How the Federal Reserve impacts personal loans
The Federal Reserve just lowered interest rates for the first time in four years.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
About the author
Pippin Wilbers is a Bankrate editor. He joined the personal loans team in 2024, though he's also contributed work on the auto loans, credit cards, student loans and small business loan verticals. Pippin is passionate about demystifying complex topics, such as car financing or finding the best personal loan, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
Pippin stays on top of industry news sources, such as TransUnion and Experian. Working with reporters Hanneh Bareham and Denny Ceizyk, he analyzes industry data and trends and asks: "What does this mean for borrowers?"
Pippin lives in Denver. Before joining Bankrate, he brought vital news to his community as a small-town newspaper reporter. In his spare time, he enjoys foraging for mushrooms, reading, and dabbling in amateur entomology.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
The Federal Reserve just lowered interest rates for the first time in four years.
PenFed offers low APRs and fast funding on personal loans from $600 to $35,000, and it doesn’t charge origination fees or a prepayment penalty.
Fifth Third Bank personal loans stand out for its flexible loan repayment terms and high loan amounts.
Splash Financial is a personal loan marketplace connecting borrowers to banks and credit unions across the U.S.
U.S. Bank personal loans are ideal for those looking for a small loan and fast funding. You can get funding as soon as next day with U.S. Bank.
Truist, a regional bank, offers personal loans with lower maximum APRs than many lenders.
Zip provides six-week, four-payment buy now, pay later plans for purchases starting at $35.
OppLoans is an online lender offering short-term installment loans with fast funding to borrowers who need an alternative to traditional payday loans.
Discover, though known for its credit cards, also offers a range of personal loans with flexible repayment terms, no processing fees and low APRs.