Best of

Personal Loan Interest Rates for August 2019

Steve NicastroAugust 1, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Our picks for

Lowest online personal loan interest rates

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

3.99-16.99%

Loan Amount

$5,000-$100,000

Pros

  • No fees.
  • Co-sign option.
  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.
  • Requires several years of credit history.
Read full review

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 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.

SoFi

on SoFi's website

Min. Credit Score

680

Est. APR

5.99-16.79%

Loan Amount

$5,000-$100,000

Pros

  • Low fixed and variable rates.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Strong credit and income required.
  • Can take 7 days to fund.
Read full review

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 5.990% APR to 16.790% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of July 17, 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 5.74% APR assumes current 1-month LIBOR rate of 2.41% plus 4.28% 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

Marcus by Goldman Sachs

on Goldman Sachs's website

Min. Credit Score

660

Est. APR

5.99-28.99%

Loan Amount

$3,500-$40,000

Pros

  • No fees.
  • Flexible payment options.
  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.
  • No co-sign option.
Read full review

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).
  • Valid U.S. bank account, Social Security number or tax ID.
  • 660+ credit score.

Available Term Lengths

  • 3 to 6 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Our picks for

Lowest personal loan interest rates at banks

PNC Bank Personal Loan
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

None

Est. APR

5.99-26.24%

Loan Amount

$1,000-$35,000

Pros

  • Low rates.
  • Fast funding.
  • Co-sign option.

Cons

  • Hard credit pull.
  • Late fee.
  • Available in limited number of states.
Read full review

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.
Wells Fargo Personal Loan
See my rates

on NerdWallet's secure website

Min. Credit Score

660

Est. APR

7.49-24.49%

Loan Amount

$3,000-$100,000

Pros

  • Offers secured loans.
  • Co-sign option.
  • Free credit score access.

Cons

  • Must have a Wells Fargo account.
  • Hard credit pull at application.
Read full review

Qualifications

  • Become a Wells Fargo customer.
  • Typically have a good credit score, above 660.

Available Term Lengths

  • 1 to 5 years

Fees

  • Origination fee: None.
Citibank
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

None

Est. APR

7.99-17.99%

Loan Amount

$2,000-$50,000

Pros

  • No origination fees.
  • Offers autopay discounts.
  • Co-sign option.

Cons

  • Hard credit pull.
  • No flexible payment options.
  • No refinancing option.
Read full review

Qualifications

  • Minimum credit score: Not provided, but typically above 680.
  • Minimum credit history: Not provided.
  • Minimum annual income: $10,500.
  • Maximum debt-to-income ratio: Not provided.

Available Term Lengths

  • 1 to 5 years

Fees

  • Origination fee: None.
  • Late fee: None.

Summary of Personal Loan Interest Rates for August 2019

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Lowest online personal loan interest rates

3.99-16.99%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Lowest online personal loan interest rates

5.99-16.79%

680

on SoFi's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Lowest online personal loan interest rates

5.99-28.99%

660

on Goldman Sachs'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

5.99-26.24%

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

7.49-24.49%

660

See my rates

on NerdWallet's secure website

Citibank

Citibank

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

7.99-17.99%

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

3.99-16.99%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Lowest online personal loan interest rates

5.99-16.79%

680

on SoFi's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Lowest online personal loan interest rates

5.99-28.99%

660

on Goldman Sachs'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

5.99-26.24%

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

7.49-24.49%

660

See my rates

on NerdWallet's secure website

Citibank

Citibank

See my rates

on NerdWallet's secure website

Lowest personal loan interest rates at banks

7.99-17.99%

None

See my rates

on NerdWallet's secure website

» 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

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 December 2018 for a fixed-rate, 3-year loan was 9.37% 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 August 1, 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 Personal Loan Interest Rates for August 2019