Fifth Third Bank Personal Loan Review

Fifth Third Bank’s Signature Loan is unsecured. Unlike other personal loan products from this lender, the Signature Loan application is available online on their official website. Borrowers who are approved for this loan won’t pay prepayment fees or closing costs. They can also select their payment dates.

A Fifth Third Bank personal loan is best for borrowers who need urgent funds. Fifth Third Bank approves an application almost immediately and can release the funds within one day. Therefore, if there's a financial need that you have to resolve in a short period of time, this lender might be good for you.

Additionally, borrowers who think they will be able to pay off their loans early might want to consider Fifth Third Bank because this lender doesn’t charge prepayment fees. It’s also a good option for people who plan to set up autopay since borrowers can take advantage of a 0.25% autopay discount.

Borrowers who do not have an eligible account with Fifth Third Bank may find it more difficult to get a personal loan. The online application for the secured loan, or the Signature Loan, is only available to account holders. The eligible accounts are checking or savings accounts that have a good record with this lender.

In addition to this, applications for Fifth Third Bank personal loans are not fully online. Aside from the Signature Loan, their other personal loans and lines of credit need an appointment for application.

You don’t need to worry if your application is rejected. It’s not uncommon for borrowers to have their loan applications denied, and there are multiple reasons that can cause this to happen. Low credit scores, current debts, limited income, inaccurate information and other factors are among them.

The best thing you can do is contact your lender and ask why your application was declined. Once you know the exact reason, work on this factor and improve it. It will give you a better chance of being approved in the future.

Another solution is to make changes to your application. Lenders may allow you to modify details in your application. Examples of this include the loan amount or repayment terms since they impact your monthly dues.

After an application is denied, you can also apply with other lenders, but we do not recommend doing this immediately. You may face more rejections if you don't address the factor that caused the original denial.

MoneyGeek has answered commonly asked questions about Fifth Third Bank personal loans to help you decide if this lender will work for you. These answers may help you better understand this lender’s offerings, pros and cons.