Best Personal Loan Rates of May 2022
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.
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Personal loan interest rates currently range from 4.49% to about 35.99%. The interest rate you may get on a personal loan depends on factors including your credit score and credit history, annual income, existing debt and whether you get a loan from a bank, credit union or online lender.
Comparing personal loan rates — along with monthly payments and total interest — can help you choose the most affordable loan. Here’s a look at the best personal loan interest rates from online lenders, banks and credit unions.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best personal loan rates. We've selected these lenders based on their minimum and maximum APRs.
Personal loan interest rates currently range from 4.49% to about 35.99%. The interest rate you may get on a personal loan depends on factors including your credit score and credit history, annual income, existing debt and whether you get a loan from a bank, credit union or online lender.
Comparing personal loan rates — along with monthly payments and total interest — can help you choose the most affordable loan. Here’s a look at the best personal loan interest rates from online lenders, banks and credit unions.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best personal loan rates. We've selected these lenders based on their minimum and maximum APRs.
Best Personal Loan Rates
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn More |
---|---|---|---|---|---|
![]() SoFi Get rate on SoFi's website | Best for Low interest rates and large loan amounts | 6.99- | $5,000- | 680 | Get rate on SoFi's website |
Best Egg Get rate on Best Egg's website | Best for Low interest rates and fast funding | 5.99- | $2,000- | 600 | Get rate on Best Egg's website |
Upgrade Get rate on Upgrade's website | Best for Low interest rates for bad credit | 5.44- | $1,000- | 560 | Get rate on Upgrade's website |
Marcus by Goldman Sachs Get rate on Goldman Sachs's website | Best for Low interest rates at a bank | 6.99- | $3,500- | 660 | Get rate on Goldman Sachs's website |
LightStream Get rate on LightStream's website | Best for Low interest rates for home improvement | 4.99- | $5,000- | 660 | Get rate on LightStream's website |
Happy Money Get rate on Happy Money's website | Best for Low interest rates for credit card consolidation | 5.99- | $5,000- | 600 | Get rate on Happy Money's website |
Upstart Get rate on Upstart's website | Best for Low interest rates for fair credit | 5.40- | $1,000- | None | Get rate on Upstart's website |
![]() Wells Fargo Personal Loan See my rates on NerdWallet's secure website | Best for Low interest rates for existing customers | 5.74- | $3,000- | None | See my rates on NerdWallet's secure website |
![]() PenFed Credit Union Personal Loan See my rates on NerdWallet's secure website | Best for Low interest rates at a credit union | 4.99- | $600- | None | See my rates on NerdWallet's secure website |
![]() Figure Personal Loan See my rates on NerdWallet's secure website | Best for Low interest rates and streamlined application | 5.75- | $5,000- | 680 | See my rates on NerdWallet's secure website |
Our pick for
Low interest rates and large loan amounts
Our pick for
Low interest rates and fast funding
Our pick for
Low interest rates for bad credit
Our pick for
Low interest rates at a bank
Our pick for
Low interest rates for home improvement
Our pick for
Low interest rates for credit card consolidation
Our pick for
Low interest rates for fair credit
Our pick for
Low interest rates for existing customers

on NerdWallet's secure website
Wells Fargo Personal Loan

Est. APR
5.74-Loan amount
$3,000-Min. credit score
Noneon NerdWallet's secure website
Our pick for
Low interest rates at a credit union

on NerdWallet's secure website
PenFed Credit Union Personal Loan

Est. APR
4.99-Loan amount
$600-Min. credit score
Noneon NerdWallet's secure website
Our pick for
Low interest rates and streamlined application

on NerdWallet's secure website
Figure Personal Loan

Est. APR
5.75-Loan amount
$5,000-Min. credit score
680on NerdWallet's secure website
How do lenders determine personal loan rates?
Your credit score is an important factor that lenders use to set your rate — but it’s not the only one. They also consider income, existing debts and credit history on a personal loan application.
Some lenders review additional information, like where you went to school, your occupation and where you live. A lender may also consider the requested loan amount and the reason you want to borrow to determine your rate.
How to get the best personal loan rate
The best personal loan rates typically go to borrowers with excellent credit, high and stable income, little existing debt and a credit history showing consistent on-time payments toward credit cards and other loans.
If you think you may not qualify for a low rate on a personal loan, here's what to do to help get a lower rate:
Review your credit report before you apply. If you have a low credit score, you can check your report to see what may be weighing it down and address it before you apply. For example, a past-due account could be a reason a lender would give you a high rate or not approve you at all.
Adjust your loan amounts and repayment term. Asking for a large loan or long repayment term could cause a lender to assign you a higher interest rate. Calculate your monthly 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 tacks onto the loan, like an origination fee. If you choose a lender that doesn’t charge origination fees, you’ll avoid an interest rate that’s inflated by fees.
Add a co-signer, co-borrower or collateral. Borrowers with blemished credit who add someone with a better credit profile and higher income to their application may qualify for a lower rate. You may also be able to secure a personal loan with a lower rate by using collateral like a vehicle or CD account. Just know there are consequences if you default on the loan.
Many online lenders and some banks and credit unions let you pre-qualify for a personal loan. To do so, you provide some information about your credit, income and employment — as well as how much you want to borrow and why — and the lender will tell you the potential loan amount, rate and repayment term you could get.
Because pre-qualifying triggers a soft credit pull, you can do it as many times as you want without affecting your credit score. A hard credit pull will be triggered only if you submit a full application after pre-qualifying.
Average online personal loan rates by credit score
Unlike mortgage rates, personal loan rates rarely fluctuate. Occasionally, lenders may update their rates and credit score requirements, but those changes are typically a few tenths of a percentage point. Here's what average estimated APRs are on online personal loans, based on FICO score ranges:
How's your credit? | Score range | Estimated APR |
Excellent | 720-850. | 10.5%. |
Good | 690-719. | 15.5%. |
Fair | 630-689. | 20.8%. |
Bad | 300-629. | 26.1%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Oct. 27, 2021, to April 27, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 FICO — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.
Online lender rates vary by the type of borrower they target. A bad-credit lender may offer higher rates than a good-credit lender. Unlike many banks and credit unions, online lenders allow borrowers to pre-qualify and typically fund a loan more quickly. Some offer a fully online application process and a mobile app to manage the loan.
Rates for excellent credit
The monthly average lowest rates that excellent-credit borrowers received in 2020 were from 10.7% to 12.4%, according to data from users who pre-qualified with NerdWallet. High income and a long credit history showing on-time payments to other creditors will help you get the lowest rates. Lenders that approve borrowers in this credit band may also offer special perks, like rate discounts and zero fees.
Rates for good credit
The monthly average lowest rates good-credit borrowers received on personal loans in 2020 were from 15.5% to 19.5%, according to NerdWallet user data. The lowest rates in this credit band often go to borrowers who have low debt and high income, and a credit history showing accounts in good standing.
Rates for fair credit
The lowest rates of NerdWallet users who pre-qualified with fair credit averaged from 21% to 25.7% in any given month of 2020. Adding a co-signer or joint borrower with better credit and higher income than you can help you receive a lower rate.
Rates for bad credit
Bad-credit borrowers can expect rates on the high end of a lender’s APR range. The lowest rates of NerdWallet users who pre-qualified in this credit band in 2020 averaged from 26.7% to 32.4% in any given month. Those with the lowest scores may not qualify, but requesting a lower loan amount, adding a co-signer or securing your loan could help improve your chances for funding.
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 and can take longer to fund your loan than online lenders. The average rate charged by banks in February 2021 for a two-year loan was 9.46%, according to the most recent data from 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 March 2021 for a fixed-rate, three-year loan was 8.86%, according to 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, which may mean paying fees or meeting certain eligibility requirements.
» MORE: Credit union personal loans
What’s the difference between APR and interest rate?
A loan’s APR includes the interest rate, plus all fees. If a lender charges an origination fee, for example, that would be factored into the annual percentage rate.
» MORE: Learn about personal loan APRs
Refinancing a personal loan to get a lower rate
You may 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, while others will refinance a loan from 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 May 2, 2022
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. 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 May 2022
- SoFi: Best for Low interest rates and large loan amounts
- Best Egg: Best for Low interest rates and fast funding
- Upgrade: Best for Low interest rates for bad credit
- Marcus by Goldman Sachs: Best for Low interest rates at a bank
- LightStream: Best for Low interest rates for home improvement
- Happy Money: Best for Low interest rates for credit card consolidation
- Upstart: Best for Low interest rates for fair credit
- Wells Fargo Personal Loan: Best for Low interest rates for existing customers
- PenFed Credit Union Personal Loan: Best for Low interest rates at a credit union
- Figure Personal Loan: Best for Low interest rates and streamlined application
Frequently asked questions
A good interest rate on a personal loan allows for manageable monthly payments over the loan's term. The lowest rates are usually around 6%, and the highest go up to 36%.
The best interest rates go to good- or excellent-credit borrowers (690 or higher FICO score) with debt-to-income ratios below 40% and steady income. Use a personal loan calculator to estimate your personal loan payments.
Personal loans are usually unsecured, meaning lenders consider information about your creditworthiness and finances to decide your rate. Here are a few things a lender may consider when determining what rate to offer you:
Credit score.
Credit hisYour tory.
Income.
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Other existing debts.
Employment.
Education.
Residence.
Requested loan amount.
Requested loan purpose.
Requested loan term.
These are lenders with the best personal loan rates:
SoFi.
LightStream.
Payoff.
Discover.
Best Egg.
Wells Fargo.
PenFed.
Upgrade.
Marcus and Wells Fargo both have low starting interest rates compared to similar lenders. U.S. Bank and USAA personal loans also have low rates; however, those loans aren’t available to all consumers.