Best Personal Loan Rates of July 2024
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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.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
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- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
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
- Joint loan option.
- Multiple rate discounts.
- Mobile app to manage loan.
- No option to choose initial payment date.
- High minimum loan amount.
- 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
- No fees.
- Multiple rate discounts.
- Wide variety of repayment term options.
- Fast funding.
- No co-sign or joint loan option.
- No option to choose or change your payment date.
- No large loan amounts.
- 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 debt consolidation
- No origination fee.
- Option to pre-qualify with a soft credit check.
- Fast funding.
- Mobile app to manage loan.
- May charge late fee.
- No co-sign or joint loan option.
- No rate discount.
- Has dedicated loan specialists to help with the application process.
- Can pay off other creditors on debt consolidation loans within one business day.
Best for low personal loan rates for home improvement
- No fees.
- Rate discount for autopay.
- Long repayment terms on home improvement loans.
- Rate Beat program and Experience Guarantee.
- No option to pre-qualify with a soft credit check on its website.
- No direct payment to creditors with debt consolidation loans.
- High minimum loan amount.
- 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
- Accepts borrowers new to credit.
- Fast funding.
- Option to change your payment date.
- Option to pre-qualify with a soft credit check.
- Seven-day customer service availability.
- May charge origination fee.
- No joint or co-signed loans.
- No direct payment to creditors on debt consolidation loans.
- 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
- Rate discount for autopay.
- Joint loan option.
- Direct payment to creditors with debt consolidation loans.
- Wide variety of repayment term options.
- Product varies by location.
- May require in-person visit.
- No large loan amounts.
- 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
- Option to pre-qualify with a soft credit check.
- Rate discount for autopay.
- Fast funding.
- Wide range of loan amounts.
- Charges origination fee.
- No direct payment to creditors with debt consolidation personal loans.
- Only two repayment term options.
- No co-sign or joint loan option.
- 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
- Pre-qualify with soft credit check.
- Direct payment to creditors with debt consolidation loans.
- Fast funding.
- Hardship program.
- Origination fee.
- No rate discount.
- No joint, co-sign or secured loan options.
- No option to choose initial payment date.
- 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
- Option to pre-qualify with a soft credit check.
- Co-sign and joint loan options.
- Can fund loans within one week.
- Wide range of loan amounts.
- No rate discount.
- Reports payments to only one of the three major credit bureaus.
- No direct payment to creditors with debt consolidation loans.
- 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
- Option to pre-qualify with a soft credit check.
- Wide variety of repayment term options.
- Rate discount for autopay.
- Options to choose and change your payment date.
- Fast funding.
- Must be an existing customer.
- No co-sign or joint loan option.
- No direct payment to creditors with debt consolidation loans.
- 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.
Nerdy Tip
Consumer advocates caution against borrowing high-interest loans with APRs above 36% because they tend to be unaffordable.
- Bad-credit personal loan rates
Lender
APR range
7.80% - 35.99%
8.49% - 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
7.49% - 30.49%
7.99% - 17.99%
11.49% - 20.49%
6.99% - 25.49%
8.99% - 29.99%
7.99% - 24.99%
11.72% - 17.99%
» MORE: Best loans for good credit
- Debt consolidation loan rates
Lender
APR range
7.99% - 24.99%
11.72% - 17.99%
6.99% - 25.49%
8.99% - 29.99%
7.49% - 30.49%
- Home improvement loan rates
Lender
APR range
8.99% - 29.99%
7.99% - 24.99%
6.99% - 25.49%
7.49% - 23.74%
9.12% - 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. | 11.85%. |
Good | 690-719. | 14.12%. |
Fair | 630-689. | 18.05%. |
Bad | 300-629. | 22.68%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from May 1, 2024, through May 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%.
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 principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
07 / 2029
| Payment date | Principal | Interest | Monthly payment | Principal balance |
|---|---|---|---|---|
| Jul 2024 | $129.14 | $83.33 | $212.47 | $9,870.86 |
| Aug 2024 | $130.21 | $82.26 | $212.47 | $9,740.65 |
| Sep 2024 | $131.30 | $81.17 | $212.47 | $9,609.35 |
| Oct 2024 | $132.39 | $80.08 | $212.47 | $9,476.96 |
| Nov 2024 | $133.50 | $78.97 | $212.47 | $9,343.46 |
| Dec 2024 | $134.61 | $77.86 | $212.47 | $9,208.85 |
| Jan 2025 | $135.73 | $76.74 | $212.47 | $9,073.12 |
| Feb 2025 | $136.86 | $75.61 | $212.47 | $8,936.26 |
| Mar 2025 | $138.00 | $74.47 | $212.47 | $8,798.26 |
| Apr 2025 | $139.15 | $73.32 | $212.47 | $8,659.11 |
| May 2025 | $140.31 | $72.16 | $212.47 | $8,518.80 |
| Jun 2025 | $141.48 | $70.99 | $212.47 | $8,377.32 |
| Jul 2025 | $142.66 | $69.81 | $212.47 | $8,234.66 |
| Aug 2025 | $143.85 | $68.62 | $212.47 | $8,090.81 |
| Sep 2025 | $145.05 | $67.42 | $212.47 | $7,945.76 |
| Oct 2025 | $146.26 | $66.21 | $212.47 | $7,799.51 |
| Nov 2025 | $147.47 | $65.00 | $212.47 | $7,652.03 |
| Dec 2025 | $148.70 | $63.77 | $212.47 | $7,503.33 |
| Jan 2026 | $149.94 | $62.53 | $212.47 | $7,353.39 |
| Feb 2026 | $151.19 | $61.28 | $212.47 | $7,202.20 |
| Mar 2026 | $152.45 | $60.02 | $212.47 | $7,049.74 |
| Apr 2026 | $153.72 | $58.75 | $212.47 | $6,896.02 |
| May 2026 | $155.00 | $57.47 | $212.47 | $6,741.02 |
| Jun 2026 | $156.30 | $56.18 | $212.47 | $6,584.72 |
| Jul 2026 | $157.60 | $54.87 | $212.47 | $6,427.12 |
| Aug 2026 | $158.91 | $53.56 | $212.47 | $6,268.21 |
| Sep 2026 | $160.24 | $52.24 | $212.47 | $6,107.98 |
| Oct 2026 | $161.57 | $50.90 | $212.47 | $5,946.41 |
| Nov 2026 | $162.92 | $49.55 | $212.47 | $5,783.49 |
| Dec 2026 | $164.27 | $48.20 | $212.47 | $5,619.22 |
| Jan 2027 | $165.64 | $46.83 | $212.47 | $5,453.57 |
| Feb 2027 | $167.02 | $45.45 | $212.47 | $5,286.55 |
| Mar 2027 | $168.42 | $44.05 | $212.47 | $5,118.13 |
| Apr 2027 | $169.82 | $42.65 | $212.47 | $4,948.31 |
| May 2027 | $171.23 | $41.24 | $212.47 | $4,777.08 |
| Jun 2027 | $172.66 | $39.81 | $212.47 | $4,604.42 |
| Jul 2027 | $174.10 | $38.37 | $212.47 | $4,430.32 |
| Aug 2027 | $175.55 | $36.92 | $212.47 | $4,254.76 |
| Sep 2027 | $177.01 | $35.46 | $212.47 | $4,077.75 |
| Oct 2027 | $178.49 | $33.98 | $212.47 | $3,899.26 |
| Nov 2027 | $179.98 | $32.49 | $212.47 | $3,719.28 |
| Dec 2027 | $181.48 | $30.99 | $212.47 | $3,537.81 |
| Jan 2028 | $182.99 | $29.48 | $212.47 | $3,354.82 |
| Feb 2028 | $184.51 | $27.96 | $212.47 | $3,170.31 |
| Mar 2028 | $186.05 | $26.42 | $212.47 | $2,984.25 |
| Apr 2028 | $187.60 | $24.87 | $212.47 | $2,796.65 |
| May 2028 | $189.17 | $23.31 | $212.47 | $2,607.49 |
| Jun 2028 | $190.74 | $21.73 | $212.47 | $2,416.75 |
| Jul 2028 | $192.33 | $20.14 | $212.47 | $2,224.42 |
| Aug 2028 | $193.93 | $18.54 | $212.47 | $2,030.48 |
| Sep 2028 | $195.55 | $16.92 | $212.47 | $1,834.93 |
| Oct 2028 | $197.18 | $15.29 | $212.47 | $1,637.75 |
| Nov 2028 | $198.82 | $13.65 | $212.47 | $1,438.93 |
| Dec 2028 | $200.48 | $11.99 | $212.47 | $1,238.45 |
| Jan 2029 | $202.15 | $10.32 | $212.47 | $1,036.30 |
| Feb 2029 | $203.83 | $8.64 | $212.47 | $832.47 |
| Mar 2029 | $205.53 | $6.94 | $212.47 | $626.93 |
| Apr 2029 | $207.25 | $5.22 | $212.47 | $419.69 |
| May 2029 | $208.97 | $3.50 | $212.47 | $210.71 |
| Jun 2029 | $210.71 | $1.76 | $212.47 | $0.00 |
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
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and 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. 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.
NerdWallet's Best Personal Loan Rates of July 2024
- SoFi Personal Loan: Best for Low personal loan rates with borrower perks
- Citibank: Best for Low personal loan rates and fast funding to existing customers
- Discover® Personal Loans: Best for Low personal loan rates for debt consolidation
- 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
- PenFed Credit Union Personal Loan: Best for Low personal loan rates and flexible payment options
- Wells Fargo Personal Loan: Best for Low personal loan rates and rate discounts to existing customers
