from incurring any closing costs or prepayment penalties, enabling them to settle their loans early without facing additional charges.

        Range of Loan Term Options. Fifth Third Bank offers a variety of loan term options, spanning from shorter terms of 12 months to longer terms of up to 60 months, allowing borrowers to select a repayment period that best aligns with their financial situation.

        Cons

        Fifth Third Account Required to Apply Online. To apply for a loan online, borrowers are required to have a Fifth Third account, which may limit access for those who are not existing customers of the bank.

        Only Available in 34 States. The availability of Fifth Third Bank's loan products is limited to 34 states, potentially excluding potential borrowers residing in other states from accessing their loan services.

        In-Person Application Required for Loans Over $25,000. While smaller loan amounts can be applied for online, loans exceeding $25,000 necessitate an in-person application, which may be inconvenient for some borrowers or those living far from a physical branch.

        How to Apply for a Fifth Third Bank Personal Loan?

        Apply for a loan

        1. Current Customers. If you are already a Fifth Third Bank customer, the application process is convenient and straightforward. You can apply for the unsecured personal loan online through the bank's website. Simply log in to your account, navigate to the loan application section, and follow the provided instructions to complete your application.

        2. New Customers. For individuals who are not current customers of Fifth Third Bank, the application process may involve scheduling a virtual or in-person appointment. Reach out to the bank's customer service or visit your nearest Fifth Third Bank branch to inquire about the personal loan application. The bank's representatives will guide you through the necessary steps and help you schedule an appointment, either virtually or in person, to begin the loan application process.

        Requirements

        1. U.S. Citizen or Permanent Resident. Applicants must be either a U.S. citizen or a permanent resident of the United States.

        2. At Least 18 Years Old. The minimum age requirement for loan applicants is 18 years old or older.

        3. Verifiable Bank Account and Sufficient Credit History. Applicants should have a verifiable bank account, which may be used for loan disbursement and repayment purposes. Additionally, a sufficient credit history is typically required, although Fifth Third Bank does not specify a minimum credit score. However, a good credit score, considered to be 670 or above, is often preferred by most lenders during the application process.

        4. Residency in an Eligible State. Applicants must reside in one of the 34 states where Fifth Third Bank offers its loan products.

        Ways to Receive the Money

        One common method is through direct deposit into the borrower's bank account. If the borrower already has an account with Fifth Third Bank, the loan amount can be directly deposited into that account. Alternatively, if the borrower has provided their bank account details during the loan application process, the funds can be transferred to their external bank account.

        How to Pay off a Fifth Third Bank Personal Loan?

        1. Automatic Payments.

          • Set up automatic or recurring payments using your existing Fifth Third Account.
          • Log into your online account on the bank's website or the Fifth Third mobile app and use messaging to chat with a representative.
          • Type in "Automatic Payments" to connect and answer a few quick questions to set up or manage your payments.
          • Alternatively, call the automatic payment specialists at +1 (800) 837-2000.
        2. Make a One-Time Payment through the bank's website. Use your external account to make a one-time payment through the bank's website.

        3. Deposit Customers - Automatic Recurring Payments. If you are a deposit customer, you can make automatic recurring payments online through the bank's website. For any questions regarding online banking, contact Fifth Third Bank at +1 (800) 972-3030.

        4. Mail a Check or Money Order. Send a check or money order to the following address: Fifth Third Bank, PO Box 630778, Cincinnati, OH 45263.

        5. Visit a Banking Center. Visit any of Fifth Third Bank's banking centers to make your payment in person.

        6. Pay by Phone. Call +1 (800) 972-3030 to make your payment over the phone. Please note that a fee may be applicable for this service.

        7. Use Other Alternative Services. You can utilize alternative payment services such as wire transfer, Western Union payments, and others. For assistance with these services, contact Fifth Third Bank at +1 (800) 972-3030.

        Things to Consider

        1. Loan Amount. Determine the exact amount you need to borrow based on your financial requirements. Consider both your immediate needs and your ability to repay the loan comfortably.

        2. Interest Rates. Review the Annual Percentage Rates (APR) offered by Fifth Third Bank for the specific loan type you are interested in. Compare rates to ensure you are getting a competitive offer.

        3. Repayment Terms. Consider the available loan term options (ranging from 12 to 60 months) and select a term that aligns with your financial goals. Longer terms may result in lower monthly payments but may also lead to higher overall interest costs.

        4. Eligibility Requirements. Review the eligibility criteria set by the bank, including age, citizenship status, credit history, and residency in one of the 34 states where Fifth Third Bank offers loans.

        5. Credit Score. While Fifth Third Bank does not specify a minimum credit score requirement, having a good credit score (670 or above) is generally preferred. Check your credit score and take steps to improve it if necessary.

        6. Loan Purpose. Clearly define the purpose of the loan. Whether it's for debt consolidation, home improvements, or other financial needs, understanding the purpose will help you make the right borrowing decisions.

        7. Fees and Penalties. Consider any associated fees, such as origination fees or penalties for late payments or early loan repayment. Fifth Third Bank does not charge origination fees or prepayment penalties, which can be advantageous.

        8. Payment Options. Evaluate the various payment methods offered by Fifth Third Bank. Choose a payment option that suits your preferences and ensures timely repayments.

        Alternatives

        Other Banks and Credit Unions

        Apply For a Loan

        Many other banks and credit unions such as Wells Fargo, US Bank and PenFed Credit Union offer personal loan products. It's worth checking with different financial institutions to compare interest rates, terms, and eligibility criteria.Wells Fargo

        Online Lenders

        Apply For a Loan

        There are numerous online lenders such as SoFi and Marcus by Goldman Sachs that specialize in personal loans. These lenders often offer a streamlined application process and competitive rates.SoFi

        Peer-to-Peer Lending Platforms

        Apply For a Loan

        Peer-to-peer lending platforms like LendingClub and Prosper connect borrowers directly with individual investors willing to fund loans.LendingClub

        Credit Card Balance Transfer

        Apply For a Loan

        If you need to consolidate high-interest credit card debt, consider transferring the balances to a credit card with a low or 0% introductory APR on balance transfers. Keep in mind any balance transfer fees and the duration of the promotional period. Chase has several credit cards that offer promotional balance transfer rates, such as the Chase Slate card, which historically has been known for its balance transfer benefits.Chase

        Home Equity Loans or Lines of Credit

        Apply For a Loan

        If you own a home, you may qualify for a home equity loan or line of credit, which allows you to borrow against the equity in your property. Interest rates for these loans are typically lower than unsecured personal loans. U.S. Bank provides home equity loans and lines of credit to homeowners looking to leverage their home's value.U.S. Bank

        Editorial Opinion

        Fifth Third Bank's personal loans offer a range of benefits that make them an attractive choice for potential borrowers. As a well-established financial institution, Fifth Third Bank provides reliable loan options that cater to a diverse range of customers, including existing account holders and new applicants alike. One of the standout features of Fifth Third Bank's personal loans is the ease of application. Customers have the flexibility to apply online through the user-friendly online application process. For Fifth Third Bank customers, this convenience allows for seamless access to their Fifth Third personal loans, while new customers can also benefit from a smooth application experience. Upon approval, Fifth Third Bank borrowers benefit from transparent loan terms, including a clear due date for repayments. This allows borrowers to plan and budget effectively, ensuring timely payments and avoiding any late fees. Furthermore, Fifth Third Bank's commitment to customer satisfaction is evident through their absence of prepayment penalties. Borrowers are granted the flexibility to pay off their loans ahead of schedule without incurring additional fees. This is an advantage that many other lenders may not provide, solidifying Fifth Third Bank's position as a lender that values its customers' financial well-being. In the event that borrowers face unexpected challenges, Fifth Third Bank provides a grace period, offering some flexibility in the repayment timeline. This period allows customers to make their payments without incurring late fees if they encounter temporary financial setbacks. Fifth Third Bank's commitment to accuracy and transparent communication is essential in the loan process. Providing accurate information about loan terms and conditions is crucial to building trust between the lender and the borrower. As a part of Fifth Third Bank National Association, borrowers can feel confident in the credibility and reliability of the lender. The bank's longstanding reputation in the financial industry further solidifies its position as a trusted partner for personal loans. While considering personal loans, it is crucial to recognize that financial regulations and market dynamics are subject to change. Fifth Third Bank's commitment to transparency is evident in their adherence to the principle of notifying customers about any changes that may impact their loans.

        Important

        Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

        Methodology

        At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

        In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

        At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

        Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

        Additional resources

        To learn more about personal loans and best practices, check out some of the following resources:

        Sources

        FAQ

        What credit score do you need for a Fifth Third Bank personal loan?

        Fifth Third Bank does not explicitly state a minimum credit score requirement for personal loans. However, most lenders generally prefer applicants with good credit scores, considered to be 670 or above. While a specific credit score may not be required, a higher credit score can improve your chances of approval and may lead to more favorable loan terms.

        How fast does Fifth Third Bank approve loans?

        The approval process for Fifth Third Bank personal loans can vary based on several factors, including the completeness of the application, the verification of information, and the individual's creditworthiness. While some applicants may receive loan approval quickly, others may experience a longer processing time. It is advisable to apply as early as possible and provide all required documentation to expedite the approval process. Once approved, borrowers may enjoy the benefit of quick funding, with funds typically available within a few business days.

        Does Fifth Third Bank verify income?

        Yes, like most lenders, Fifth Third Bank may verify applicants' income as part of the loan application process. Verifying income helps the bank assess an applicant's ability to repay the loan. Applicants may need to provide pay stubs, tax returns, or other relevant documents to demonstrate their income and financial stability. Accurate and verifiable income information is crucial for a successful loan application.

        What other personal loans does Fifth Third offer?

        In addition to personal loans, Fifth Third Bank offers two types of personal lines of credit: the Unsecured Line of Credit and the Secured Line of Credit.

        1. Unsecured Line of Credit:

          • This line of credit does not require any collateral.
          • Features include:
            • Line amounts ranging from $5,000 to $100,000.

            • Up to 10% of verified liquid assets.

            • A 5-year draw period followed by a 10-year repayment period.

            • Annual Percentage Rates (APRs) ranging from 10.50% to 12.00%.

            • $65 annual fee (waived for the first year).

            • Funds are available through online transfers, checks, phone, or in-branch.

        2. Secured Line of Credit:
          • This line of credit is secured by funds in your Fifth Third savings, CD (Certificate of Deposit), or Investment account.
          • Features include:
            • Line amounts ranging from $5,000 to $500,000.

            • Between 50% to 100% of the collateral's value.

            • A 20-year draw period with the balance due at maturity.

            • Interest-only monthly payments.

            • Annual Percentage Rates (APRs) ranging from 8.25% to 11.00%.