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Best Personal Loan Rates

May 2024

Personal loans can provide a flexible way to finance just about anything. And if you have good credit, you can qualify for personal loans with low rates and competitive terms. Here is our list of best personal loans with low interest rates.
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Consumers take out personal loans for a whole range of reasons. A loan can finance almost anything from a dream wedding to consolidating credit card debt and paying for car repairs. However, finding the lenders with the best low interest personal loan rates can be a challenge. This is SuperMoney's list of the best personal loan interest rates.
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This list of the best-rated personal loan rates is based on SuperMoney's advanced algorithms and user ratings. We analyzed hundreds of lenders and filtered the ones with the lowest rates and best reviews.

Common Questions on Personal Loan Rates

What is a good loan rate?

It depends on who is asking. Personal loan rates vary depending on your credit score, income, loan amount, term, and the lender you choose. What is a great rate for one person may be unacceptable for another depending on their credit and financial circumstances.
If you have an excellent credit score, you may be able to get the best personal loan rates available, which are around 6% or 7% APR. However, only the best qualified borrowers can get those rates. A good credit score is not enough. You also need a low debt-to-income ratio and a large income. If your credit score is not excellent, a good rate for you may be much higher. For example, if you have a 750 credit score, a good rate for a $5,000 loan with a 36-month term may be 15%, depending on your income, debt levels, and the lender you use. For someone with a credit score of 650 or below, a much higher rate of 30% to 40% may be the best they can hope for.

Who has the best personal rates?

The lenders in our list of best personal rates (see above) have some of the best rates around. However, the best lender for you will depend on your income and credit history, among other things. There are hundreds of banks, credit unions, and direct lenders that offer unsecured personal loans. Finding the best rates available to can be a challenge. SuperMoney's loan offer engine allows you to compare multiple leading lenders without hurting your credit.

How will I know which loan is the most affordable?

The key factor when comparing the cost of loan is its APR, but it's not the only thing you should consider. You should also confirm you can afford to make the monthly payments and check the overall cost of the loan. Choose the loan with the lowest rate and shortest loan term you can afford. A shorter loan term will increase your monthly payments, but you will pay less in overall interest.

Will my interest rate stay the same?

Personal loans usually come with fixed rates, meaning the rates stay the same for the life of the loan.

If I increase my monthly payments, does the rate I pay change?

Some lenders do charge a prepayment fee to borrowers who pay off their loans early. In this case the APR of your loan would go up. However, most lenders don't charge a prepayment fee, and you can save money by repaying the loan earlier.

What's an APR and how does it differ from an interest rate?

The interest rate of a loan is the amount you're charged for borrowing the money. However, it doesn't include any of the fees lenders sometimes tack on to loans, such as origination or application fees. The annual percentage rate (APR), on the other hand, includes most fees. When comparing rates from different lenders, the APR is a more effective way to compare the true cost of a loan. If a lender doesn't charge any additional fees, the interest rate and the APR can be the same. Note that the APR doesn't include all fees. For instance, the APR of a loan does not include the potential cost of prepayment fees or late fees.

What is an origination fee?

Some lenders deduct an origination fee after finalizing the loan. It's a one-time-only fee that covers the costs of processing the loan. The cost of origination fees vary by lender and not all of them charge it. This fee is deducted from the loan balance. So, consider this when determining how much you need to borrow.

How do lenders set the interest rates of loans?

Currently, personal loan rates range from 7% to more than 100% APR. That's a big range. Lenders will determine your interest rates based on multiple factors, such as your credit score, debt-to-income ratio, whether or not you have a cosigner, and going market rate.
Depending on the lender, it's possible they may look at additional factors such as homeownership, education, and employment information.

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