Fifth Third Bank Personal Loans Reviews

Fifth Third Bank is a good option for borrowers seeking high loan amounts at relatively low interest rates that beat some of the competition. However, since Fifth Third requires you to apply for loans over $25,000 in person, it is best for borrowers who don’t mind an occasional trip to their bank branch or have small enough borrowing needs to apply online.

Fifth Third Bank has limited reach across the U.S., and borrowers who live outside of the bank’s 11-state reach should explore lenders that are licensed to lend in their state.

Fifth Third Bank has two personal loan offerings, an unsecured (signature) and a secured loan, as well as two options for revolving personal lines of credit.

The annual percentage rate (APR) range for Fifth Third’s lending options varies depending on the product (rates accurate as of publishing):

• Signature loan: 8.99% to 21.74% APR
• Secured loan: 10.14% to 13.64% APR
• Unsecured line of credit: 10.75% to 12.25% APR
• Secured line of credit: 8.50% to 11.25% APR

Although Fifth Third Bank offers a 0.25% autopay discount on its personal loans, this is already reflected in the rates above. Since it requires you to pay your loan balance from a Fifth Third checking or savings account set to automatic payments, this discount won’t necessarily help you get a better rate.

Both of Fifth Third Bank’s personal loan options come with no prepayment fees or closing costs. However, it does charge a late fee if it doesn’t receive your loan payment by the end of its grace period.

With Fifth Third’s lines of credit, the unsecured line carries no annual fee, while the secured line has a $65 annual fee that’s waived in the first year.

To be eligible for a personal loan from Fifth Third Bank, you must live in one of the following states:

• Florida
• Georgia
• Illinois
• Indiana
• Kentucky
• Michigan
• North Carolina
• Ohio
• South Carolina
• Tennessee
• West Virginia

Other than that, Fifth Third Bank doesn’t offer much insight into its eligibility requirements for personal loans. That said, you’ll want to speak with a customer service representative over the phone or in person to determine if you're a good candidate.

Once you are sure that you’re eligible, you have two options for applying for a Fifth Third Bank personal loan:

• Apply online: If you own an eligible Fifth Third checking or savings account that is in good standing, you can apply for a personal loan online. Although more convenient than applying at an in-person branch, loans applied for online have a $25,000 limit.
• Apply in person: By visiting a Fifth Third location in person, you can speak directly to a loan officer who can help you fill out your application. In person, you can apply for a loan of up to $500,000.

If your loan application is approved, you’ll have access to your funds as soon as the next business day.

Although Fifth Third Bank has a limited service area, its loans compete well with much larger lenders. For example, when you compare its personal loans to those of OneMain Financial, you’ll find that Fifth Third Bank offers the best rates, terms and loan amount range.

Fifth Third Bank might have a smaller footprint than other lenders, but it is a legitimate lender with competitive interest rates and large borrowing amounts up to $500,000. In addition to personal loans, it offers checking and savings accounts, credit cards, mortgages, insurance and investing services. Fifth Third dates back to 1858 and serves 11 states in the Midwestern and Southeastern U.S., with over 1,000 in-person, full-service locations.