Best of
The best personal loan rates go to borrowers with excellent credit, low debt and strong income. Compare personal loan rates to find the best offer.
By
Last updated on March 8, 2024
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✅ Fact checked and reviewed
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✅ Fact checked and reviewed
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The best personal loan rates are currently from 7.49% to about 30.49%. The interest rate you get on a personal loan depends on your credit score and credit history, annual income, existing debt and your lender.
Here’s a look at the best personal loan interest rates from online lenders, banks and credit unions. Compare multiple loan rates — along with monthly payments and total interest — to choose the most affordable loan.
Best personal loan rates with fast funding to existing customers: Citibank.
Best personal loan rates for debt consolidation: Discover.
Best personal loan rates for credit card consolidation: Happy Money.
Best personal loan rates for home improvement: LightStream.
Best personal loan rates with flexible payment options: PenFed.
Best personal loan rates for good credit: PNC.
Best personal loan rates with peer-to-peer loans: Prosper.
Best personal loan rates with fast funding: Rocket Loans.
Best personal loan rates with borrower perks: SoFi.
Best personal loan rates with rate discounts to existing customers: Wells Fargo.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
NerdWallet’s
Best of Award Winner
Best Personal Loan
Overall
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
on SoFi's website
More details
Why our nerds love it
SoFi stands out with competitive rates, no required fees and multiple rate discounts. It offers fast funding, a wide range of loan amounts and terms, plus perks like free financial advice. Read our methodology
Best Personal Loan Rates
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
---|---|---|---|---|---|
Discover® Personal Loans Top 3 most visited 🏆Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Low personal loan rates for debt consolidation Fast funding | 7.99-24.99% | $2,500-$40,000 | 660 | Top 3 most visited 🏆Visit Lenderon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet |
SoFi Personal Loan Top 3 most visited 🏆Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Low personal loan rates with borrower perks Rate discount | 8.99-29.99% | $5,000-$100,000 | None | Top 3 most visited 🏆Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet |
Citibank Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates and fast funding to existing customers | 10.49-19.49% | $2,000-$30,000 | 720 | Check Rateon NerdWallet on NerdWallet |
Happy Money Visit Lenderon Happy Money's website on Happy Money's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates for credit card consolidation Fast funding | 11.72-17.99% | $5,000-$40,000 | 640 | Visit Lenderon Happy Money's website on Happy Money's website Check Rateon NerdWallet on NerdWallet |
LightStream Top 3 most visited 🏆Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates for home improvement Rate discount | 7.99-25.49% | $5,000-$100,000 | 660 | Top 3 most visited 🏆Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
PenFed Credit Union Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates and flexible payment options | 7.99-17.99% | $2,000-$50,000 | 700 | Check Rateon NerdWallet on NerdWallet |
PNC Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates for good credit | 7.49-30.49% | $1,000-$35,000 | None | Check Rateon NerdWallet on NerdWallet |
Prosper Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low rates on peer-to-peer loans | 8.99-35.99% | $2,000-$50,000 | 560 | Check Rateon NerdWallet on NerdWallet |
Wells Fargo Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Low personal loan rates and rate discounts to existing borrowers | 7.49-23.74% | $3,000-$100,000 | None | Check Rateon NerdWallet on NerdWallet |
Rocket Loans Visit Lenderon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet | 4.0 /5 Best for Low personal loan rates and fast funding Fast funding Rate discount | 9.12-29.99% | $2,000-$45,000 | 640 | Visit Lenderon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet |
Our pick for
Low personal loan rates and fast funding to existing customers
on NerdWallet
Citibank
4.5
NerdWallet rating
Est. APR
10.49-19.49%
Loan amount
$2,000-$30,000
Min. credit score
720
Our pick for
Low personal loan rates for debt consolidation
Visit Lenderon Discover's website
on Discover's website
Check Rateon NerdWallet
on NerdWallet
Discover® Personal Loans
5.0
NerdWallet rating
Est. APR
7.99-24.99%
Loan amount
$2,500-$40,000
Min. credit score
660
Our pick for
Low personal loan rates for credit card consolidation
Visit Lenderon Happy Money's website
on Happy Money's website
Check Rateon NerdWallet
on NerdWallet
Happy Money
4.5
NerdWallet rating
Est. APR
11.72-17.99%
Loan amount
$5,000-$40,000
Min. credit score
640
Our pick for
Low personal loan rates for home improvement
Visit Lenderon LightStream's website
on LightStream's website
Check Rateon NerdWallet
on NerdWallet
LightStream
4.5
NerdWallet rating
Est. APR
7.99-25.49%
Loan amount
$5,000-$100,000
Min. credit score
660
Our pick for
Low personal loan rates and flexible payment options
Check Rateon NerdWallet
on NerdWallet
PenFed Credit Union Personal Loan
4.5
NerdWallet rating
Est. APR
7.99-17.99%
Loan amount
$2,000-$50,000
Min. credit score
700
Our pick for
Low personal loan rates for good credit
Check Rateon NerdWallet
on NerdWallet
PNC Bank Personal Loan
4.5
NerdWallet rating
Est. APR
7.49-30.49%
Loan amount
$1,000-$35,000
Min. credit score
None
Our pick for
Low rates on peer-to-peer loans
Check Rateon NerdWallet
on NerdWallet
Prosper
4.5
NerdWallet rating
Est. APR
8.99-35.99%
Loan amount
$2,000-$50,000
Min. credit score
560
Our pick for
Low personal loan rates and fast funding
Visit Lenderon Rocket Loans' website
on Rocket Loans' website
Check Rateon NerdWallet
on NerdWallet
Rocket Loans
4.0
NerdWallet rating
Est. APR
9.12-29.99%
Loan amount
$2,000-$45,000
Min. credit score
640
Our pick for
Low personal loan rates with borrower perks
Visit Lenderon SoFi's website
on SoFi's website
Check Rateon NerdWallet
on NerdWallet
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
Our pick for
Low personal loan rates and rate discounts to existing borrowers
Check Rateon NerdWallet
on NerdWallet
Wells Fargo Personal Loan
4.5
NerdWallet rating
Est. APR
7.49-23.74%
Loan amount
$3,000-$100,000
Min. credit score
None
How we choose the best personal loan rates
We use a formula to compare dozens of lenders’ minimum, maximum and average personal loan rates to find the lenders with the lowest annual percentage rates (APRs). We also consider other factors to determine which lenders make this list, including:
Eligibility requirements.
Lender type.
State availability.
NerdWallet star rating.
» MORE: NerdWallet’s personal loan star rating methodology
NerdWallet’s guide to getting the best personal loan rate
In this article:
How lenders set personal loan rates
What is a good interest rate on a personal loan?
How to get the best personal loan rate
How interest rates affect loan payments
Personal loan rates by credit score
Personal loan rates by lender type
Frequently asked questions about personal loan rates
How lenders set personal loan rates
Macroeconomic conditions often help personal loan lenders determine their rates. For example, personal loan rates are higher compared to a year or two ago due to changes in the wider economy (like high inflation, Federal Funds rate increases and recession fears) that have prompted lenders to tighten their underwriting standards.
But personal loan rates often have wide ranges, and the specific rate you receive is based primarily on your credit and financial information.
» MORE: This month’s average personal loan rates
Unlike auto and mortgage loans, personal loans are usually unsecured and not backed by collateral the lender can take if you fail to repay the loan. Instead, lenders rely on your income, outstanding debts and credit history to assign your rate.
The lowest rates go to borrowers with excellent credit, high incomes, little outstanding debt and long histories of on-time loan and credit card payments. Other factors that can influence your rate include education, occupation, the requested loan amount and loan purpose.
» MORE: Learn more about personal loan requirements
What is a good interest rate on a personal loan?
A good personal loan rate is the lowest one you qualify for, which depends heavily on your credit and financial information.
Because rates can vary widely between borrowers, it’s not helpful to compare your rate to someone else’s. Instead, check for loan offers with multiple lenders to find the lowest rate and best terms.
🤓
Nerdy Tip
Consumer advocates caution against borrowing high-interest loans with APRs above 36% because they tend to be unaffordable.
How to get the best personal loan rate
Here are five ways to lower your approved personal loan rate:
Review your credit report before you apply. Check your report for errors or accounts that may be weighing down your score and address them before you apply. For example, a past-due account could be a reason a lender gives you a high rate or denies your application.
Adjust your loan amount. Asking for a large loan could cause a lender to assign you a higher interest rate. Calculate your personal loan payment to decide how much loan you can afford.
Get rate discounts. Lenders offer discounts for a few different reasons. Many online lenders offer rate discounts for setting up automatic payments. Some banks offer rate discounts to existing customers who hold certain bank accounts.
Find a no-fee lender. The APR includes any fees a lender charges, like an origination fee. Not all lenders charge an origination fee, and some have loans with zero fees, including late fees.
Add a co-signer, co-borrower or collateral. Borrowers with blemished credit can add a co-applicant with better credit and higher income to get a lower rate. You may also lower your rate by pledging collateral like a vehicle or savings account. Just know the consequences if you default on the loan.
Many lenders let you pre-qualify for a personal loan. During pre-qualification, you provide some information about your credit, income and employment — as well as how much you want to borrow and why — to see your potential loan amount, rate and repayment term.
Because pre-qualifying only triggers a soft credit pull, you can do it multiple times without affecting your credit score. A lender does a hard credit pull if you submit a full application after pre-qualifying.
» Get started: Pre-qualify on NerdWallet
How personal loan rates affect monthly payments
Use this personal loan calculator to see how different interest rates — plus other factors, like loan amounts and loan terms — can impact monthly personal loan payments.
Your loan estimate
Monthly payment
$212.47
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
03 / 2029
Show amortization schedule
Payment date | Principal | Interest | Monthly payment | Principal balance |
---|---|---|---|---|
Mar 2024 | $129.14 | $83.33 | $212.47 | $9,870.86 |
Apr 2024 | $130.21 | $82.26 | $212.47 | $9,740.65 |
May 2024 | $131.30 | $81.17 | $212.47 | $9,609.35 |
Jun 2024 | $132.39 | $80.08 | $212.47 | $9,476.96 |
Jul 2024 | $133.50 | $78.97 | $212.47 | $9,343.46 |
Aug 2024 | $134.61 | $77.86 | $212.47 | $9,208.85 |
Sep 2024 | $135.73 | $76.74 | $212.47 | $9,073.12 |
Oct 2024 | $136.86 | $75.61 | $212.47 | $8,936.26 |
Nov 2024 | $138.00 | $74.47 | $212.47 | $8,798.26 |
Dec 2024 | $139.15 | $73.32 | $212.47 | $8,659.11 |
Jan 2025 | $140.31 | $72.16 | $212.47 | $8,518.80 |
Feb 2025 | $141.48 | $70.99 | $212.47 | $8,377.32 |
Mar 2025 | $142.66 | $69.81 | $212.47 | $8,234.66 |
Apr 2025 | $143.85 | $68.62 | $212.47 | $8,090.81 |
May 2025 | $145.05 | $67.42 | $212.47 | $7,945.76 |
Jun 2025 | $146.26 | $66.21 | $212.47 | $7,799.51 |
Jul 2025 | $147.47 | $65.00 | $212.47 | $7,652.03 |
Aug 2025 | $148.70 | $63.77 | $212.47 | $7,503.33 |
Sep 2025 | $149.94 | $62.53 | $212.47 | $7,353.39 |
Oct 2025 | $151.19 | $61.28 | $212.47 | $7,202.20 |
Nov 2025 | $152.45 | $60.02 | $212.47 | $7,049.74 |
Dec 2025 | $153.72 | $58.75 | $212.47 | $6,896.02 |
Jan 2026 | $155.00 | $57.47 | $212.47 | $6,741.02 |
Feb 2026 | $156.30 | $56.18 | $212.47 | $6,584.72 |
Mar 2026 | $157.60 | $54.87 | $212.47 | $6,427.12 |
Apr 2026 | $158.91 | $53.56 | $212.47 | $6,268.21 |
May 2026 | $160.24 | $52.24 | $212.47 | $6,107.98 |
Jun 2026 | $161.57 | $50.90 | $212.47 | $5,946.41 |
Jul 2026 | $162.92 | $49.55 | $212.47 | $5,783.49 |
Aug 2026 | $164.27 | $48.20 | $212.47 | $5,619.22 |
Sep 2026 | $165.64 | $46.83 | $212.47 | $5,453.57 |
Oct 2026 | $167.02 | $45.45 | $212.47 | $5,286.55 |
Nov 2026 | $168.42 | $44.05 | $212.47 | $5,118.13 |
Dec 2026 | $169.82 | $42.65 | $212.47 | $4,948.31 |
Jan 2027 | $171.23 | $41.24 | $212.47 | $4,777.08 |
Feb 2027 | $172.66 | $39.81 | $212.47 | $4,604.42 |
Mar 2027 | $174.10 | $38.37 | $212.47 | $4,430.32 |
Apr 2027 | $175.55 | $36.92 | $212.47 | $4,254.76 |
May 2027 | $177.01 | $35.46 | $212.47 | $4,077.75 |
Jun 2027 | $178.49 | $33.98 | $212.47 | $3,899.26 |
Jul 2027 | $179.98 | $32.49 | $212.47 | $3,719.28 |
Aug 2027 | $181.48 | $30.99 | $212.47 | $3,537.81 |
Sep 2027 | $182.99 | $29.48 | $212.47 | $3,354.82 |
Oct 2027 | $184.51 | $27.96 | $212.47 | $3,170.31 |
Nov 2027 | $186.05 | $26.42 | $212.47 | $2,984.25 |
Dec 2027 | $187.60 | $24.87 | $212.47 | $2,796.65 |
Jan 2028 | $189.17 | $23.31 | $212.47 | $2,607.49 |
Feb 2028 | $190.74 | $21.73 | $212.47 | $2,416.75 |
Mar 2028 | $192.33 | $20.14 | $212.47 | $2,224.42 |
Apr 2028 | $193.93 | $18.54 | $212.47 | $2,030.48 |
May 2028 | $195.55 | $16.92 | $212.47 | $1,834.93 |
Jun 2028 | $197.18 | $15.29 | $212.47 | $1,637.75 |
Jul 2028 | $198.82 | $13.65 | $212.47 | $1,438.93 |
Aug 2028 | $200.48 | $11.99 | $212.47 | $1,238.45 |
Sep 2028 | $202.15 | $10.32 | $212.47 | $1,036.30 |
Oct 2028 | $203.83 | $8.64 | $212.47 | $832.47 |
Nov 2028 | $205.53 | $6.94 | $212.47 | $626.93 |
Dec 2028 | $207.25 | $5.22 | $212.47 | $419.69 |
Jan 2029 | $208.97 | $3.50 | $212.47 | $210.71 |
Feb 2029 | $210.71 | $1.76 | $212.47 | $0.00 |
Personal loan rates by credit score
Here are the average estimated APRs for online personal loans, based on credit score ranges:
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 12.42% |
Good | 690-719. | 14.82%. |
Fair | 630-689. | 18.08%. |
Bad | 300-629. | 21.10%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Feb. 1, 2024, through Feb. 29, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
Personal loan rates for excellent credit
A high income and long credit history showing on-time payments to other creditors will help you get the lowest rates. Excellent-credit borrowers usually get their pick of lenders, including those that offer perks like zero fees and payment flexibility.
Excellent-credit borrowers who pre-qualified for a personal loan through NerdWallet in February received rates from 9.78% to 15.14%, according to aggregate, anonymized data from NerdWallet’s lender marketplace.
» MORE: Best personal loans for excellent credit
Personal loan rates for good credit
A good score will help you qualify for a rate on the low end of a lender’s range, but the lowest rates go to those with low debt, high income and a credit history showing accounts in good standing.
Consumers with good credit received APRs from 12.47% to 16.86% when they pre-qualified through NerdWallet’s lender marketplace in February, according to aggregate, anonymized data.
» MORE: Best personal loans for good credit
Personal loan rates for fair credit
Not all lenders approve borrowers with fair credit scores, and those that do may charge high rates. If you have fair credit, adding a co-signer or joint borrower with better credit and higher income can help you qualify or get a lower rate. You also may have a better chance of qualifying at a credit union if you’re a member in good standing.
Those who pre-qualified for a personal loan through NerdWallet with fair credit in February received rates from 14.21% to 18.97% according to aggregate, anonymized data from NerdWallet’s lender marketplace.
» MORE: Best personal loans for fair credit
Personal loan rates for bad credit
Consumers with the lowest scores may not qualify for a personal loan with a rate below 36%, which is the highest APR most consumer advocates say an affordable loan can have. Requesting a lower loan amount, adding a co-signer or securing your loan could help improve your chances of qualifying.
Bad-credit borrowers who pre-qualified through NerdWallet in February received personal loan rates from 18.81% to 23.29%, according to aggregate, anonymized data from NerdWallet’s lender marketplace.
» MORE: Best personal loans for bad credit
Personal loan rates by lender type
Personal loan rates from online lenders
Online personal loan rates vary by the type of borrower they target. Bad-credit online lenders may approve borrowers with lower credit scores, but they offer higher APRs to make up for the additional risk those borrowers may carry. Good- and excellent-credit online lenders offer lower rates because they only approve borrowers who they believe have a low risk of defaulting.
» MORE: What credit score do you need for a personal loan?
Personal loan rates at banks
Banks may offer competitive rates — and rate discounts if you’re already a customer — but they typically have tougher eligibility requirements than online lenders. The average rate for a two-year bank loan was 12.35% in the fourth quarter of 2023, according to the Federal Reserve.
» MORE: Best bank loans
Personal loan rates at credit unions
Credit union loans may carry lower rates than banks and online lenders, especially for those with fair or bad credit, and loan officers may be more willing to consider your overall financial picture.
The average rate charged by credit unions in the fourth quarter of 2023 for a fixed-rate, three-year loan was 10.78%, according to the National Credit Union Administration. Federal credit unions cap personal loan APRs at 18%.
You have to become a member of a credit union to get a personal loan, which may mean paying a fee or meeting certain eligibility requirements.
» MORE: Credit union personal loans
Frequently asked questions about personal loan rates
What’s the difference between personal loan APR vs interest rate?
APR and interest rate are so similar they’re often used interchangeably, but on personal loans there’s an important distinction. A personal loan APR includes the interest rate plus any origination fee. According to the Truth in Lending Act, all lenders must disclose a loan’s APR before you sign an agreement.
Can you refinance a personal loan to get a lower rate?
If you currently have a personal loan with a high rate, you may be able to lock in a lower rate by refinancing a personal loan, especially if you’ve improved your credit score or lowered your debt since you first borrowed. Some lenders allow borrowers to refinance a personal loan you have with them or a different lender.
If you refinance, be mindful of the new loan’s term. Even with a lower rate, a longer repayment term could mean you’ll pay more overall interest.
Last updated on March 8, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Personal Loan Rates of March 2024
- Citibank: Best for Low personal loan rates and fast funding to existing customers
- Discover® Personal Loans: Best for Low personal loan rates for debt consolidation
- Happy Money: Best for Low personal loan rates for credit card consolidation
- LightStream: Best for Low personal loan rates for home improvement
- PenFed Credit Union Personal Loan: Best for Low personal loan rates and flexible payment options
- PNC Bank Personal Loan: Best for Low personal loan rates for good credit
- Prosper: Best for Low rates on peer-to-peer loans
- Rocket Loans: Best for Low personal loan rates and fast funding
- SoFi Personal Loan: Best for Low personal loan rates with borrower perks
- Wells Fargo Personal Loan: Best for Low personal loan rates and rate discounts to existing borrowers