Fifth Third Bank Personal Loans Review

Borrowers in the southeast and Midwest can consider Fifth Third Bank as a personal loan option for unsecured or secured loans. The bank offers competitive rates on small-to medium-sized personal loans. Additionally, initial payments can be deferred for a month and a half, which is several weeks longer than what other lenders may offer. There are some limitations, though, specifically on the states serviced as well as the fact you do need to be a Fifth Third Bank customer to apply. Based on all of this information, Fifth Third Bank could be a viable option for your unsecured or secured borrowing needs.

Pros

  • Competitive rates for secured personal loans
  • 45-day no payment period
  • No closing costs, annual fees, or prepayment penalties

Cons

  • Lower J.D. Power satisfaction score
  • Fifth Third Bank account required
  • Limited service region (10 states)

Fifth Third Bank by the numbers

  • APR range: 6.99% to 19.24%
  • Loan range: $2,000 to $500,000
  • Repayment term range: 1 to 5 years
  • Minimum credit score: Not listed
  • Minimum gross income: Not listed
  • Customer satisfaction: The Rest (2 out of 5 from J.D. Power)

Fees

  • Origination fee: $0
  • Prepayment fee: $0

Restrictions

  • None listed

Who should consider Fifth Third Bank personal loans?

Fifth Third Bank customers should consider utilizing one of the company’s personal loans as they are specifically designed for active account holders. Customers looking for unsecured loans under $25,000 can get a competitive rate between 6.99% and 19.24%.

If you’re looking for more money or a better rate, look into the bank’s secured personal loan options. Rates on these loans are between 5.14% and 8.64%. Be aware that you will need assets held in a Fifth Third account to secure this loan, so it might not be the best fit for everyone. If you’re able to meet the requirements, though, you’ll get rewarded with a much better APR.

Additionally, Fifth Third Bank lets customers wait 45 days until to make the first payment. Many other lenders require the first payment in the first month, while Fifth Third gives customers a couple of extra weeks to get the first payment in. You will still accrue interest during that period, but you will not be required to make a payment.

Who should avoid Fifth Third Bank personal loans?

If you don’t live in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee, or West Virginia, unfortunately, you’re outside of the coverage area for a Fifth Third Bank personal loan.

Additionally, if you don’t have an active banking account with the bank or are not interested in opening one, you should look elsewhere. The bank’s unsecured loan option, the Signature Loan, is only available to consumers with an eligible checking or savings account through Fifth Third Bank.

How to apply for a Fifth Third Bank personal loan?

Applications for a Fifth Third Bank personal loan can be submitted online at the company’s website, through a toll-free phone number or by setting up an appointment at a local branch. 

To apply online:

  1. Create a Fifth Third Bank account if you do not already have one. You will need either a checking account or savings account with the bank. If you already have an account, log in and navigate to the personal loan application page.
  2. Complete the application with your necessary information. You will need the amount you want to borrow, the purpose of the loan and updated numbers on your annual and monthly income and debt obligations.
  3. Once completed, you may receive an instant decision from the bank. In some cases, though, you will be required to provide additional documentation. If requested, supply the required documentation as quickly as possible.

If you are new to the bank, you can always utilize phone support or a branch location to set up your account and get your questions answered. The bank has 1,124 branch locations across 10 different states

Alternatives to Fifth Third Bank

PNC Bank Personal Loans

The minimum loan size with Fifth Third Bank is $2,000. If this is too large, you may be looking for a lending option that offers smaller sized loans. PNC Bank offers personal loans that start 50% smaller at a minimum size of $1,000. Additionally, these loans have no prepayment penalty, so even if you need a smaller amount, you can take out the $1,000 and pay back the part you don’t need right away.

LightStream Personal Loans

Those not living in the 10 states serviced by Fifth Third Bank may be able to meet their personal loan needs through LightStream, a division of SunTrust Bank. The online lender offers impressively low rates as low as 5.95% on some loan sizes and terms for those with great credit. Even if you don’t have the best credit, you still may be able to get a better rate as the maximum the company charges on personal loans is 17.29%.

LightStream also offers varying rates based on what you plan to use the money for. For example, personal loans for debt consolidation starting at 5.95% APR, while personal loans for kitchen or bathroom remodels start at 4.99% APR. One additional perk of LightStream personal loans is the company guarantees a positive loan experience, or it’ll give you $100.

Earnest Personal Loans

Those with better credit scores may be able to get a better rate through Earnest. The company advertises it only works with those with 680 or better credit scores. These scores do come with a lower minimum rate of 5.99% APR, though. Earnest is a bit more restrictive on repayment terms with the only options being 3, 4, or 5 years time. Much like Fifth Third Bank, Earnest personal loans come with no origination fees and no prepayment penalties. 

If you’re looking for a smaller loan under $5,000, you will not be able to get this through Earnest. Loans range from $5,000 up to $75,000. The company also does not service borrowers in Alabama, Delaware, Kentucky, Nevada, or Rhode Island at this time.

Jason Wesley

Contributing Writer

Jason Wesley is a seasoned writer with a passion for writing about banking, tech, personal growth, and personal finance. As a Las Vegas local and area business owner for a decade, he knows the ins and outs of the city better than anyone.