Our Verdict
Consider Associated Bank Personal Loans for your financing needs! Benefit from competitive interest rates and flexible terms. Keep in mind that while the loans offer many advantages, they also have limitations in terms of geographic reach and fee transparency. To get the most out of your personal loan experience with Associated Bank, apply for one powered by Upstart, an AI-lending platform.
Pros
If you’re considering getting a personal loan, Associated Bank has great options for you and your business. Here are some of the advantages:
- Competitive interest rates: You can get a personal loan from Associated Bank with rates starting as low as 17.49% APR, which is lower than many of its competitors. This means you can borrow money at a more affordable rate than with other lenders.
- Flexible repayment terms: Associated Bank offers a range of repayment terms. Choose the one that works best for your financial situation. The repayment term options range from 12 to 60 months, providing flexibility for borrowers with different financial needs.
- Quick and straightforward application process: Apply for a loan online in just a few minutes, and receive a decision within hours. Associated Bank also allows borrowers to sign their loan documents electronically, making the process even more convenient.
- Accessibility: Do not panic over a fair credit, you can still be eligible for a personal loan from Associated Bank. They also offer prequalification with a soft credit check, which won’t negatively impact your credit score.
- Custom payment date: Associated Bank also allows you to choose a custom payment date. This can make managing your finances flawless.
- In-person customer service: If you prefer to talk to someone in person, Associated Bank will provide a customer service agent to help you with the loan process.
- Associated Bank offers quick funding when you apply for its personal loan.
Cons
Associated Bank Personal Loans have a few potential disadvantages to acknowledge before applying.
- First, the bank’s loan products are only available in the Midwest, with branches in Wisconsin, Illinois, and Minnesota. If you’re not in the aforementioned regions or they are not close to you, it will be hard to access the bank’s loan options.
- Second, there’s a lack of transparency regarding fees. The bank doesn’t provide information about origination fees, late fees, or prepayment penalties on its website, making it challenging for you to compare the total cost of a loan with other lenders. Additionally, the bank charges an origination fee of up to 8% of the loan amount, which can add up quickly.
- Another thing to note is that there are no secured or co-signer options for Associated Bank Personal Loans, which can be a drawback. Also, the loans are only available for three- or five-year terms.
- Lastly, it’s worth mentioning you cannot apply for a personal loan online. Instead, you’ll need to visit a branch in person to start the application process.
Who This Product Is Best For
Associated Bank is a go-to option for individuals in the Midwest who want a dependable banking partner.
It is available customers in nine states. They are; Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, and Wisconsin. If you live in any of the bank’s serviced areas, Associated Bank’s Personal Loans could be a great choice. Do not miss out on their competitive interest rates and flexible repayment terms. Plus, if you prefer to apply for loans online, you’ll find their online application process quick and convenient.
Who This Product Isn't Right For
Avoid choosing Associated Bank for a personal loan if you live outside their service area, as you won’t be able to access their loan products. If you prefer transparency when it comes to fees and penalties, consider working with a lender who is more forthcoming with this information.
What This Product Offers
Associated Bank Personal Loans are an ample option if you want to finance various expenses. The loans are available in amounts ranging from $3,000 to $25,000 and come with repayment terms of 12 to 60 months. Take advantage of the loan for home improvements, debt consolidation, abrupt expenses, medical fees, and relocation costs, among others.
Product Details
Loan Amounts | APR | Repayment Terms | Fees | Minimum Credit Score |
Associated Bank Personal Loans are available in amounts ranging from $1,000 to $50,000, giving borrowers a range of options depending on their borrowing needs. | The annual percentage rate (APR) for Associated Bank Personal Loans ranges up to 17.49%, with rates varying depending on factors such as creditworthiness and loan term. | Borrowers have the option to repay their personal loan over a period of 12 to 60 months, allowing them to choose a repayment term that fits their budget and financial goals. | Associated Bank does not disclose information about its origination fees, late fees, or prepayment penalties on its website. | Associated Bank does not disclose a minimum credit score requirement for its personal loans, however, note that a higher credit score may cause lower interest rate and better loan terms. |
Where This Product Stands Out
Enjoy competitive interest rates with Associated Bank Personal Loans! Their rates start as low as 17.49% APR, making them exceptional for borrowers looking to save money on interest. Your APR depends on several factors, including your credit score, loan amount, your verified income and assets, and your deposit account relationship. Plus, the bank offers flexible repayment terms, so you can choose a term that fits your financial situation.
Are you feeling overwhelmed in the loan market? Luckily, as you explore the website of Associated Bank, you’ll find a section for tools and resources to help you choose the best loan for your needs. It provides tips and calculators to guide you through the loan selection process.
Where This Product Falls Short
Be cautious when considering Associated Bank Personal Loans. While they are an ideal Midwest banking franchise with over 220 banking locations, their loan products are limited to Wisconsin, Illinois, and Minnesota, leaving borrowers outside these areas with no access. Furthermore, the bank’s lack of transparency regarding fees and penalties can be a significant disadvantage for borrowers. Without disclosure of origination fees, late fees, or prepayment penalties on their website, borrowers may find it challenging to compare the total cost of their loan with other lenders.
How to Qualify for This Product
Start by taking note of some criteria. You need to have a valid Social Security number and a permanent address in Illinois, Minnesota, or Wisconsin to be eligible for an Associated Bank loan. Once you meet these requirements, determine your loan amount based on your credit, income, and other information in your application.
Keep in mind that not all applicants will qualify for the total amount. Remember, loan products by Associated Bank are subject to credit approval. To avoid surprises, ask about the fees, terms, and conditions of these products.
And if your loan requires collateral, you’ll need relevant insurance coverage. For example, if you’re using your car as collateral, you’ll need to have comprehensive auto insurance that covers damage, theft, and other potential risks.
How to Apply for This Product
If you’re interested in applying for an Associated Bank personal loan, head over to one of their branch locations to speak with a loan officer. They’ll walk you through the application process, which includes sharing personal and financial information like your income and credit history. The loan officer/banker will be there to guide you every step of the way.
Alternatives to This Product
You’ve been considering a personal loan from Associated Bank, but it doesn’t seem like the right option for you or isn’t available in your area, don’t worry. There are many other lenders out there that can help you get the funding you need. Here are some popular choices to consider:
- LightStream: This lender offers competitive rates and flexible terms, with no fees. If you qualify, you could receive same-day funding. LightStream also has a rate beat program, where they will beat any qualifying rate from another lender by 0.10 percentage points.
- SoFi: SoFi provides personal loans with low rates and no fees, making it a great option for you to save money. But SoFi is more than just a lender; they also offer career coaching and financial planning services to help you manage your finances.
- Marcus by Goldman Sachs: With competitive rates and no fees, Marcus by Goldman Sachs is another popular choice for personal loans. But they also provide valuable financial education resources to help you understand your finances and manage money more effectively.
- Discover: Discover is a great option for borrowers who want to keep their costs low. They offer personal loans with no origination fees and free credit monitoring and alerts to help you stay on top of your credit.
- Avant: Even if you have lower credit scores, Avant will help. They offer personal loans with flexible terms and same-day funding, making it easy to get the money you need when you need it.
Remember, when looking for a personal loan, it’s important to research and compare your options. Look at interest rates, fees, and terms to find the lender that offers the best deal for your specific needs. Beyond research and being a savvy borrower, you can find a personal loan that fits your budget and helps you achieve your financial goals.
Customer Reviews
Associated Bank personal loans do not have many official reviews online, but the bank did well with independent rating agencies like J.D. Power.
J.D. Power’s 2022 U.S. retail banking satisfaction study for banks in the Upper Midwest ranks Associated Bank third with a score of 650 out of 1000. In 2021, Associated Bank and Upstart decided to partner to offer personal loans and J.D. Power’s 2022 U.S. consumer lending satisfaction study; Upstart has a ranking of seven, with a score of 741 out of 1000.
Methodology
We reviewed Associated Bank personal loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated Associated Bank personal loans based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores, time in business requirements, and the geographic availability of the lender. Finally, we evaluated Associated Bank personal loans customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.
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