Personal Loan Rates: Compare Top Lenders in October 2024

Last updated on October 1, 2024
Annie Millerbernd
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Annie Millerbernd
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

Compare personal loan rates in just 2 minutes

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Here are 10 lenders for you
Best for Personal loans for short credit history
Upstart
5.0
Upstart
Loan term 
3 to 7 years 
Loan amount 
$1K - $50K 
APR 
7.80 - 35.99% 
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on Upstart
Check rate
on NerdWallet
Upstart
5.0
Loan term
3 to 7 years
Loan amount
$1K - $50K
APR
7.80 - 35.99%
Visit Lender
on Upstart
Check rate
on NerdWallet
Pros
  • Accepts borrowers with bad credit or thin credit histories.
  • Has a low income requirement.
  • Fast approval and funding.
  • Allows secured loans.
  • Option to change your payment date.
Cons
  • Origination fee.
  • No rate discounts.
  • No joint or co-signed loans.
  • No direct payment to creditors on debt-consolidation loans.
Qualifications:
  • Must be a U.S. citizen or permanent resident living in the U.S.
  • Must be at least 18 years old in most states.
  • Must have a valid email address and Social Security number.
  • Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
  • Must have a personal bank account at a U.S. financial institution with a routing number.
  • No bankruptcies in the last 12 months.
  • No current delinquent accounts on your credit reports.
  • Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
  • Minimum credit score: None.
  • Minimum annual income: $12,000.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. Most borrowers are instantly approved. The majority of unsecured loan borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review. If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.
Best for Debt consolidation loans
Discover
5.0
Discover® Personal Loans
Loan term 
3 to 7 years 
Loan amount 
$2.5K - $40K 
APR 
7.99 - 24.99% 
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on Discover
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on NerdWallet
Discover
5.0
Loan term
3 to 7 years
Loan amount
$2.5K - $40K
APR
7.99 - 24.99%
Visit Lender
on Discover
Check rate
on NerdWallet
Pros
  • No origination fee.
  • Fast funding.
  • Direct payment to creditors with debt consolidation loans.
  • Wide variety of repayment term options.
  • Available nationwide.
Cons
  • No rate discount.
  • Late fee.
  • No co-sign or joint loan option.
Qualifications:
  • Minimum credit score: 660.
  • Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
  • Must provide a valid U.S. address and email address.
  • Must be 18 years old with a valid Social Security number.
This is not a commitment to lend from Discover Personal Loans. Your APR will be between 7.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 12.99% APR for a term of 72 months, you'll pay just $301 per month. You must have a minimum individual or household annual income of $25,000, be over 18 years of age, and have a valid US SSN to be considered for a Discover personal loan. Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. State restrictions may apply. A Discover personal loan is intended for personal use and cannot be used to pay for post-secondary education, to pay off a secured loan, or to directly pay off a Discover credit card. If your application is approved, we will send funds after you accept the loan. Your bank or creditor may take more days to process the funds. Discover makes loans without regard to race, color, religion, national origin, sex, disability, or familial status.
Best for Personal loans for good to excellent credit
SoFi
5.0
SoFi Personal Loan
Loan term 
2 to 7 years 
Loan amount 
$5K - $100K 
APR 
8.99 - 29.99% 
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on SoFi Personal Loan
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on NerdWallet
SoFi
5.0
Loan term
2 to 7 years
Loan amount
$5K - $100K
APR
8.99 - 29.99%
Visit Lender
on SoFi Personal Loan
Check rate
on NerdWallet
Pros
  • Multiple rate discounts.
  • Fast funding.
  • Large loan amounts.
  • Joint loan option.
  • Mobile app to manage loan.
Cons
  • No option to choose initial payment date.
  • High minimum loan amount.
Qualifications:
  • Must be at least 18 years old in most states.
  • Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
  • Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
  • Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Best for Personal loans for bad to fair credit
Upgrade
5.0
Upgrade
Loan term 
2 to 7 years 
Loan amount 
$1K - $50K 
APR 
9.99 - 35.99% 
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on Upgrade
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on NerdWallet
Upgrade
5.0
Loan term
2 to 7 years
Loan amount
$1K - $50K
APR
9.99 - 35.99%
Visit Lender
on Upgrade
Check rate
on NerdWallet
Pros
  • Secured and joint loans.
  • Multiple rate discounts.
  • Mobile app to manage loan payments.
  • Direct payment to creditors with debt consolidation loans.
  • Long repayment terms on home improvement loans.
Cons
  • Origination fee.
  • No option to choose your payment date.
Qualifications:
  • Minimum credit score: 580.
  • Minimum number of accounts on credit history: One account.
  • Maximum debt-to-income ratio: 75%, including mortgage payments.
  • Minimum length of credit history: Two years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Reach Financial Personal Loans
4.5
Reach Financial Personal Loans
Loan term 
2 to 5 years 
Loan amount 
$3.5K - $40K 
APR 
5.99 - 35.99% 
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on Reach Financial Personal Loan
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on NerdWallet
Reach Financial Personal Loans
4.5
Loan term
2 to 5 years
Loan amount
$3.5K - $40K
APR
5.99 - 35.99%
Visit Lender
on Reach Financial Personal Loan
Check rate
on NerdWallet
Pros
  • Direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Customizable repayment terms.
  • Hardship program for borrowers in need.
Cons
  • Origination fee.
  • No co-signed, joint or secured loan options.
  • Reports payments to only two of the three major credit bureaus.
Qualifications:
  • Minimum credit score: 660.
  • Minimum credit history: 3 years and 1 account.
  • Minimum net income: $1,000 left after monthly bills, such as rent and other debt installments, are paid.
  • Acceptable income sources: Employment, alimony, retirement, child support, Social Security payments and disability benefits.
  • Must be a U.S. resident who lives in one of the 41 states where the company does business, or Washington, D.C.
All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Reach Financial platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 14.30% to 35.99%. You could receive a loan of $10,000 with an interest rate of 9.15%, an origination fee of $200, for an APR of 10.00%, which would result in total payment of $12,499 with 60 monthly payments of $208.31. Total approved loan amount reflects origination fee, which ranges from 0% to 8%. *Within 24 hours of your loan approval, loan proceeds will be available to pay thecreditors named on your Truth-In-Lending Disclosure.
Best for Home improvement loans
Lightstream
4.5
LightStream
Loan term 
2 to 7 years 
Loan amount 
$5K - $100K 
APR 
6.99 - 25.29% 
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on LightStream
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on NerdWallet
Lightstream
4.5
Loan term
2 to 7 years
Loan amount
$5K - $100K
APR
6.99 - 25.29%
Visit Lender
on LightStream
Check rate
on NerdWallet
Pros
  • No fees.
  • Rate discount for autopay.
  • Long repayment terms and large loan amounts.
  • Fast funding.
  • Rate Beat program and Experience Guarantee.
Cons
  • No option to pre-qualify.
  • No direct payment to creditors with debt consolidation loans.
  • High minimum loan amount.
Qualifications:
  • Minimum credit score: 660, but can vary depending on the loan purpose and amount.
  • Maximum debt-to-income ratio: 50%.
  • Minimum credit history: 3 years.
  • Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
  • Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Rates quoted are with AutoPay. 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). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. 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 $10,000 loan at 7.99% APR with a term of 5 years would result in 60 monthly payments of $202.72. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Best for Secured loans
BestEgg
4.5
Best Egg
Loan term 
3 to 5 years 
Loan amount 
$2K - $50K 
APR 
7.99 - 35.99% 
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on Best Egg
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on NerdWallet
BestEgg
4.5
Loan term
3 to 5 years
Loan amount
$2K - $50K
APR
7.99 - 35.99%
Visit Lender
on Best Egg
Check rate
on NerdWallet
Pros
  • Wide range of loan amounts.
  • Secured loan options.
  • Direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Free credit score monitoring.
Cons
  • Origination fee.
  • No rate discounts.
  • No mobile app to manage loan.
Qualifications:
  • Minimum credit score: 600.
  • Maximum debt-to-income ratio: 70% including a mortgage.
  • Minimum credit history: 3 years and 1 account.
  • Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
  • Must be a U.S. citizen or permanent resident and at least 18 years of age.
*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%– 35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: [email protected], Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Avant
4.0
Avant
Loan term 
2 to 5 years 
Loan amount 
$2K - $35K 
APR 
9.95 - 35.99% 
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on Avant
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on NerdWallet
Avant
4.0
Loan term
2 to 5 years
Loan amount
$2K - $35K
APR
9.95 - 35.99%
Visit Lender
on Avant
Check rate
on NerdWallet
Pros
  • Accepts borrowers across the credit spectrum.
  • Low income requirement.
  • Fast approval and funding.
  • Hardship program for borrowers in need.
  • Seven-day customer service availability.
Cons
  • Origination fee.
  • No co-signed, joint or secured loans.
  • No rate discounts.
  • No large loan amounts.
Qualifications:
  • Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
  • Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.
  • Must be a resident of a state where Avant’s loans are available.
  • Must provide a Social Security number.
  • Must have a personal bank account in your name.
  • No active bankruptcies.
Personal loan funds are generally deposited via ACH for delivery next business day if approved by 4:30 pm CT Monday-Friday. Loan amounts range from $2,000 to $35,000. APR ranges from 9.95% to 35.99%. Loan lengths range from 24 to 60 months. Administration fee up to 9.99%. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. Administration fee is deducted from the loan proceeds and paid to the Lender. Any administration fee of 5% or less of the initial loan amount is not refundable. Administration fee amount in excess of 5% of the initial loan amount is refundable on a prorated basis over the remaining term of the loan when and if the loan is paid in full prior to its original maturity date. A partial prepayment does not trigger a refund of any administration fee amount. Borrower recognizes that the Administration fee is deemed part of the loan principal and is subject to the accrual of interest. Example: A $5,700 loan with an administration fee of 9.99% and an amount financed of $5,130.57, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $217.66. New Mexico consumer brochure (hyper linked to - https://assets.ctfassets.net/vrxttq978is8/1eS8eJhH54ycK7fhPa7hUk/bd189960ce122598d8c7551d2fb96fad/NM_Consumer_Information_Brochure_and_Loan_Rate_and_Fee_Disclosure.pdf) for common terms and definitions and regulations around rates and fees. Avant branded credit products are issued by WebBank.
Universal Credit
4.0
Universal Credit
Loan term 
3 to 5 years 
Loan amount 
$1K - $50K 
APR 
11.69 - 35.99% 
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on Universal Credit
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on NerdWallet
Universal Credit
4.0
Loan term
3 to 5 years
Loan amount
$1K - $50K
APR
11.69 - 35.99%
Visit Lender
on Universal Credit
Check rate
on NerdWallet
Pros
  • Offers direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Offers multiple rate discounts.
  • Offers free credit score access.
Cons
  • Charges origination fee.
  • Borrowers can choose from only two repayment term options.
Qualifications:
  • Minimum credit score: 580.
  • Minimum number of accounts on credit history: 1 account.
  • Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
  • Minimum length of credit history: 2 years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans issued by Universal Credit's bank partners. Information on Universal Credit's bank partners can be found at Universal Credit | Bank Partners . Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
OneMain
3.5
OneMain Financial
Loan term 
2 to 5 years 
Loan amount 
$1.5K - $20K 
APR 
18.00 - 35.99% 
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on OneMain
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on NerdWallet
OneMain
3.5
Loan term
2 to 5 years
Loan amount
$1.5K - $20K
APR
18.00 - 35.99%
Visit Lender
on OneMain
Check rate
on NerdWallet
Pros
  • Option to choose and change your payment date.
  • Joint and secured loans.
  • Fast funding.
  • Direct payment to creditors on debt consolidation loans.
  • Seven-day cancellation policy.
Cons
  • Rates are high compared to other lenders.
  • Charges origination fee.
  • No rate discounts.
  • Limited loan amounts.
  • Pre-qualification doesn’t show APR.
Qualifications:
  • Must have a taxpayer identification number.
  • Must be 18 or older in most states.
  • Minimum credit score: None.
  • Minimum credit history: None; this lender prefers some minimal credit history.
  • Minimum number of accounts on credit report: 1 active account.
  • Minimum income: None, but borrowers must have sufficient disposable income to make the monthly loan payment. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees. Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.

NerdWallet's guide to choosing a personal loan

An unsecured personal loan can help you cover a large expense, pay for an emergency car or home repair or consolidate your debt. You can use funds from a personal loan for almost any purpose.

Each lender offers unique features and benefits, and some work better for certain borrowers and expenses than others. NerdWallet's personal loan guide will help you compare different lenders and find a loan that fits your budget and financial goals.

  • NerdWallet has rated and reviewed personal loans from more than 35 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. We do not receive compensation for our ratings. Read more about our personal loan star ratings methodology and our editorial guidelines.

On this page

What is a personal loan?

A personal loan is money you borrow from a bank, credit union or online lender. Loan amounts are from $1,000 to $100,000, and they’re typically repaid over a term of two to seven years. To qualify, lenders look at factors including your credit score, credit history and debt-to-income ratio.

» MORE: How to get a personal loan

Ways to use a personal loan

You can use personal loan funds for nearly any reason. Ideally, getting one positively impacts your overall financial health by helping you pay off debt faster, for example, or adding to the value of your home. Here are some top ways consumers use personal loans:

  • Debt consolidation: Use a debt consolidation loan to roll your debts into one monthly payment, potentially reducing the interest you pay and helping you pay it off faster.

  • Home improvement: Need to repair your roof, add a home office or install a swimming pool? Use a personal loan to finance home improvements.

  • Large expenses: You can use a personal loan to buy a boat, RV or other items with large price tags.

  • Life events: It can be expensive to finance your wedding or a vacation with a personal loan, but having one lump sum of money can help you stick to a budget.

  • Emergencies: Because personal loans are funded quickly, they can help cover an urgent home or car repair. Compare a loan with other low- or no-interest options.

  • Medical bills: A personal loan can help pay for medical or dental procedures, covering costs associated with out-of-network charges, high deductibles or specialty care.

Top personal loans for your next money move
Compare the best personal loans for anything from debt consolidation to home improvement.
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Personal loan interest rates

Personal loan annual percentage rates typically range from about 6% to 36%.

Lenders assess primarily your financial and credit information to determine your rate, but may consider other factors like whether you own your home, your education level and your work history. Consumer advocates say 36% is the highest annual percentage rate a loan can have and still be considered affordable.

Borrowers with good to excellent credit scores (690 and higher) typically get the lowest interest rates and can borrow larger amounts. They also have the most options when shopping for a loan.

Those with fair to bad credit (scores below 690) may have to look a little harder and pay a higher rate for a personal loan. Having steady income, low debt, a long credit history and a record of on-time payments will improve your chances of approval.

Current average personal loan rates

Here’s what average personal loan APRs currently look like:

Borrower credit rating

Score range

Estimated APR

Excellent

720-850.

11.35%.

Good

690-719.

14.34%.

Fair

630-689.

17.64%.

Bad

300-629.

22.29%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from Aug. 1, 2024, through Aug. 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%.

How does the economy affect personal loan rates?

Macroeconomic conditions guide personal loan lenders to 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.

    • After keeping the Fed rate steady for more than a year, the committee that sets the rate lowered it in September 2024 by half a point.

    • 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.