Fifth Third Bank Personal Loan Review

(July 2024)

In This Article

Our Verdict

Headquartered in Cincinnati, Ohio, Fifth Third Bank manages more than 1000 branches and 50,000 ATMs in 11 states which are Ohio, West Virginia, South Carolina, Tennessee, Florida, Kentucky, North Carolina, Indiana, Michigan, Illinois, and Georgia. The bank was founded in 1908 as the Third National Bank and Fifth National Bank merged. This occurrence led to the idea that begat the new name “Fifth Third Bank.” You have access to a pool of personal financing options ranging from the signature loan, secured loan, and lines of credit ( If you are a pre-existing customer of Fifth Third Bank, you can enjoy a discount rate of 0.25% on every lending product. To qualify for the bank’s secured loans, you need to surrender your savings or investment account as collateral for any amount you intend to take out. Also, note that the money in your collateral accounts must equal 50% or 100% of the borrowed amount.


  • Competitive interest rates
  • Numerous lending options
  • Quick funding
  • Long term repayment
  • Zero closing cost or prepayment penalties
  • Variety of channels for loan disbursement
  • Zero annual fees on secured products
  • Provision of loan calculator


  • Limited availability by state
  • Compulsory checking account
  • Restricted online applications (limited to preferred checking accounts customers)
  • Secured loans required savings/investment accounts as collateral
  • Required credit score is high
  • Strict requirements for loans
  • Not an option for borrowers with no credit history

Who This Product Is Best For

Choose Fifth Third Bank if you are an individual who:

  • Lives in the Midwest part of the United States or in any of the states that Fifth Third Bank serves.
  • Wants access to quick funding
  • Already has a checking account with the bank
  • Is looking for a bank with different kinds of personal loans
  • Plans to activate automatic deduction from checking account
  • Is ready to surrender his/her savings or DC account as collateral for secured loans.

Who This Product Isn't Right For

You may not enjoy Fifth Third Bank Personal loans if you are an individual who:

  • Has no credit history
  • Is not residing in the states where the bank has branches
  • Doesn’t have a checking account with the bank
  • Wants seven figured amount as a loan
  • Is not willing to surrender s/he investment guarantee to get the loan
  • Is not ready for automatic deduction of loan portion from checking account
  • Doesn’t run savings or DC account with the bank

What This Product Offers

Signature loan: This is an unsecured loan that does not require any security. Loan experts believe that you can get this just by submitting documents that reveal your annual revenue, credit history, and signature.

Secured loan: You need collateral to get this loan. Fifth Third Bank only demands your savings, DC, or investment account as collateral. However, these securities don’t validate your approval especially, if the secured amount is higher than the collateral value.

Unsecured line of credit: This loan gives you ready-made cash flow to maintain personal finances. The lender doesn’t specify whether the credit line is revolving, but you can get the fund through electronic transfer, checks, phone, or from the bank’s branch.

Secured line of credit: Just like secured loans, you need your savings, DC, or investment account to get the loan. Apart from the amount offered, The only difference between a secured loan and a secured line of credit is that—while a secured loan offers a lump sum amount with a fixed rate, a secured line of credit allows you to borrow money constantly up to a certain limit. Fifth Third Bank only charges interest on the amount you draw.

Product Details

Signature loan

With this loan, You get a complete amount with a fixed rate which you have to pay monthly along with a portion of the loan. To find things easy, set up the autopay system to allow an automatic deduction from your checking account. In return, you earn a discount of 0.25% on the interest. In addition, apply online for an amount that is not more than $25,000.

Loan amount: From $2,000 to $50,000

Term: from 1-5 years

APR: As low as 7.24% and a maximum of 20.24%

Fees: None

Secured loan

This loan requires collateral to get it. You must have Fifth Third Bank’s savings, DC, or investment account with a value that equals 50% or 100% of the secured loan amount.

Loan amount: $2,000 to $500,000

Term: 1-5 years

APR: 5.14% to 8.64%

Fees: None

Unsecured line of credit

This loan is without collateral but the bank only gives you up to 10% of your certified liquid assets (i.e. cash at hand, in the bank, stocks, crypto currency and other assets that can be easily converted to cash). You have access to pick different methods for receiving the loan.

Loan amount: $5,000 to $100,000

Term:  Up to 15 years (you have 5 years for the draw period and 10 years for the repayment period).

APR: It starts from 10% up to 11.50%

Fees: You are to be paying $65 on an annual basis

Secured line of credit

This loan shares similarities with a secured loan. They both have the same condition for collateral. If the approval is given, you can only receive funds that equate to 50% to 100% of your collateral value. This means that the higher the cash in your savings, DC, or investment account, the higher your possible loan amount. Throughout the draw period, you are to be paying only the interest monthly.

Loan amount: $5,000 to $500,000

Term: Not specified, but the draw period can be up to 20 years

APR: Between 7.75% and 10.50%

Fees: None

Where This Product Stands Out

Favorable rates

Zero in on Fifth Third Bank to enjoy friendly interest rates as low as 5.14% on can be up to 20.24%. However, the rates depend on the loan type and term. For instance,  interests on unsecured loans are a little higher than secured loans. Also, the higher the loan amount the higher the rate, and the shorter the loan period the better the amount of the interest rate.

Quick access to fund

You can enjoy immediate loan approval and receive funds within a short period. Especially, if you are a borrower who has financial challenges to solve within a short time (like debt service, bills,  house rent, and tax), Fifth Third Bank is your best bet.

Online loan application

This lender allows you to apply for a loan amount of not more than $25,000 online. Though this provision is only available for a signature loan, it is still a remarkable fit for Fifth Third to allow digital application as this is rare among other traditional banks.

Numerous options to receive fund

Another outstanding feature of this lender is that you have a chance to choose the method through which you want your money. You can choose from the online transfer, checks, phone, or branch. This feature is only available for Fifth Third Bank’s lines of credit (Unsecured and secured lines).

Wide range of lending products

You have the option to choose a personal loan that can address your financial needs. Signature loans can serve you different purposes like medical bills, home equipment, and vacations. Lines of credit can fill in the gap for cash scarcity as it gives you constant access to cash.

0.25% on the autopay system

Activate an automatic payment system on your loan’s repayment schedule to give the lender direct access to deduct the money from your account on the due date. As a reward for this method, Fifth Third Bank reduces your interest rate by 0.25%.

Where This Product Falls Short

Fewer states availability

Despite having 50,000 automated teller machines and over 1,000 branches, you can only access Fifth Third Bank in 11 states within the Midwest region of the United States. If you are not living in this region or any of the states that the lender serves, you may have a hard time getting its products. Therefore, find an alternative lender for yourself with more presence across the country.

No seven-figured loan amounts

If you desire a loan amount that is up to a million, look elsewhere because Fifth Third Bank’s maximum amount for its personal loans ends at half of the loan you desire.

Prospective borrowers must have a checking account

You are to open a checking account with this lender before you can qualify for any of its personal loans. Fifth Third Bank pays the approved amount into your personal checking account and also deducts the repayment amount from the account. It may interest you that to stand a chance of applying for or securing approval for loans, you have to open a checking account and maintain it with a good credit history. You can turn to online lenders if you don’t meet these criteria.

Not a good option for borrowers with zero credit limit

Fifth Third Bank has zero consideration for you if you are a borrower with blank credit history. You have to open accounts with the bank to start building your credit career.

Restricted collateral for secured loans

If you choose this lender for secured personal loans, you don’t have the freedom to tender any collateral of your choice. Fifth Third Bank requires either savings, DC, or investment accounts as collateral to take out its secured loans.

Few lending options when compared to competitors

Even Though this lender offers different kinds of personal financing options, these are relatively few when you consider other banks like KeyBank, Bank of America, and U.S Bank.

Restricted online loan application

You can only apply online for a signature loan and for an amount that’s up to or below $25,000. For secured loans and lines of credit, you have to schedule an appointment with Fifth Third Bank’s banker to apply.

How to Qualify for This Product

Fifth Third Bank does not give comprehensive details on the requirements you need to qualify for its personal loan products. Schedule a meeting with the bank official to find out if you properly qualify for any of its personal lending products.

Personal Credit score

Ensure that your credit score ranges between good and excellent. Because Fifth Third is a traditional bank, it may consider fair and poor credit as a big turn-off option. To merit what can be the required credit score for the Midwest bank, possess a credit score figure that’s well above 670.

Personal credit history

Fifth Third Bank favors you if you have a well-grounded individual credit history with the bank. Do this by first opening a personal checking account with the lender. Consider alternative lenders (preferably online lenders) if your credit history is a blank slate.

Personal savings, DC, or investment accounts

You need this requirement to qualify for Fifth Third Bank’s secured loan and secured line of credit. Get up to 50% to 100% value of your collateral account as a loan amount when you choose the bank’s secured lending products.

Region and location

Living in the United States is not a sufficient criterion to qualify for Fifth Third personal loans. Be a resident of any of these states; Ohio, West Virginia, South Carolina, Tennessee, Florida, Kentucky, North Carolina, Indiana, Michigan, Illinois, and Georgia. In addition, confirm if the lender has a branch in your community so that you don’t have to trek miles or travel far distances before you access its service.

How to Apply for This Product

Plan an arrangement with any of Fifth Third Bank’s bankers to discuss the necessary paperwork you may need to appear for a personal loan. Most local banks require this and Fifth Third is not a saint. However, whatever the circumstances may be, get the following documents along with the recommended loan-specific paperwork.

  • Your checking account with a verified amount
  • Personal bank statements
  • Loan application
  • Verified income revenue (including your tax returns statements)
  • Proof of identity (social security number, driver’s license, birth certificate, and certificate of citizenship)
  • Proof of address like electricity bill, voter registration card, and tax returns on your properties.

Alternatives to This Product

M&T Bank

The bank operates in a few states with just one state ahead of Fifth Third Bank. It offers only secured and unsecured personal loans, which are fewer than Fifth Third Bank personal lending products. However, consider M&T Bank if you want a bank that offers long-term repayment with competitive rates. M&T’s unsecured personal loan offers you up to 7 years repayment term while its secured personal loan gives you up to 10 years with an interest rate as low as 4.24%.

TD Bank

This lender gives you access to unsecured personal loans from $2,000 to $50,000. The interest rate is as low as 6.99% with an expiration period of 12 to 60 years. Choose this lender if you have a poor credit score as TD Bank accepts Fico scores anywhere from 600 or upward. The bank is available in a few states with over 1000 branches.

Wells Fargo

With an interest rate that begins from 6.99% and a personal loan amount from $3,000 to $100,000, Wells Fargo promises a soft pull on your credit history to help you prequalify for loans. The expiration period is up to 7 years. Moreover, its personal loan products are available in all 50 states including Washington DC.


Looking for a lender that accepts a fair credit score? If yes, choose LendingClub. With a credit score of 600, you can get a personal loan amount of up to $40,000 and an interest rate that begins from 8.05%. Also, the loan term can reach 5 years.

Customer Reviews

Fifth Third Bank receives an A+ rating on Better Business Bureau’s website (BBB). This rating is not based on customer reviews but rather on settled complaints with BBB. In contrast to this rating, Fifth Third Bank has a poor customer review of 1.08 stars from 404 reviews on the BBB platform.


We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* 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 and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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