MoneyGeek’s Take

Fifth Third Bank Personal Loan Lender Review

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ByChristopher Boston
Edited byCasie McCoskey
ByChristopher Boston
Edited byCasie McCoskey

Updated: December 23, 2023

Advertising & Editorial Disclosure

Fifth Third Bank offers personal loans with features like flexible amounts from $2,000 to $50,000, no closing costs or prepayment fees and a 0.25% rate discount with Auto Billpayer®. Its loans are unsecured, with fixed rates and quick funding upon approval. Ideal for existing Fifth Third customers, these loans cater to borrowers needing fast access to funds and preferring straightforward terms. However, limitations include the lender restricting services to bank customers only and a low customer service rating. Fifth Third Bank can be a practical choice for existing customers who value simplicity and quick loan processing.


  • Fifth Third Bank

    • 8.99% to 21.74%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Fifth Third Bank stands out as a personal loan lender for several reasons. For example, the absence of origination fees and prepayment penalties means you won't face extra charges for processing your loan or paying it off early. These can save you a significant amount of money over time. It also offers a fixed interest rate and set monthly payments. This stability allows you to budget effectively, knowing exactly how much you need to pay each month.

    Fifth Third Bank offers the convenience of not requiring collateral for its loans, a relief for borrowers who might not have significant assets to secure a loan. With term options up to 60 months, you can choose a repayment period that suits your financial situation. Quick funding is another highlight. Once your loan is approved, the funds are available promptly, helping you meet your financial needs without delay.

    Combined with an A+ BBB rating and a long-standing history since 1927, these features make Fifth Third Bank a strong contender in the personal loan market.

    Pros

    • Flexible loan amounts
    • No closing costs or prepayment fees
    • Variety of loan terms
    • 0.25% rate discount with Auto Billpayer®
    • Option to select your first payment date

    Cons

    • Restricts services to existing Fifth Third customers
    • Applies late payment fees
    • Online application is only for loans up to $25,000
    • Low customer service ratings
    Fifth Third Bank

Features of Fifth Third Bank Personal Loans

When considering a personal loan from Fifth Third Bank, it helps to compare its unique features with other lenders. You can use Fifth Third Bank personal loans for different needs like home improvements or consolidating debts. This bank outlines clear fees, providing transparency, and you'll find flexible loan terms to suit different budgets. Fifth Third Bank may also offer assistance options if you face challenges during repayment. Meanwhile, its customer service and online tools can make managing your loan straightforward. Understanding these features can help you decide whether Fifth Third Bank fits your personal loan requirements, ensuring a choice that aligns with your financial goals.

What Can You Use Your Funds For?

Some lenders limit how you spend your loan, but Fifth Third Bank offers flexibility for several needs. Here are some common uses for your funds:

  • Home Improvements: Enhance your living space or boost your home's value with renovations, whether it's updating your kitchen, adding a bathroom or installing energy-efficient windows.

  • Debt Consolidation: Streamline your finances by merging multiple high-interest debts into one manageable loan. It can lead to lower overall interest rates, making your debt easier to manage and pay off.

  • Emergency Expenses: A loan from Fifth Third Bank can cover sudden, essential costs like urgent medical procedures or critical home repairs, providing a safety net in times of need.

  • Large Purchases: Plan for significant expenses without the financial strain. It could include buying essential household items, funding a major event like a wedding or even covering travel expenses.

With a personal loan from Fifth Third Bank, you have the freedom to address these financial needs. This flexibility facilitates effective financial planning and ensures you have support for whatever life throws at you.

Fifth Third Bank Personal Loan Terms

Knowing the terms of a Fifth Third Bank personal loan can help you strategically plan your finances. It's all about understanding how much you can borrow, for how long and the cost. Here are the details:

  • Loan Amounts: You can borrow between $2,000 and $50,000. For quick needs, there's a simple digital process for loans up to $25,000. The range allows you to tailor the loan to your specific financial requirements, whether for a small project or a significant expense.

  • Repayment Terms: Choose a repayment period from 12 to 60 months. This flexibility helps you match your monthly payments to your budget, making it easier to manage your loan without financial strain.

  • APR Range: Annual Percentage Rates (APRs) vary based on your credit qualifications, loan amount and term. However, once you agree to an offer, it won't change for the lifetime of your loan. Remember, a lower APR is more cost-effective, so it's best to aim for the best rate you qualify for.

Understanding these terms lets you make a well-informed decision, ensuring your loan aligns with your financial goals and capabilities.

Fifth Third Bank Personal Loan Fees and Discount

Familiarizing yourself with the fees associated with a Fifth Third Bank personal loan can help you manage your finances effectively. Let's begin with what this lender doesn't charge:

While these waived fees can lead to savings, take note of other potential costs. For example, a late fee applies if Third Fifth Bank doesn't receive your payment by the end of the grace period. For specifics, checking your Loan Agreement or directly contacting Fifth Third Bank is best.

You can also benefit from a discount on your loan. By setting up automatic payments from a Fifth Third checking or savings account, you'll receive a 0.25% reduction on your rate, making your loan more affordable over time.

Fifth Third Bank Personal Loan Repayment Assistance

If you're facing financial hurdles while repaying your Fifth Third Bank personal loan, knowing that help is available is reassuring. Knowing whether or not this service is available can be a determining factor when choosing a personal loan lender.

The first step is to reach out immediately if you need help with payments. Contact Fifth Third Bank at 866-601-6391 and choose option 3 to explore available assistance options. Be sure to provide the necessary information to approve any workout options. Accurate and complete details will help Fifth Third Bank support you without delay.

After you request assistance, expect a response within seven to ten days. The timeline may vary, depending on individual circumstances. You can consult the loss mitigation team at 1-855-736-4578 for detailed answers regarding your application.

Remember, timely communication with Fifth Third Bank can significantly aid in finding a solution tailored to your financial needs.

Fifth Third Bank Customer Service

Good customer service is essential when choosing a personal loan lender. It ensures you have support whenever you have questions or issues with your loan. Fifth Third Bank offers multiple ways to get help:

  • 24/7 Messaging Support: Access support anytime online or through its mobile app. Log in to your account and click the floating icon at the bottom of the page to start chatting.

  • Customer Service Call Center: You can call 1-800-972-3030 for voice support. The team is available during the following schedule:

    • Monday to Friday: 8 a.m. to 6 p.m. ET
    • Saturday: 10 a.m. to 4 p.m. ET

However, it's worth mentioning that Fifth Third Bank's Trustpilot rating is 1.3 out of 5, based on 136 reviews, with only 10% giving 4- and 5-star ratings. This score indicates that most customers have had less than satisfactory experiences.

Fifth Third Bank Personal Loan Online Resources

Choosing a personal loan lender isn't just about getting help when issues arise. Another aspect to consider is your access to valuable online resources, such as calculators and educational content. These helpful tools can guide your financial decisions and planning.

Fifth Third Bank offers an online calculator for its Signature Loan. Select your state, preferred loan amount and loan term. The calculator shows your estimated monthly payment, highlighting how changing the term affects your costs. Note that the rates include a 0.25% reduction for using Auto Billpayer®, which automatically deducts payments from a Fifth Third account.

Beyond loan calculations, this lender provides calculators for mortgages, student loans, auto loans and retirement planning. There's also a comprehensive Financial Planning page covering subjects like home buying, saving for life events and debt consolidation, complete with tips and relevant product suggestions.

Fifth Third Bank's mobile app also offers convenient features like account management, payment scheduling and access to these resources, making it a valuable tool for borrowers to manage their loans effectively.

These online resources and tools help you make informed financial decisions and easily manage your loan.

Qualifying for a Fifth Third Bank Personal Loan

Understanding what Fifth Third Bank looks at when evaluating your personal loan application can lead to a smooth borrowing experience. Knowing the criteria helps you gauge your chances of approval and ensures adequate preparation before applying.

While Fifth Third Bank doesn't publicly share specific eligibility requirements, here's what personal loan lenders typically consider.

  • Credit Score: A higher credit score often means better loan terms. Lenders usually prefer scores above 600 but often reserve the best rates for scores above 700.
  • Employment History: Steady employment indicates financial stability, which is reassuring to lenders.
  • Income: Your income level helps lenders assess your ability to repay the loan. Stable, sufficient income increases your chances of approval.
  • Debt-to-Income Ratio: This ratio compares monthly debt payments to income. Lenders typically prefer a DTI ratio under 36%.
  • Purpose of the Loan: Some lenders consider the reason for borrowing, preferring loans for debt consolidation, home improvements or other financially responsible purposes.

Check with Fifth Third Bank for specific eligibility criteria to ensure you align with its requirements. Understanding these elements can improve your readiness for a personal loan application.

Is a Fifth Third Bank Personal Loan Right for You?

Deciding if a Fifth Third Bank personal loan suits you requires considering several factors. Your choice ultimately affects your long-term financial health, not just your immediate financial needs. Assessing whether its loan features, like terms, fees and customer service, align with your needs ensures you make a well-informed decision.

Who Can Benefit From a Fifth Third Bank Personal Loan?

Fifth Third Bank can be an excellent option for existing account holders. If you already have a checking or savings account with the bank, you can benefit from the streamlined online application process for loans up to $25,000.

Customers in need of quick funding may also find Fifth Third Bank appealing. Once your loan application is approved, the funds are typically available in your account the next business day. The speedy access to funds is a significant advantage for those who need financial resources without delay.

The bank offers a 0.25% rate discount for setting up automatic payments through a Fifth Third checking or savings account. It can be particularly beneficial for borrowers since it simplifies the repayment process and saves you money over the life of the loan.

Who Shouldn’t Secure a Fifth Third Bank Personal Loan?

Fifth Third Bank offers several advantages, but it may not be the ideal lender for everyone. Certain borrower profiles might find that Fifth Third Bank's offerings don't align with their needs.

Borrowers seeking an online experience for larger loans may not find Fifth Third Bank the most suitable route. The bank limits its online loan applications to a maximum of $25,000. Consumers needing more significant amounts will have to pursue alternative application methods, such as in-person visits to a branch, making it less convenient.

Additionally, borrowers who place a high priority on customer service ratings might find Fifth Third Bank lacking. Trustpilot gave the banks' customer service a low rating. While this doesn't necessarily reflect every customer's experience, it is a relevant consideration for those who value highly-rated customer service in their lenders.

How to Apply for a Fifth Third Bank Personal Loan

Understanding the Fifth Third Bank personal loan application process is an advantage. It prepares you for what to expect, streamlines the process and reduces potential stress. This knowledge helps you gather all necessary information beforehand, ensuring a smoother experience.

Here’s a breakdown of Fifth Third Bank’s application process:

1
Check Eligibility

If you’re a Fifth Third customer with a checking or savings account in good standing, you can apply for a loan of up to $25,000 online.

2
Log in to Online Banking

Begin the process by logging into your Fifth Third online banking account with your user ID and password.

3
Complete the Application

Once logged in, answer some simple questions about your financial situation and loan needs. During this step, upload any documents the bank requires.

4
Submit and Wait for Approval

After submitting your application, Fifth Third Bank will review it. The funds are typically available in your account the next business day if approved.

5
Choose Your First Payment Date

Fifth Third Bank offers the flexibility to select your first payment date up to 45 days after receiving the loan. This can help you plan your finances accordingly.

For larger loans or more personalized guidance, visit a branch or schedule an appointment. This option is ideal for discussing loan options in-depth or for assistance beyond the online application.

What to Do if You’re Denied

Being denied a personal loan from Fifth Third Bank can be disappointing, but it's not the end of the road. There are constructive steps you can take to address this setback:

  • Understand the Reasons for Denial: Fifth Third Bank should provide you with the reasons it denied you, which may include a low credit score, insufficient income or a high debt-to-income ratio. Understanding this helps you identify areas for improvement.

  • Boost Your Financial Profile: Work on enhancing your credit score by paying bills on time, reducing debt and correcting any credit report errors. Improving your financial standing increases your chances for future approval.

  • Consider a Co-Signer or Co-Applicant: Fifth Third Bank does not allow co-signers on its loans. However, if you're considering other lenders, this option can help strengthen your application, as the co-signer's credit and income will boost your own.

  • Look for Alternative Financing Options: Explore other lenders with different criteria, or consider secured loans, credit unions or online lenders. Each has its own advantages and may be more suited to your current financial situation.

  • Seek Professional Financial Advice: Consult with a financial advisor to understand your options and plan a strategy to improve your financial health.

Remember, a loan denial is a temporary obstacle. Taking these steps can help you improve your financial health and potentially secure a loan in the future.

FAQ About Fifth Third Bank as a Personal Loan Lender

Considering a personal loan from Fifth Third Bank might bring up several questions. Our FAQ section provides answers, giving you more clarity about its services.

Does Fifth Third Bank have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a Fifth Third Bank personal loan?
How long does Fifth Third Bank take to approve a personal loan?
Does Fifth Third Bank have a mobile app?
Is a Fifth Third Bank personal loan secured or unsecured?
How much can I borrow using a Fifth Third Bank personal loan?
What fees will I encounter with a Fifth Third Bank personal loan?
How does applying for a Fifth Third Bank personal loan affect my credit score?
Does Fifth Third Bank offer an autopay discount for personal loans?
Can you have co-signers on a Fifth Third Bank personal loan?

About Christopher Boston


Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


sources
Shield Insurance

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.