Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we rate personal loans). In some cases, we receive commission from our partners; but our opinions are our own.
Personal loan rates depend largely on the borrower: The best personal loans typically have rates around 6%, and people with current good or excellent credit may qualify for an even better deal.
We monitor lenders’ rates daily to help you feel confident before applying for a loan. Here are the prominent personal loan rates on Tuesday, October 24th.
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Leading Personal Loan Rates
Personal loan rates vary depending on the lender and the borrower’s credit profile, but many lenders are currently advertising strong rates for the right borrower. Here are the lenders offering the lowest interest rates today:
About Personal Loans
Personal loans are a flexible way to borrow money because they can be used for most needs: consolidating debt, financing home projects, and even paying taxes. Their appeal, availability, and ease of approval (especially with a good or excellent credit score). But these aren’t always the cheapest option, and your rate will depend on your credit and the lender you choose.
Debt Consolidation Loans
The best debt consolidation loans are good options for converting multiple loans into a single loan, cleaning up your record keeping and (hopefully) improving your APR or reducing your payments. You can use these loans to consolidate different types of consumer debt, such as credit card debt, into a single monthly payment. But consolidating your debt can extend your loan term and mean you pay more over time. Many personal loans allow debt consolidation, but not all; so make sure you know what you’re entering.
The best emergency loans can be used to get money quickly when you need it. To make this happen, these loans typically require lower credit scores than other options and provide fast financing to get the money into your hands quicker. There’s a wide range of emergency loans available: Some lenders offer a few hundred dollars to get you by, while others will lend you hundreds of millions of dollars for larger-scale crises.
Personal Loans for Bad Credit
The APR on the best personal loans for bad credit will generally be higher than those for people with higher credit scores because lenders view your credit score as a representation of your borrowing history and therefore the likelihood of getting their own loan back. In fact, the terms offered to lenders with bad credit may be so unfavorable that you may want to consider other often-opposed options, such as credit card bad credit.
Personal Loans with No Disbursement Fees
The best personal loans with no origination fees work like any other loan, with one exception: an upfront fee, which can add 1% to 7% of your loan amount to your bill. Typically, a given lender will make this choice across loan products, rather than charging one origination fee for one loan and charging for another. However, it may be possible to negotiate a waived origination fee with your lender; However, it would be a safer bet to choose a loan that you already know does not charge an origination fee.
Products in this article: Upstart Personal LoanAmerican Express Personal LoanReach Financial Personal LoanProsper Personal Loan
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