Best Personal Loan Rates of October 2026
Jul 1, 2024
The lowest personal loan rates start around 8% and go to borrowers with strong credit histories, high incomes and low existing debt. Compare interest rates on personal loans from online lenders, banks and credit unions.
Best Personal Loan Rates
Our pick for
Low personal loan rates with borrower perks
Est. APR
6.99 - 35.49%
Loan amount
$5K - $100K
Min. credit score
None
Loan term
2 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- Autopay, Direct payment to creditors, and Direct deposit accounts
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, and Other large purchase
Pros
- Multiple rate discounts.
- Joint loans.
- Hardship assistance.
Cons
- High minimum loan amount.
- No secured loans.
Our pick for
Low personal loan rates for home improvement
Est. APR
9.99 - 24.94%
Loan amount
$5K - $100K
Min. credit score
660
Loan term
2 to 20 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Min income:
- No minimum requirement
- Soft credit check:
- No
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Emergency expenses, Vacation, Moving/relocation, Wedding, Funeral, Auto/motorcycle/RV/boat financing, PreK-12 education, and Other large purchase
Pros
- Competitive APRs
- Rate discounts
- No fees
- Large loans and long repayment terms
- Same-day funding
Cons
- Limited ability to pre-qualify
- High minimum loan amount
- No direct payment to creditors
- No mobile app
Our pick for
Low personal loan rates and a secured loan option
Est. APR
6.20 - 35.99%
Loan amount
$1K - $75K
Min. credit score
None
Loan term
3 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- 1 day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- None
- Min income:
- No minimum requirement
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, Business expenses, Auto/motorcycle/RV/boat financing, Other large purchase, Bills and rent, Family assistance, Taxes, and Purchase of personal vehicle
Pros
- No credit score requirement.
- Wide range of loan amounts.
- Fast funding.
- Range of loan amounts
Cons
- Origination fee.
- Only two repayment term options.
- No direct payment to creditors.
Our pick for
Low personal loan rates for good credit
Est. APR
6.99 - 25.29%
Loan amount
$5K - $35K
Min. credit score
None
Loan term
1 to 5 years
Pros, Cons, and Our View
- Time to get funds:
- 1 business day
- Availability:
- Unavailable in FL
- Rate discounts:
- Autopay
- Min income:
- No minimum requirement
- Soft credit check:
- No
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc), Vacation, Moving/relocation, Wedding, Funeral, and Other large purchase
Pros
- Wide range of repayment terms.
- Rate discount.
Cons
- Exclusive to customers.
- No direct payment to creditors.
- No joint, co-signed or secured loans.
Our pick for
Low personal loan rates and fast funding
Est. APR
7.99 - 29.99%
Loan amount
$2K - $75K
Min. credit score
640
Loan term
3 to 5 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Unavailable in IA, NV, WV, and MD
- Rate discounts:
- Autopay discount: 0.25 percentage points
- Min income:
- $24,000 annual gross income
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expenses (car repair, vet bill, etc), Vacation, Moving/relocation, Wedding, Funeral, Business expenses, Auto/motorcycle/RV/boat financing, and Other large purchase
Pros
- Relatively low rates.
- Fast funding.
- Wide range of loan amounts.
Cons
- Origination fee up to 9.99%.
- Must have a 640 credit score or higher.
- No options for joint, co-signed or secured loans.
Our pick for
Low personal loan rates for credit card consolidation
Est. APR
8.95 - 35.99%
Loan amount
$5K - $50K
Min. credit score
620
Loan term
2 to 5 years
Pros, Cons, and Our View
- Time to get funds:
- same-day
- Availability:
- Unavailable in NV and IA
- Rate discounts:
- Auto-pay discount: 0.5 percentage points.
- Min income:
- None
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation and Credit card consolidation
Pros
- Low starting rates.
- Direct pay to creditors.
- Same-day funding.
Cons
- May have a high origination fee.
- High minimum loan amount.
- Can't add a co-applicant or collateral to boost your chances of qualifying.
Our pick for
Low personal loan rates and rate discounts to existing customers
Est. APR
6.74 - 26.74%
Loan amount
$3K - $100K
Min. credit score
None
Loan term
1 to 7 years
Pros, Cons, and Our View
- Time to get funds:
- Same day
- Availability:
- Lends in all 50 states and Washington, D.C.
- Rate discounts:
- 0.25 or 0.50 percentage points if you have a Wells Fargo checking account and set up automatic payments.
- Min income:
- Undisclosed
- Soft credit check:
- Yes
- Loan uses:
- Debt consolidation, Credit card consolidation, Home improvement, Medical/dental, Emergency expense (car repair, vet bill, etc.), Vacation, Moving/relocation, Wedding, Funeral, and Other large purchase
Pros
- Competitive APRs.
- No origination fee.
- Offers direct payments to creditors.
- Fast funding.
- Wide variety of loan amounts and repayment terms.
Cons
- Only available to Wells Fargo customers.
- Requires at least fair credit.
- No small loans.
- No co-signed, joint or secured loans.
Compare the best personal loan rates
NerdWallet reviewed more than 35 financial institutions to find the best rates on personal loans. These are our top picks.
Best for low personal loan rates with borrower perks
6.99-35.49%
$5K-$100K
None
2 to 7 years
Pros & Cons
Pros
- Multiple rate discounts.
- Joint loans.
- Hardship assistance.
Cons
- High minimum loan amount.
- No secured loans.
Overview
With lightning-fast funding, no mandatory fees and large loan amounts, SoFi offers one of the best personal loans of any online lender we reviewed.
Key Features
- Wide loan amount range makes SoFi loans ideal for large purchases, home improvement projects or debt consolidation.
- Provides loan forbearance and payment modification for customers in hardship.
Best for low personal loan rates and fast funding to existing customers
10.24-18.49%
$2K-$30K
Undisclosed
1 to 5 years
Pros & Cons
Pros
- Relatively low rates.
- Opportunities for rate discounts.
- No fees.
Cons
- Requires good to excellent credit scores.
- Larger loans and faster funding reserved for Citi customers.
Overview
Citibank personal loans come with relatively low rates and no fees, but you must be a Citi customer to get its full suite of features.
Key Features
- Loans have no fees, including late, origination or prepayment fees.
- Offers a .50-percentage-point rate discount for setting up autopay — larger than most lenders.
Best for low personal loan rates for home improvement
9.99-24.94%
$5K-$100K
660
2 to 20 years
Pros & Cons
Pros
- Competitive APRs
- Rate discounts
- No fees
- Large loans and long repayment terms
- Same-day funding
Cons
- Limited ability to pre-qualify
- High minimum loan amount
- No direct payment to creditors
- No mobile app
Overview
LightStream is a particularly solid option if you have good credit and need to finance a large expense, like a home improvement project.
Key Features
- Provides loan terms up to 12 years for home improvement projects.
- Offers a .50-percentage-point rate discount for setting up autopay and charges zero fees.
Best for low personal loan rates and a secured loan option
6.20-35.99%
$1K-$75K
None
3 to 7 years
Pros & Cons
Pros
- No credit score requirement.
- Wide range of loan amounts.
- Fast funding.
- Range of loan amounts
Cons
- Origination fee.
- Only two repayment term options.
- No direct payment to creditors.
Overview
With its nontraditional underwriting model, Upstart is one of the best loan options available if you have a low credit score or limited credit history.
Key Features
- May approve borrowers with fair credit or thin credit history.
- Allows borrowers to get a vehicle-secured loan for the chance at a lower rate.
Best for low personal loan rates for good credit
6.99-25.29%
$5K-$35K
None
1 to 5 years
Pros & Cons
Pros
- Wide range of repayment terms.
- Rate discount.
Cons
- Exclusive to customers.
- No direct payment to creditors.
- No joint, co-signed or secured loans.
Overview
PNC personal loans come with competitive rates and fast funding, but they’re only available to existing customers with good or excellent credit.
Key Features
- Wide range of repayment terms gives borrowers the choice between a fast payoff schedule and low monthly payments.
- Joint loan option allows borrowers to add a co-applicant for a chance at a lower APR.
Best for low personal loan rates and fast funding
7.99-29.99%
$2K-$75K
640
3 to 5 years
Pros & Cons
Pros
- Relatively low rates.
- Fast funding.
- Wide range of loan amounts.
Cons
- Origination fee up to 9.99%.
- Must have a 640 credit score or higher.
- No options for joint, co-signed or secured loans.
Overview
Rocket Loans is a solid online loan option if you have good or excellent credit and need to borrow money fast.
Key Features
- Can approve and fund personal loans the same day an application is submitted.
- Wide loan amount range makes Rocket Loans ideal for large purchases or debt consolidation.
Best for low personal loan rates for credit card consolidation
8.95-35.99%
$5K-$50K
620
2 to 5 years
Pros & Cons
Pros
- Low starting rates.
- Direct pay to creditors.
- Same-day funding.
Cons
- May have a high origination fee.
- High minimum loan amount.
- Can't add a co-applicant or collateral to boost your chances of qualifying.
Overview
Happy Money lets you consolidate high-interest debt into one fixed monthly payment, but well-qualified borrowers may find lower rates or more flexible options elsewhere.
Key Features
- Loan funds can be sent directly to other creditors to pay off credit card debt.
- Instantly approves qualified borrowers and sends loan funds within one to three days.
Best for low personal loan rates and flexible payment options
6.09-17.99%
$600-$50K
None
1 to 5 years
Pros & Cons
Pros
- Low rates.
- No origination fee.
- Wide range of loan amounts.
Cons
- Must have a credit union membership.
- Limited flexibility with your monthly payment date.
- No loan terms longer than 5 years.
Overview
PenFed offers low rates and a wide range of loan amounts to its credit union members.
Key Features
- One of few lenders that allows co-signed personal loans, which can help the primary borrower qualify for a better rate.
- Borrowers may change their payment due date multiple times during repayment.
Best for low personal loan rates and rate discounts to existing customers
6.74-26.74%
$3K-$100K
None
1 to 7 years
Pros & Cons
Pros
- Competitive APRs.
- No origination fee.
- Offers direct payments to creditors.
- Fast funding.
- Wide variety of loan amounts and repayment terms.
Cons
- Only available to Wells Fargo customers.
- Requires at least fair credit.
- No small loans.
- No co-signed, joint or secured loans.
Overview
Wells Fargo personal loans have competitive rates and no origination fees, but you’ll need to be a Wells customer to qualify.
Key Features
- Offers an autopay discount to all borrowers and an additional relationship discount to qualified Wells Fargo customers.
- Lets borrowers choose their initial payment due date and change it once every 12 months.
NerdWallet’s guide to getting the best personal loan rate
On this page
What is a good rate on a personal loan?
A personal loan’s annual percentage rate (APR) represents the cost of the loan and includes the interest rate plus any other fees a lender charges, like an origination fee. Your personal loan interest rate and APR may be the same number if there are no loan fees.
Because these loans usually don’t require collateral, such as a house or car, your personal loan rate depends heavily on your credit and financial information.
A good personal loan rate is the lowest one you qualify for. APRs are typically between 6% and 36%, which is a wide range compared to other types of loans like mortgages and auto loans. Because rates can vary widely, it’s not helpful to compare your rate to someone else’s. Instead, pre-qualify for personal loans with multiple lenders to find the lowest rate and best terms. This process doesn’t require a hard credit pull, so it’s a low-risk way to determine which lender could offer you the best rate.
Bad-credit personal loan rates
Lender | APR range |
|---|---|
6.20% - 35.99% | |
7.74% - 35.99% | |
9.95% - 35.99% | |
7.99% - 35.99% | |
11.69% - 35.99% |
» MORE: Best loans for bad credit
Good- and excellent-credit personal loan rates
Lender | APR range |
|---|---|
6.99% - 25.29% | |
6.09% - 17.99% | |
10.24% - 18.49% | |
9.99% - 24.94% | |
6.99% - 35.49% | |
7.99% - 24.99% | |
8.95% - 35.99% |
» MORE: Best loans for good credit
Debt consolidation loan rates
Lender | APR range |
|---|---|
7.99% - 24.99% | |
8.95% - 35.99% | |
9.99% - 24.94% | |
6.99% - 35.49% | |
6.99% - 25.29% |
Home improvement loan rates
Lender | APR range |
|---|---|
6.99% - 35.49% | |
7.99% - 24.99% | |
9.99% - 24.94% | |
6.74% - 26.74% | |
7.99% - 29.99% |
» MORE: Best loans for home improvement
How is the economy affecting personal loan rates?
Macroeconomic conditions help personal loan lenders determine their rates. For example, changes in the wider economy (like high inflation and Federal Funds rate increases) prompted lenders to tighten their underwriting standards in 2022 and 2023, and they’ve remained high since then.
What to know about the Fed rate in 2024
The Fed rate hasn’t changed since July 2023, but the committee that sets the rate has indicated that it may lower it later this year.
If you have a personal loan, a lower Fed rate won’t affect your monthly payments because personal loan rates are fixed for the full repayment term.
If you’re considering a personal loan, a lower Fed rate could mean a chance at a modestly better rate later in the year.
Regardless of economic changes, the biggest factors that determine your personal loan interest rate are your creditworthiness, income and outstanding debts.
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. | 11.81%. |
Good | 690-719. | 14.48%. |
Fair | 630-689. | 17.93%. |
Bad | 300-629. | 21.65%. |
Personal loan calculator
Use this personal loan calculator to see how different rates — plus other factors, like loan amount and terms — can impact monthly personal loan payments.
- Total interest over 3 years
- $1,157.12
- Total loan payment
- $11,157.12
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 12.49% in the first quarter of 2024, 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 first quarter of 2024 for a fixed-rate, three-year loan was 10.83%, according to the National Credit Union Administration. Federal credit unions cap personal loan APRs at 18%.
You must 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
How to get the best personal loan rate
1. Boost your credit
Check your credit report for errors or accounts that may be weighing on your score and address them before applying. For example, a past-due account could be a reason a lender charges a high rate or denies your application.
2. Lower your debt-to-income ratio
Pay down existing debt to lower your DTI and show lenders that you have ample income for new loan payments. Make sure to include all sources of income on an application.
3. Ask for the minimum you need
Requesting a large loan could cause a lender to charge a higher interest rate. Consider what the money is for and don’t ask for more than you need.
4. Shorten your repayment term
Lenders often give lower APRs for shorter term loans because a shorter term means there’s less time for your financial situation to change during repayment. Choose the shortest loan term you can while still keeping monthly payments affordable.
5. 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.
6. Find a no-fee lender
Origination fees are the most common personal loan fees, and they can drive up your APR, but not all lenders charge them. Compare lenders’ fees and look for one that charges low or no fees.
7. Add a co-signer or co-borrower
Borrowers with blemished credit can add a co-signer or co-borrower with better credit and higher income for a better chance of qualifying or a potentially lower rate. Both co-signers and co-borrowers are responsible for repaying the debt if the primary borrower misses payments.
8. Add collateral
You may qualify for a personal loan or get a lower rate by pledging collateral like a vehicle or savings account. With a secured loan, the lender can take the collateral if you default.
9. Pre-qualify and compare offers
Many lenders offer pre-qualification, which lets you preview the potential loan amount, rate and repayment term without affecting your credit score. Pre-qualify with multiple lenders to compare offers and select the best rate.
Frequently asked questions about personal loan rates
What’s the difference between a personal loan APR and 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 or lowered your debt since you first borrowed. Lenders have different refinancing policies: Some allow borrowers to refinance a personal loan you have with them, but others may require you to refinance with a different lender.
If you refinance, be mindful of the new loan’s term. Even with a lower rate, a longer repayment term could raise the total interest costs.
What are some alternatives to personal loans?
Other ways to borrow money include:
Last updated on July 1, 2024
Methodology
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
35+Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms and high interest installment lenders operating across multiple states.
25+Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 60 data points 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 October 2026
- SoFi Personal Loan: Best for Low personal loan rates with borrower perks
- LightStream: Best for Low personal loan rates for home improvement
- Upstart: Best for Low personal loan rates and a secured loan option
- PNC Bank Personal Loan: Best for Low personal loan rates for good credit
- Rocket Loans: Best for Low personal loan rates and fast funding
- Happy Money: Best for Low personal loan rates for credit card consolidation
- Wells Fargo Personal Loan: Best for Low personal loan rates and rate discounts to existing customers