Fifth Third personal loan review: Range of loan amounts, but limited availability

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Pros

Unsecured loan amounts as high as $50,000
No origination fee or prepayment penalties
Range of loan term options

Cons

Online application only available to Fifth Third customers
Not available in most states

What you need to know about a Fifth Third personal loan

Fifth Third is a financial services company headquartered in Cincinnati. The lender has more than 1,100 full-service banking centers and tens of thousands of ATMs. Fifth Third offers unsecured personal loans and secured personal loans, as well as unsecured and secured lines of credit.

Wide range of loan amounts and loan term options

Fifth Third’s unsecured personal loan is available in amounts of $2,000 to $50,000. Unlike other types of loans, this loan can be used for any purpose, making it a potentially good option if you need to fund a major purchase or want to consolidate your debt.

The bank’s secured loans, which must be secured by funds in your Fifth Third savings, CD or investment account, are available in amounts equal to 50% to 100% of your collateral, from $2,000 to $500,000.

The bank also offers a range of loan term options, from 12 to 60 months.

A word of caution: If you’re planning to take out a large loan, run the numbers first to understand the true cost of the loan. Our Simple Loan Calculator can help you estimate how much you’ll pay each month, and the total amount you’ll pay in interest over the length of the loan.

Available in only 11 states

If you want to apply for a secured loan but aren’t a Fifth Third customer or you want a loan larger than $25,000, you’ll need to apply in a branch — but Fifth Third only has branches in 11 states, all in the Midwestern and Southeastern U.S.

A closer look at Fifth Third personal loans

Here are some additional details you should consider before applying for a Fifth Third personal loan:

Competitive interest rates — The bank’s starting personal loan annual percentage rate (APR) is on par with that of some of other online lender and bank personal loans. Keep in mind that your APR will depend on a range of a factors, including your credit, loan amount and term.
Rate discount — If you’re a Fifth Third customer, you may be eligible for a 0.25% rate discount on your loan if you set up an automatic payment from your checking or savings account. Certain Fifth Third “preferred” checking customers may be eligible for additional loan benefits, but you’ll have to ask a bank rep for more details.

Who is a Fifth Third personal loan good for?

A Fifth Third personal loan could be a good option for someone who’s already a customer of the bank and can take advantage of a loan rate discount and the bank’s online application process.

Fifth Third could also be worth considering if you want to borrow a smaller or larger sum of money, given the range of loan amounts, or if you want a relatively short loan term.

How to apply for a personal loan with Fifth Third

If you’re a current customer looking for an unsecured personal loan under $25,000, you can apply online. Otherwise, may need to schedule a virtual or in-person appointment.

Not sure if a Fifth Third personal loan is right for you? Consider this alternative.

Even if you’re leaning toward a personal loan with Fifth Third, it’s a good idea to compare rates from other lenders.

PNC Bank: This bank may be a good option if you need a smaller loan than what Fifth Third offers.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Read more.

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