Bank of America, Chase, and Capital One are among the nation's largest banks that don't offer personal loans. If you are planning to apply for a personal loan, you might think a big bank is your first stop. Some banks may only offer personal loans to existing customers, and some big banks do not offer personal loans at all. Instead of a big bank, your best bet may be to compare the best personal loans and then decide which is right for you.

Reasons Why Some Banks Don't Offer Personal Loans

Banks are financial institutions that offer many different types of financial products, like checking and savings accounts, credit cards, and mortgages. Unsecured personal loans are not typically larger banks' main focus but many smaller banks do offer personal loans. Some banks may simply determine that personal loans do not fit into their other loan offerings.

Banks That Don't Offer Personal Loans

A personal loan is typically an unsecured loan that you can get for varying amounts, normally ranging from $1,000 to $50,000, but sometimes as much as $100,000. You repay the loan back in regular monthly payments with interest.

If you are planning to apply for a personal loan, keep in mind there are a few major banks that do not offer this type of loan, including Bank of America, Chase, and Capital One.

Bank of America

While Bank of America does not offer personal loans, it does offer numerous other personal financing options in addition to its checking and savings accounts. You can apply for a variety of credit cards, such as rewards credit cards, student credit cards, or credit-building credit cards.

Bank of America also offers home loans like mortgages, home equity loans, refinanced mortgages, as well as auto loans. Finally, it offers credit cards and lending services for businesses.

Chase

Although Chase is a big bank that does not offer personal loans, it does offer other types of lending products like personal credit cards, home loans, and auto loans. Chase also offers deposit products like checking, savings and CD options.

Businesses and commercial enterprises can also explore numerous financing solutions with Chase.

Capital One

Personal loans are not available through Capital One, but Capital One does offer many different lending options for individuals and businesses. You can apply for credit cards with different rewards programs, such as travel points or cash back rewards. You can also get an auto loan through Capital One.

Businesses and commercial lending services can apply for credit cards and lines of credit.

Other Places to Get a Personal Loan

While some of the nation's largest banks do not provide personal loans, borrowers still have plenty of options for getting financing for their needs.

Other Banks

Keep in mind that some banks and financial institutions will only offer personal loans to existing customers. For example, you must have an active American Express Consumer Card to apply for a personal loan with American Express. Smaller regional or community banks may also be potential sources for personal loans once an account relationship has been established.

Online Lenders

Many online lenders specialize in personal loans. Online lenders may be more willing than banks to work with borrowers who have poor credit, in particular.

If you are looking for a quick loan, some online lenders are able to offer same-day funding. For example, Rocket Loans will submit an ACH credit to your bank account if you complete the loan process and sign the promissory note by 1 p.m. ET on a business day.

You can compare online personal loan rates to find the best option for you.

Credit Unions

Credit unions are non-profit, member-owned enterprises that provide banking services. Borrowers may be able to get a personal loan with a lower interest rate at a credit union than at a bank. In the second quarter of 2023 , the national average interest rate for an unsecured fixed rate loan with a 36-month term offered by credit unions was 10.32%. The national average for banks was 11.04%.

Most credit unions will require you to become a member before they will offer you a personal loan. Credit unions can be state-chartered or federally chartered. Like you would any other financial institution, you can compare options to determine the best credit union for your needs.

The Bottom Line

Not all big banks will offer personal loans, but you can explore options at other banks, credit unions, and online lenders. Prequalifying for loans and comparing rates can help you find the best personal loan for you without impacting your credit.