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Best Personal Loan Interest Rates of November 2019

Steve NicastroNovember 7, 2019

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Summary of Best Personal Loan Interest Rates of November 2019

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Lowest online personal loan interest rates

5.49-17.29%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Lowest online personal loan interest rates

5.99-17.88%

680

on SoFi's website

Earnest

Earnest Personal Loan

on Earnest's website

Lowest online personal loan interest rates

5.99-17.24%

680

on Earnest's website

Payoff

Payoff

on Payoff's website

Lowest online personal loan interest rates

5.99-24.99%

640

on Payoff's website

PNC Bank Personal Loan

PNC Bank Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.99-29.49%

None

See my rates

on NerdWallet's secure website

Wells Fargo Personal Loan

Wells Fargo Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.24-22.74%

600

See my rates

on NerdWallet's secure website

HSBC Personal Loan

HSBC Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.49-17.29%

None

See my rates

on NerdWallet's secure website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Lowest online personal loan interest rates

5.49-17.29%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Lowest online personal loan interest rates

5.99-17.88%

680

on SoFi's website

Earnest

Earnest Personal Loan

on Earnest's website

Lowest online personal loan interest rates

5.99-17.24%

680

on Earnest's website

Payoff

Payoff

on Payoff's website

Lowest online personal loan interest rates

5.99-24.99%

640

on Payoff's website

PNC Bank Personal Loan

PNC Bank Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.99-29.49%

None

See my rates

on NerdWallet's secure website

Wells Fargo Personal Loan

Wells Fargo Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.24-22.74%

600

See my rates

on NerdWallet's secure website

HSBC Personal Loan

HSBC Personal Loan

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

5.49-17.29%

None

See my rates

on NerdWallet's secure website

Our picks for

Lowest online personal loan interest rates

Lightstream

on LightStream's website

LightStream

Lightstream
Min. Credit Score 
660 

Est. APR 
5.49-17.29% 

Loan Amount 
$5,000-$100,000 

on LightStream's website


Min. Credit Score

660

Key facts

LightStream's APR range varies by the reason for a loan, with its lowest starting rate applying to loans for home improvement.

Pros

  • No fees.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • No minimum income specified.

  • Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which, may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

Read Full Review
SoFi

on SoFi's website

SoFi Personal Loan

SoFi
Min. Credit Score 
680 

Est. APR 
5.99-17.88% 

Loan Amount 
$5,000-$100,000 

on SoFi's website


Min. Credit Score

680

Key facts

SoFi has a slightly higher credit score requirement than LightStream and Marcus, and requires at least $45,000 in annual income.

Pros

  • Low fixed and variable rates.

  • Flexible payment options.

  • Offers member perks.

Cons

  • Strong credit and income required.

  • Can take 7 days to fund.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Read Full Review
Earnest

on Earnest's website

Earnest Personal Loan

Earnest
Min. Credit Score 
680 

Est. APR 
5.99-17.24% 

Loan Amount 
$5,000-$75,000 

on Earnest's website


Min. Credit Score

680

Key facts

Earnest is a good option if you're new to credit and responsible with money. Offers low rates and no fees.

Pros

  • No fees.

  • Flexible payments.

Cons

  • No co-sign or secured loan options.

  • Requires permission to scan checking account.

Qualifications

  • Minimum credit score: 680.

  • Proof of consistent income.

  • No open collections accounts.

  • Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.

Read Full Review
Payoff

on Payoff's website

Min. Credit Score 
640 

Est. APR 
5.99-24.99% 

Loan Amount 
$5,000-$35,000 

on Payoff's website


Min. Credit Score

640

Key facts

Payoff's personal loans and ongoing support help good credit borrowers consolidate credit card debt.

Pros

  • Low starting rates.

  • Competitive rates among similar lenders.

  • No late fee.

  • Offers online educational resources.

Cons

  • No co-sign or secured loan option.

  • Does not offer direct payment to creditors with debt consolidation loans.

  • Charges origination fee.

Qualifications

  • Minimum credit score of 640.

  • Minimum credit history: 2 years.

  • Minimum annual income: $40,000.

  • Debt-to-income ratio: less than 50%.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: 0% - 5%.

Disclaimer

This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.

Read Full Review

Our picks for

Lowest personal loan interest rates at banks

PNC Bank Personal Loan
See my rates

on NerdWallet's secure website

PNC Bank Personal Loan

PNC Bank Personal Loan
Min. Credit Score 
None 

Est. APR 
5.99-29.49% 

Loan Amount 
$1,000-$35,000 

See my rates

on NerdWallet's secure website


Min. Credit Score

None

Key facts

PNC is a good option if you have an existing PNC account or want to bring along a co-signer.

Pros

  • Low rates.

  • Fast funding.

  • Co-sign option.

Cons

  • Hard credit pull at application.

  • Late fee.

  • Available in limited number of states.

Qualifications

  • No minimum credit score, income or debt-to-income ratio requirements disclosed.

  • Live in one of the states that PNC serves.

Available Term Lengths

6 months to 5 years

Fees

  • Origination fee: None.

  • Late fee: Greater of $40 or 10% of amount due, after 15-day grace period.

Disclaimer

Read Full Review
Wells Fargo Personal Loan
See my rates

on NerdWallet's secure website

Wells Fargo Personal Loan

Wells Fargo Personal Loan
Min. Credit Score 
600 

Est. APR 
5.24-22.74% 

Loan Amount 
$3,000-$100,000 

See my rates

on NerdWallet's secure website


Min. Credit Score

600

Key facts

Wells Fargo is an option for borrowers who already bank with Wells, offering rate discounts and a co-sign option.

Pros

  • Offers co-sign and secured loan option.

  • Offers free credit score access.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • Borrowers without existing Wells Fargo accounts required to apply in person.

  • No option to pre-qualify.

Qualifications

  • Typically have a good credit score, above 600.

Available Term Lengths

1 to 7 years

Fees

  • Origination fee: None.

Disclaimer

Read Full Review
HSBC Personal Loan
See my rates

on NerdWallet's secure website

HSBC Personal Loan

HSBC Personal Loan
Min. Credit Score 
None 

Est. APR 
5.49-17.29% 

Loan Amount 
$3,000-$30,000 

See my rates

on NerdWallet's secure website


Min. Credit Score

None

Key facts

The HSBC personal loan is an option for good-credit borrowers, and you don't have to bank with HSBC.

Pros

  • Low rates.

  • No origination fee.

  • Fast funding.

Cons

  • Existing customers must visit a branch.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan option.

Qualifications

  • No minimum credit score, income or debt-to-income ratio requirements.

  • Not available in Wisconsin.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: None.

  • Late fee: 5% of monthly payment, capped at $39.

  • Returned payment fee: 5% of monthly payment, capped at $39.

Disclaimer

Read Full Review

» MORE: Compare online personal loan rates

Online personal loan interest rates

Online lenders offer the lowest starting interest rates on personal loans to borrowers with good to excellent credit.

You can use a personal loan calculator to see estimated rates and payments from online lenders based on your credit score.

The annual percentage rate on a loan is its interest rate plus all fees, including origination fees. When you're shopping for a loan, always check APRs for the best cost comparison.

In addition to low starting rates, online lenders typically do a soft credit check for pre-qualification, which allows you to compare rates without having an impact on your credit score. Banks and credit unions typically do a hard credit check, which can temporarily shave points off your credit score.

» MORE: 4 steps to pre-qualify for a personal loan

Estimated online personal loan rates by credit score

Here’s a look at estimated APRs on personal loans based on your FICO score range. Your score helps lenders determine the rate you’ll pay on the loan. Check your credit score for free if you don’t know it.

  • Excellent credit (720 to 850): 13.9%.
  • Good credit (690 to 719): 18.0%.
  • Fair credit (630 to 689): 21.8%.
  • Bad credit (300 to 629): 27.2%.

Source: NerdWallet lender survey. 

Personal loan interest rates at banks and credit unions

Banks may offer competitive rates — and rate discounts if you’re already a customer — but they typically have tougher eligibility requirements and can take longer to fund your loan than online lenders.

Credit union loans may carry lower rates than banks and online lenders, especially for those with bad credit, and loan officers may be more willing to consider your overall financial picture.

The average rate charged by credit unions in June 2019 for a fixed-rate, 3-year loan was 9.46% APR, according to the most recent data from the National Credit Union Administration. Federal credit unions cap the APR on personal loans at 18%.

You have to become a member of a credit union to apply for a loan, and the loan application may result in a hard credit check.

» MORE: Compare banks offering personal loans

How to pre-qualify for a personal loan

Pre-qualifying for an online loan can get you access to potential loan terms, including the loan’s interest rate. You can pre-qualify on NerdWallet to compare offers from multiple lenders and find the lowest rate.

Last updated on November 7, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Best Personal Loan Interest Rates of November 2019