This Fifth Third Bank personal loans review will provide you essential information about the bank and how to get a personal loan from it. Who knows, after this, you might just realize you’ve already found the most ideal lending company for you.
In 2018, according to data published by Debt.org (America’s Debt Help Organization), American household debt hit a record of $13.21 trillion. This debt was shared by about 300 million people in the country.
Meanwhile, in a report by CNBC online, it says that US personal loans per se increased to a record of $138 billion. The article states that fintech companies may have helped boost the increase in number. Of course, traditional banks and lending companies do share a lot as well.
The number of debts especially personal loans is expected to continue rising. Well, given the current situation in the country and all around the globe, it wouldn’t be surprising if, by the end of the year, the number of personal loans will hit another record.
Now, as the demand for loans increases, so are the number of lenders. In fact, there are so many financial institutions and lending companies (both online and traditional) out there that as a borrower, it could get a little overwhelming to choose one.
One of the options in a sea of lenders is the Fifth Third Bank, and as we have said earlier, this Fifth Third Bank personal loans review will specifically provide every potential borrower all the essential information they need to be able to come up with an informed decision.
Particularly, we are going to tackle the following:
- Who is Fifth Third Bank?
- Why consider getting a personal loan at Fifth Third Bank?
- What kind of personal loans does Fifth Third Bank offer?
- What do you need to know about Fifth Third Bank personal loans?
- Who qualifies for a Fifth Third Bank personal loan?
- How to apply for a Fifth Third Bank personal loan?
- What are the pros and cons of Firth Bank personal loans?
WHO IS FIFTH THIRD BANK?
Fifth Third Bank is the primary subsidiary of Fifth Third Bancorp, a diversified bank holding company in the United States. Fifth Third Bancorp, which was founded in 1858 is one of America’s Top-20 largest bank holding companies.
Although headquartered in Cincinnati, Ohio, Fifth Third Bank, which is classified as a community bank, is serving individuals, businesses, as well as communities in 10 states, through more than 1,200 full-service locations.
Similar to other community banks out there, Fifth Third Bank is committed to improving the lives of people living in local communities where they operate. They make it possible by offering financial products that fit every budget and lifestyle.
Fifth Third Bank offers both online and mobile banking services that provide access to banking accounts, view bank transactions, and deposit checks to name a few.
Meanwhile, when it comes to the products and services they offer, like any typical bank, Fifth Third Bank offers savings and checking accounts, loans, and more.
Today, though, as the title implies, we are specifically focusing on its personal loan products.
First Third Bank is an accredited business with the Better Business Bureau for years. Currently, it has an A+ BBB rating, which is the best rate possible.
Unfortunately, though, the bank’s customer reviews on the BBB website are less pleasing. On average, customers award it the minimum one star out of a possible five.
Before moving on, if you want to know more about how to hit an approval of your personal loan application, you may want to check this very informative video by Ajith Sharma. Check this out by clicking the play button below:
WHY CONSIDER GETTING A PERSONAL LOAN AT FIFTH THIRD BANK?
It is every borrower’s responsibility to see to it that the lender they are eyeing for meets their personal requirements. In the same way that banks also look into every borrower’s eligibility for a particular product or service.
Now, before we even talk about who qualifies for a personal loan at Fifth Third Bank, why consider Fifth Third Bank in the first place?
While we can share a number of reasons, allow us to focus on the following instead:
- It provides funding in near-instantly by allowing borrowers to access borrowed money within one business day.
- Unlike other lending companies, the bank does not charge origination or prepayment fees.
- It has quite reasonable and competitive annual percentage rates (APRs) that range between 6.99% and 19.24% depending on the state.
- The bank made it to the J.D. Power 2019 Personal Loan Satisfaction Study.
- It is present in over 1,000 branches across 10 states (Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia).
As we continue discussing, you will certainly know more about Fifth Third Bank and its personal loan services. More so, the more you get to learn about this bank and its personal loan options, the more you are likely to consider getting a loan from it.
WHAT KIND OF PERSONAL LOANS DOES FIFTH THIRD BANK OFFER?
Clients of Fifth Third Bank have to options for personal loans. These are Signature Loans and Secured Loans.
To learn more about the two, here’s a quick definition we got from Fifth Third Bank website:
This type of loan is a simple and convenient way of getting money you need. The loan can be processed online, or through a mobile device.
By applying for a Signature Loan, you get to enjoy an instant decision to the status of your loan application, as well as the ability to access your funds within the next business day.
However, it is important to note that Signature Loan is exclusive for Fifth Third customers with an eligible checking or savings account only.
- Loan amounts from $2,000-$25,000
- Terms available: 12 – 60 months
- Annual Percentage Rates range from 6.99% to 15.24%
- No closing costs, prepayment or annual fee
- Ability to select first payment date up to 45 days out
By applying for a secured loan, you get to borrow you need now while letting your asset grow.
Similar to Signature Loan, this type of personal loan is available exclusively for Fifth Third customers with an eligible checking or savings account only.
- Loan amounts from $2,000-$500,000
- Between 50% to 100% of the collateral
- Terms available: 12-60 months
- Annual Percentage Rates range from 5.14% to 8.64%
- No closing costs, prepayment or annual fee
WHAT DO YOU NEED TO KNOW ABOUT FIFTH THIRD BANK PERSONAL LOANS?
Now, at this point in our Fifth Third Bank personal loan review, will discuss in detail. We are going to look into every single aspect that is vital for any borrower to come up with a decision – whether to apply for a personal loan at Fifth Third Bank or look for another financial or lending institution.
Some of the key details we are going to look into are as follows:
- Loan Amount
- Interest Rate
- Loan Terms
- Prequalifying Option
- Customer Service
As mentioned, Fifth Third Bank has two types of personal loans to choose from – the Signature Loan and the Secured Loan.
For Signature Loan, the minimum loanable amount is $2,000, while the maximum amount you can borrow is $25,000.
Meanwhile, for those opting for a Secured Loan instead, you can borrow as low as $2,000 up to $500,000.
Just the same, the annual percentage rate also varies depending on the type of personal loan you are applying for.
For Signature Loans, the APR ranges between 6.99% and 15.24%. As for Secured Loan, APR varies ranges 5.14% to 8.64%.
As mentioned earlier, the interest rate will depend on certain factors, particularly the state where you are from or are applying from. So, to be sure, make it a point to inquire in the nearest Fifth Third Bank or you may reach them at their phone number (which we will be provided later on).
When it comes to loan terms or repayment terms, borrowers of either Signature Loan or Secured Loan do have the same options to choose from.
Either way, the loan terms available are 12, 24, 36, 48, or 60 months.
The same rules apply at Fifth Third Bank. The longer the terms is, they lower the monthly payments will be. However, that results to paying more interest.
Meanwhile, opting for shorter-term loans means higher monthly payment, but ultimately, it will save you money in the long run.
Thus, make sure to strike a balance between the two.
Another important thing that a borrower needs to look into before settling for a lender is to make sure he or she is fully aware of the fees. Unfortunately, there are lenders that do not explicitly inform borrowers of fees and charges.
Fortunately, Fifth Third Bank is very transparent when it comes to fees and charges. The bank does not charge closing costs, prepayment penalties, as well as annual fees.
While it is unclear how much or if the bank charges for insufficient funding, when it comes to late payments, they do charge a certain price, but that is only when you fail to pay after a 10-day grace period. Actual charge is not disclosed.
For Secured Loans, clients who are planning to borrow between $2,000 and $500,000, Fifth Third bank requires at least 50% collateral.
As mentioned earlier, Fifth Third Bank provides an easy and accessible loan processing. In fact, borrowers can have access to funds within the next business day.
Yes, that is how fast they can process loan applications – provided of course that you are eligible and are able to provide all the information they need to process your loan application and make a decision.
Another important feature that a borrower (especially those with a tight budget during the time of the loan) must look into is if the lender offers deferment.
Luckily, Fifth Third Bank offers a deferment option for Signature Loans. The borrower is given an option to defer the first payment date for up to 45 days. However, it is important to note that interest will still accrue.
Unlike other financial institutions or lending companies, Fifth Third Bank does not have a prequalifying option, which means you have to apply instead of getting an upfront quote.
The thing about applications is that it can affect your credit score.
If you want to have an idea though, you can check the bank’s signature loan monthly payment calculator, which is available on their website.
While some lenders do allow co-signers, Fifth Third Bank does not specify a policy on co-signers. We assume, however, that should the bank allow it, the co-signer has to have an eligible existing account with the bank.
If you have questions, clarifications, or you know more about the bank’s products and services particularly its personal loan options, Fifth Third Bank can be contacted by sending an email, calling over the phone, or by setting an appointment at a branch near you.
For inquiries over the phone, you may call 1-800-972-3030 on Mondays through Fridays, 8 a.m. to 6 p.m. EST, and on Saturdays, 10 a.m. to 4 p.m. EST.
WHO QUALIFIES FOR A FIFTH THIRD BANK PERSONAL LOAN?
There are no upfront application requirements to be able to get a personal loan from Fifth Third Bank. Anyone can apply regardless if you already bank with Fifth Third or not. Your credit score does not matter, too. But of course, as a general rule, having good credit will surely help improve your chances of getting approved for a personal loan.
Ideally, your credit score must fall above 760 to be considered excellent. Meanwhile, credit scores that are above 700 are considered good, are likely to still be granted with personal loan approval.
Similar to most if not all lenders, when applying for a loan, you need to provide personal information like your existing assets and debts (if any). At the same time, provide verifiable income history. This information is vital for the bank to come up with a lending decision.
Although the bank allows the processing of loan applications online or via mobile, borrowers may also opt to apply personally in any Fifth Third Bank branch near them.
When you apply for a personal loan — whether it be Signature Loan or Secured Loan — make sure to have all the required information with you. Not having all of them may slow down the process.
Some of the common information you’ll be asked to provide include:
- Date of birth
- Proof of identity, such as a driver’s license
- Social Security number
- Annual income
- Proof of income, such as bank statements or pay stubs
- Verification of employment
Make sure also that all the documents you have are clear, accurate, and easy to understand. The goal is to leave a few questions to the loan officer.
HOW TO APPLY FOR A FIFTH THIRD BANK PERSONAL LOAN?
Now that you already know what Fifth Third Bank is all about, its personal loan options, as well as other essential information a borrower must know, this time around, we are going to provide you with information on the loan application process.
This Fifth Third Bank personal loan review will not be complete without us sharing with you this equally important information — especially if by now you have already decided to pursue a personal loan application at Fifth Third Bank.
To apply for a personal loan, you have two options — either you go online or you visit a branch near you to process your loan application personally.
If you are opting to apply online, all you have to do is go to the Fifth Third Bank website. Then, navigate to the Personal Loans and Lines of Credit page. Choose whether you are opting for a Signature Loan or a Secured Loan, and then click “Apply Now”.
Automatically, you will be prompted to log in to your Fifth Third Bank account. You will then be asked to complete the whole loan application process and essentially, get an instant loan decision.
As we mentioned earlier, once approved, funds are deposited into your account the next business day.
Meanwhile, if you want the more traditional way, you may also do so. Just look for a Fifth Third Bank near your place, and call the branch to set an appointment.
WHAT ARE THE PROS AND CONS OF FIFTH THIRD BANK PERSONAL LOANS?
At this point in our Fifth Third Bank personal loans review, we are going to share with you some of the pros and cons that we found about the bank.
Similar to other lending companies, Fifth Third Bank does have its share of good and bad as well. After all, there is no such thing as a perfect lending company, right?
So, here are what we found —
- It provides two options for different types of customers.
- It has a wide range of repayment terms.
- Providing a rate discount is possible.
- It does not charge an origination fee, prepayment penalty, or annual fee.
- Borrowers can apply for a personal loan either online or personally at a Fifth Third Bank branch.
- Usually, lending decisions are given near-instantly.
- Funds are provided within one business day.
- The interest rates are not the lowest in the industry.
- The bank is only available in 10 states (although it has over 1,000 branches across all those states).
- Personal loans are only available to existing customers with an eligible Fifth Third Bank checking or savings account in good order.
FINAL THOUGHTS ON FIFTH THIRD BANK PERSONAL LOANS REVIEW
Overall, Fifth Third Bank is a promising option to get a personal loan from. It provides borrowers options on whether to go for an unsecured (Signature Loan) or secured loan.
Credibility-wise, with over 150 years of existence in the industry, the bank has definitely earned it.
So, do you think Fifth Third Bank is the right bank for you to apply for a personal loan from?