What Bank Has the Best Interest Rate for Personal Loans?

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When applying for personal loans, the best bet towards getting a good rate is to work with a familiar bank. Look for competitive loan rates at credit unions with help from a financial specialist in this free video on personal loans and money management.

Part of the Video Series: Personal Loans
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is, "What bank or banks offer the best interest rates for personal loans?" I would say probably your best bet is to go back to bank that you've done business with in the past. You have had a car loan with them. You may even have your checking and savings with them or CDs or IRAs. Generally, they're going to offer you the best terms on the interest rates. Also, my experience, I've found that credit unions actually have very very competitive rates, even more so from the banks. I don't think they're regulated the same way as a traditional bank. They're basically lending their own money. So they can offer it at whatever interest rate they choose. Where as the bank is basically borrowing the money from the federal reserve and they have a certain margin they have to make on their loans. So your best bet is probably go back to a bank you have a history with. If you don't have a history with a bank, join a credit union. There's a lot of credit unions that you can actually join without having it being offered through your employer. Again, my name is Matt McKillen and I'm with Innovative Financial Group.

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