Fifth Third Bank Personal Loan Review
A Fifth Third Bank personal loan is best for borrowers who are looking for urgent funding since this lender releases funds within one day. The minimum credit score to be eligible for this loan is 600. This lender has an A+ rating from the BBB.
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.
At a Glance: Fifth Third Bank Personal Loans
- Fifth Third Bank
- 5.99% to 17.24%APR Range
- 600Minimum Credit Score
- $2,000 to $25,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Fifth Third Bank Personal Loan Details and Requirements
The APR range for a loan from Fifth Third Bank is 5.99% to 17.24%
Credit Score Requirements
Borrowers need to have a credit score of 600 or above to qualify for a loan from this lender.
There are no income requirements listed on the Fifth Third Bank website for this personal loan.
The loan amount range for this loan is $2,000 to $25,000.
The repayment terms available are from 12 months up to 60 months.
Is Fifth Third Bank Right for You?
Personal loan lenders are unique in terms of their offerings and benefits, so borrowers need to consider a variety of factors when deciding which lender is best for them. Here is some information about who can benefit from Fifth Third Bank loans and who might want to consider a different lender.
Who Fifth Third Bank Is Perfect For
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.
Who Should Not Choose Fifth Third Bank
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.
How to Apply for a Fifth Third Bank Personal Loan
When applying for a loan from Fifth Third Bank, it’s important to understand the process so that you aren’t caught off guard by any of the steps. Here is what to expect once you decide to apply for a loan from this bank:
There is no option to prequalify for a Fifth Third Bank personal loan on their website.
Fill Out Application Form
Application forms often request basic personal information and financial information. Be sure to double-check your application to avoid it getting rejected because of inaccurate information.
Wait for Approval
Fifth Third Bank makes decisions quickly, so it won’t take long for you to receive a decision about your application.
Review Loan Agreement
The agreement that the lender gives you may be different from the amount, rates and terms that you applied for. It’s best to review the loan agreement to know all the important information about your loan. This can save you money in the long run.
Sign Loan Agreement
Signing the loan agreement means that you agree with the terms and conditions of the loan.
Receive or Direct Funds
Borrowers can receive their funds within one day from approval.
Take note of your monthly due dates to avoid paying late fees. Your lender may have different payment channels, so you can choose which one is the most convenient for you. Autopay is also available, and you can get a 0.25% discount when you set this up.
What to Do if You Are Rejected From Fifth Third Bank
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.
Frequently Asked Questions About Personal Loans
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.
Read More on Personal Loans
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.