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Personal loan rates depend a lot on the borrower: Rates for the best personal loans tend to be around 6%, and today, people with good or very good credit can qualify for a very good deal.
We monitor fees from lenders every day to help you feel confident before you apply for a loan. Here are the main rates for personal loans on Friday, February 2.
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Top Personal Loan Rates
Personal loan rates vary depending on the lender and the credit profile of the person applying to borrow, but many lenders are advertising strong rates today for the right borrower. Here are the lenders offering the lowest rates today:
About Personal Loans
Personal loans are a flexible way to borrow money, because they can be used for most needs: to consolidate debt, finance home projects – even to pay taxes. Their appeal lies in their availability, and the ease of being approved (especially with a good or good credit score). They’re not always the cheapest option, however, and your rate will depend on your credit and the lender you choose.
Debt Consolidation Loans
The best debt consolidation loans are great options to make multiple loans into one loan, to clean up your savings record and (hopefully) improve your APR or lower your payments. You can use these loans to consolidate different types of consumer debt, such as credit card debt, into one monthly payment. However, consolidating your debt can extend your loan term and mean you end up paying more over time. Many personal loans allow debt consolidation, but not all of them – so make sure you know what’s going on.
The best emergency loans can be used to get money quickly, when you need it. To do that, these loans tend to require lower credit scores than other options, and provide quick funding to get the money in your hands as quickly as possible. There is a huge range of emergency loans available: Some lenders offer a few hundred dollars to tide you over, while others will lend you hundreds of thousands for bigger crises.
Personal Loans for Bad Credit
The best personal loans for bad credit usually have a higher APR than loans for people with higher credit scores, simply because lenders look at your credit score. as a representation of your borrowing history, and therefore, their likelihood of getting theirs. In fact, the terms offered by lenders with bad credit can be so bad that you can also consider other options that are often warned, such as credit cards for bad credit.
Personal Loans with No Origination Fees
The best personal loan with no origination fee works like any other loan, minus one thing: The initial payment that can add 1% to 7% of the amount of your loan to your bill. Typically, a lender will make this choice among its loan products, rather than charging an origination fee for one loan and not another. That said, it’s possible to negotiate a waived origination fee with your lender — but choosing one you already know doesn’t charge an origination fee is a much safer bet.
Products in this post: Upstart Personal LoanAmerican Express Personal LoanReach Financial Personal LoanProsper Personal Loan
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