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Best Personal Loan Rates of February 2024

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.

Annie Millerbernd
By
Last updated on February 8, 2024
Edited by
✅ Fact checked and reviewed
Kim Lowe
Edited by
✅ Fact checked and reviewed

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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.
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Best Personal Loan Rates

Lender
NerdWallet Rating
Est. APR
Loan amount
Min. credit score
Learn more
Discover

Discover® Personal Loans

Top 3 most visited 🏆
Visit Lender
on Discover's website
on Discover's website
Check Rate
on NerdWallet
on NerdWallet
Best for Low personal loan rates for debt consolidation
Fast funding

7.99-24.99%

$2,500-$40,000

660

SoFi

SoFi Personal Loan

5.0
/5
Best for Low personal loan rates with borrower perks
Rate discount

8.99-29.99%

$5,000-$100,000

None

Citibank

Citibank

Check Rate
on 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

Happy Money

Happy Money

Visit Lender
on Happy Money's website
on Happy Money's website
4.5
/5
Best for Low personal loan rates for credit card consolidation
Fast funding

11.72-17.99%

$5,000-$40,000

640

Lightstream

LightStream

4.5
/5
Best for Low personal loan rates for home improvement
Rate discount

7.99-25.49%

$5,000-$100,000

660

PenFed Credit Union Personal Loan

PenFed Credit Union Personal Loan

4.5
/5
Best for Low personal loan rates and flexible payment options

7.74-17.99%

$2,000-$50,000

700

Wells Fargo Personal Loan

Wells Fargo Personal Loan

4.5
/5
Best for Low personal loan rates and rate discounts to existing borrowers

7.49-23.74%

$3,000-$100,000

None

RocketLoans

Rocket Loans

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

Our pick for

Low personal loan rates and fast funding to existing customers

Citibank
Check Rate
on NerdWallet
on NerdWallet
Citibank

Citibank

4.5
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

Our pick for

Low personal loan rates for credit card consolidation

Happy Money
Happy Money

Happy Money

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

Lightstream
Lightstream

LightStream

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

PenFed Credit Union Personal Loan
PenFed Credit Union Personal Loan

PenFed Credit Union Personal Loan

Est. APR

7.74-17.99%

Loan amount

$2,000-$50,000

Min. credit score

700

Our pick for

Low personal loan rates and fast funding

RocketLoans
RocketLoans

Rocket Loans

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

SoFi
SoFi

SoFi Personal Loan

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

Wells Fargo Personal Loan
Wells Fargo Personal Loan

Wells Fargo Personal Loan

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

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.

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.

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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. 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.

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.

Loan details
Your loan estimateMonthly payment$212.47
  • Total principal

    $10,000.00
  • Total interest payments

    $2,748.23
  • Total loan payments

    $12,748.23
  • Payoff date

    02 / 2029
Payment datePrincipalInterestMonthly paymentPrincipal balance
Feb 2024$129.14$83.33$212.47$9,870.86
Mar 2024$130.21$82.26$212.47$9,740.65
Apr 2024$131.30$81.17$212.47$9,609.35
May 2024$132.39$80.08$212.47$9,476.96
Jun 2024$133.50$78.97$212.47$9,343.46
Jul 2024$134.61$77.86$212.47$9,208.85
Aug 2024$135.73$76.74$212.47$9,073.12
Sep 2024$136.86$75.61$212.47$8,936.26
Oct 2024$138.00$74.47$212.47$8,798.26
Nov 2024$139.15$73.32$212.47$8,659.11
Dec 2024$140.31$72.16$212.47$8,518.80
Jan 2025$141.48$70.99$212.47$8,377.32
Feb 2025$142.66$69.81$212.47$8,234.66
Mar 2025$143.85$68.62$212.47$8,090.81
Apr 2025$145.05$67.42$212.47$7,945.76
May 2025$146.26$66.21$212.47$7,799.51
Jun 2025$147.47$65.00$212.47$7,652.03
Jul 2025$148.70$63.77$212.47$7,503.33
Aug 2025$149.94$62.53$212.47$7,353.39
Sep 2025$151.19$61.28$212.47$7,202.20
Oct 2025$152.45$60.02$212.47$7,049.74
Nov 2025$153.72$58.75$212.47$6,896.02
Dec 2025$155.00$57.47$212.47$6,741.02
Jan 2026$156.30$56.18$212.47$6,584.72
Feb 2026$157.60$54.87$212.47$6,427.12
Mar 2026$158.91$53.56$212.47$6,268.21
Apr 2026$160.24$52.24$212.47$6,107.98
May 2026$161.57$50.90$212.47$5,946.41
Jun 2026$162.92$49.55$212.47$5,783.49
Jul 2026$164.27$48.20$212.47$5,619.22
Aug 2026$165.64$46.83$212.47$5,453.57
Sep 2026$167.02$45.45$212.47$5,286.55
Oct 2026$168.42$44.05$212.47$5,118.13
Nov 2026$169.82$42.65$212.47$4,948.31
Dec 2026$171.23$41.24$212.47$4,777.08
Jan 2027$172.66$39.81$212.47$4,604.42
Feb 2027$174.10$38.37$212.47$4,430.32
Mar 2027$175.55$36.92$212.47$4,254.76
Apr 2027$177.01$35.46$212.47$4,077.75
May 2027$178.49$33.98$212.47$3,899.26
Jun 2027$179.98$32.49$212.47$3,719.28
Jul 2027$181.48$30.99$212.47$3,537.81
Aug 2027$182.99$29.48$212.47$3,354.82
Sep 2027$184.51$27.96$212.47$3,170.31
Oct 2027$186.05$26.42$212.47$2,984.25
Nov 2027$187.60$24.87$212.47$2,796.65
Dec 2027$189.17$23.31$212.47$2,607.49
Jan 2028$190.74$21.73$212.47$2,416.75
Feb 2028$192.33$20.14$212.47$2,224.42
Mar 2028$193.93$18.54$212.47$2,030.48
Apr 2028$195.55$16.92$212.47$1,834.93
May 2028$197.18$15.29$212.47$1,637.75
Jun 2028$198.82$13.65$212.47$1,438.93
Jul 2028$200.48$11.99$212.47$1,238.45
Aug 2028$202.15$10.32$212.47$1,036.30
Sep 2028$203.83$8.64$212.47$832.47
Oct 2028$205.53$6.94$212.47$626.93
Nov 2028$207.25$5.22$212.47$419.69
Dec 2028$208.97$3.50$212.47$210.71
Jan 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.

13.40%.

Good

690-719.

15.86%.

Fair

630-689.

18.93%.

Bad

300-629.

21.14%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Jan. 1, 2024, through Jan. 31, 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%.

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 January received rates from 10.10% to 15.89%, according to aggregate, anonymized data from NerdWallet’s lender marketplace.

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 12.53% to 17.82% when they pre-qualified through NerdWallet’s lender marketplace in January, according to aggregate, anonymized data.

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 January received rates from 14.51% to 20.35% according to aggregate, anonymized data from NerdWallet’s lender marketplace.

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 January received personal loan rates from 19.10% to 23.51%, according to aggregate, anonymized data from NerdWallet’s lender marketplace.

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.

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.

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.

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 February 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.

To recap our selections...

NerdWallet's Best Personal Loan Rates of February 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
  • 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
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