Fifth Third Bank Personal Loans

Fifth Third Bank Personal Loans Reviews

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About Fifth Third Bank Personal Loans

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Fifth Third Bank is a regional bank that serves the Midwestern and Southeastern United States. It offers many different banking products, including two personal loans and two personal lines of credit for customers in need of financing. Plus, Fifth Third Bank has high borrowing limits, making it a good option for those in need of a large personal loan.

    Pros & Cons

    Pros
    • High loan maximums
    • No closing costs or prepayment fees
    Cons
    • Only available in 11 states
    • You must apply in person for a loan over $25,000

    Our editor’s take

    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 personal loan products

    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.

    Signature loan
    Fifth Third Bank’s signature loan is an unsecured loan with borrowing limits of $2,000 to $50,000 (or $25,000 if applying online). It comes without unnecessary fees, like closing costs or prepayment fees and is available in terms of 12 to 60 months.

    Unique to this loan is the ability to defer your first payment date for up to 45 days.

    Secured loan
    A secured loan is secured by your Fifth Third savings account, investment account or certificate of deposit (CD) account. With these loans, you can borrow 50% to 100% of the value of your collateral, from $2,000 to $500,000. Terms are 12 to 60 months, with no prepayment penalties or closing costs.
    Unsecured line of credit
    Fifth Third’s unsecured line of credit requires no collateral and enables you to dip in and out of funds as needed. Line amounts range from $5,000 to $100,000, with a five-year draw period followed by a 10-year repayment period.
    Secured line of credit
    Fifth Third’s secured line of credit enables you to access up to $500,000 in revolving credit with interest-only monthly payments. It has a 20-year draw period, but the balance is due at maturity. The line is secured by your Fifth Third savings account, CD account or investment account.

    Fifth Third Bank personal loan rates

    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.

    Fifth Third Bank personal loans fees

    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.

    How to apply for a Fifth Third Bank personal loan

    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.

    How do Fifth Third Bank personal loans compare?

    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.

    Need cash now? Use our Personal Loans Tool to lock in great offers in minutes!

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    Fifth Third Bank personal loans FAQ

    What is Fifth Third Bank?

    Fifth Third Bank is a regional bank spanning 11 states. It offers multiple financial products, such as savings accounts, personal loans and wealth management services.

    What credit score do I need to qualify for a Fifth Third Bank personal loan?

    Fifth Third Bank doesn’t publicly disclose its credit score requirements for personal loans. That said, most lenders prefer to lend to borrowers with good credit scores (or higher).

    Do Fifth Third Bank personal loans require collateral?

    Fifth Third Bank offers both secured and unsecured options for its personal loans and personal lines of credit. The signature loan is unsecured and therefore doesn’t require collateral.

    Is Fifth Third Bank legit?

    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.

    Fifth Third Bank Personal Loans Reviews

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      How do I know I can trust these reviews about Fifth Third Bank, National Association?
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      Page 1 Reviews 0 - 10
      Customer Service

      Reviewed Jan. 24, 2024

      I have a loan through this Fifth Third. Twice in the last two years, they have taken a double payments out of my checking account for a monthly payment. The first time it happened, I was having automatic withdrawals taken out of my checking account each month. One month they took two payments. So I stopped using automatic withdrawals, and started making my monthly payments through their website. This month I made a payment on January 19, and the payment showed on the account on the January 20. Fifth Third then took out a second payment on the January 22. They said I set up that payment on January 21, which I did not do.

      It will now take over 10 days to get reimbursed for the second payment. They asked if I would like to use the second payment for my February payment. In most cases, I would not have a problem with applying the second payment to the next month, but this is what I tried to do the first time they took out two payments and I was harassed the following month when I did not submit a payment that was not due.

      What really is upsetting is they said I made the second payment. I assured them I did not and could not have made the second payment by mistake as it was for more than the minimum payment due. I would have had to type in the amount that was taken out. They treat you like you’re an idiot. I honestly don’t know how places like this stay in business.

      There is no recourse for when an institution does something like this. They simply just take advantage of their customers, and hope the customer doesn’t catch it. I’m going to do all I can to move this loan to another financial institution. It is clear to me this company is doing some funny things with electronic pay payments. Pathetic customer service.

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      Fifth Third Bank Personal Loans Company Information

      Company Name:
      Fifth Third Bank, National Association
      Website:
      www.53.com