Fifth Third Bank Personal Loans: What You Need to Know
If you’re considering a personal loan for an emergency, a large purchase, or to consolidate debt, Fifth Third Bank might be a lender worth looking into. In this video, we’ll break down their loan products—MyAdvance, personal loans, and lines of credit—so you can decide if they’re the right fit for your financial needs.
Who Is Fifth Third Bank?
Fifth Third Bank has a long history, dating back to 1871 when the Third National Bank of Cincinnati was founded. In 1908, it merged with the Fifth National Bank of Cincinnati. Rather than becoming the “Fourth” or “Second” National Bank (if they were averaging or adding), they went with the unique name: Fifth Third Bank. Today, they serve customers in 11 states and offer a wide range of financial services.
Loan Products Offered by Fifth Third Bank
Let’s take a closer look at the credit options they provide:
1. MyAdvance®: Short-Term Cash Advance
MyAdvance is a small-dollar loan designed to help you cover short-term expenses or monthly cash shortfalls. Here’s how it works:
- Loan Amount: $1 to $1,000
- Fee: 5% cash advance fee
- Repayment: Must be repaid in full within 45 days
- Eligibility: Only available to existing Fifth Third checking account customers
- Approval Factors: Based on deposit history and account activity
It functions like a blend between a line of credit and overdraft protection.
2. Unsecured Personal Loans
If you need a more traditional personal loan, Fifth Third offers:
- Loan Amounts: $2,000 to $50,000
- Online Applications: Max $25,000
- Loan Terms: 2 to 5 years
- APR Range: 8.69% to 21.74%
- Autopay Discount: 0.25% APR discount with autopay from a Fifth Third account
- Origination Fee: None
These loans are unsecured, meaning no collateral is required.
3. Secured Personal Loans
Fifth Third also offers secured personal loans, backed by your own assets like savings, CDs, or investment accounts.
- Loan Amounts: $2,000 to $500,000
- Collateral Requirement: 50% to 100% of account balance
- Loan Terms: 1 to 5 years
- APR Range: Up to 13.64%
- Origination Fee: None
Securing the loan with assets may help you qualify for a lower interest rate.
4. Lines of Credit
If flexibility is your priority, a line of credit could be a good solution.
Unsecured Line of Credit:
- Credit Limit: $5,000 to $100,000
- APR Range: 10% to 11.25%
- Annual Fee: $65 (waived in the first year)
Secured Line of Credit:
- Credit Limit: $72,000 to $500,000
- APR Range: 7.75% to 8.00%
- Annual Fee: None
- Payment Option: Interest-only payments available (not ideal for paying down debt)
Who Should Consider Fifth Third Bank?
You’re more likely to be approved if you’re an existing Fifth Third Bank customer. If you’re not, you may still qualify—but you’ll probably need to apply in person at a branch.
- Credit Score Tip: You’ll likely need a credit score above 660 for approval.
- Want better odds? Securing your loan with collateral may improve your chances or increase your borrowing limit.
Which Loan Option Is Right for You?
- Need small, quick cash? Try MyAdvance.
- Want predictable payments? A personal loan might be your best bet.
- Need flexible access to funds? A line of credit could be ideal.
Compare Offers Before You Decide
Before committing to any loan or credit product, make sure you shop around. You might qualify for better terms elsewhere.
At The Yukon Project, we’ve made it easy to compare offers. When you apply through our lending marketplace, we check your eligibility with up to 40 top lenders—all with a soft credit check, so your credit score won’t be affected. You’ll see all your approved offers and can choose the one that’s best for you.
