Personal Loans

Personal loans can help you consolidate debt, renovate your home, pay for college and more. Calculate monthly payments and see the latest personal loan rates to find the option that’s right for you.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Get Started

Personal Loans 101

What's a personal loan?

A personal loan is a fixed-amount loan that’s distributed as a lump sum. Most people take out personal loans to make a large purchase, pay off medical bills or consolidate debt. Unlike a secured loan to buy a home or car, personal loans are “unsecured.” Unsecured loans are offered with no collateral attached, giving you more flexibility in how you spend the money.

What should I know about interest rates?

Interest rates for personal loans are largely determined by your credit score. Your annual income and the amount you wish to borrow are important, too.

It’s a good idea to compare rates from different lenders to find the best deal. If you’re not seeing the rate you want, try lowering the amount you want to borrow or improving your credit score.

Compare the latest rates

Types of Personal Loans

Personal loans are typically unsecured installment loans that come with fixed interest rates and monthly payments. However, there are several types of personal loans. The personal loan that will work best for you depends on a variety of factors, including your credit score, financial health and the purpose of your loan.

If you are looking for a personal loan to finance a major purchase, look for the best rates available to cut down on interest as much as possible.
- Best personal loan rates: The best personal loan for you depends on your needs and credit profile. Bankrate evaluated the top personal loans based on factors like available interest rates, fees, term lengths and customer service. Make sure to compare your options before making a decision.
- Low interest personal loans: Different lenders offer varying interest rates. The interest rate on a loan significantly affects its overall cost. The rate you qualify for depends on your credit score and financial history, but it also depends on your lender. Getting the best rate possible could help you avoid added costs,
- Installment loans: Installment loans are the most common type of personal loan and the most convenient and easy to keep track of. With an installment loan, you make the same monthly payment until the loan is paid off.
- RV loans: RV loans are available if you want to finance a recreational vehicle. These are personal loans specifically tailored to help you pay off the purchase of an RV.
Your credit score greatly impacts the loan terms and interest rates you might qualify for. Typically, borrowers with the best credit qualify for a lender’s best rates. However, there are borrowers out there that are accessible to bad and fair credit borrowers.
- Personal loans for bad credit: Lenders that accept bad credit borrowers look at other criteria to determine eligibility. This can include employment history, education history and income. Loans geared toward bad credit borrowers tend to have higher interest rates.
- Personal loans for fair credit: Loans aimed at fair credit borrowers also tend to have more lenient eligibility requirements but may have better interest rates.
- Personal loans for good credit: Loans aimed at good credit borrowers tend to have stricter eligibility requirements and better interest rates.
- Personal loans for excellent credit: Excellent credit borrowers are most likely to be accepted by borrowers with strict eligibility requirements and are also most likely to qualify for the best interest rates.

Top uses for a personal loan

Consolidate debt
Pay off credit cards
Home improvements

Read more about the top 9 reasons for personal loans.

How do I get a personal loan?

You can apply for a personal loan through a bank, credit union or finance company, including online marketplace lenders.

It helps to have a strong credit score before you apply. If your credit needs work, you could still be approved for a personal loan. But with moderate to bad credit, you may end up paying a higher interest rate.

Once you’ve found a lender and interest rate that look right for you, calculate your monthly payments so you can work your loan payment into your overall budget. Simply enter your loan amount, term and interest rate into our Personal Loan Calculator.

Compare personal loan rates at Bankrate today.

Editor's Picks

Should you buy or rent a boat?

4 min read

Loans

How to qualify for an RV Loan

3 min read

Loans

Should you buy or rent an RV?

4 min read

What's new

How to calculate loan payments and costs

Learn how to figure out how much interest you’ll pay and how you can save money.

7 min read Aug 10, 2022
Unsecured Motorcycle Loans

Motorcycle loans allow you to finance a new or used bike — similar to an auto loan. You can borrow from the manufacturer or dealership, and some banks offer motorcycle loans. If you aren’t going with [...]

3 min read Sep 27, 2019
What is an installment loan?

Installment loans — loans that allow you to borrow money and pay it back in equal monthly payments with a fixed interest rate — are a handy personal finance tool if you’re looking to pay off sizable [...]

8 min read Aug 10, 2022
Alternatives to debt consolidation loans

Home equity loans or balance transfer cards may be a better way to consolidate debt.

4 min read Aug 10, 2022
Should you ever get a payday loan?

Payday loans may seem like the answer to quick cash, but they come with risks.

5 min read Aug 10, 2022
8 ways to spot personal loan scams

Follow these tips to avoid falling prey to personal loan fraudsters.

8 min read Aug 09, 2022
How to get a used boat loan

If you want to purchase a used boat with financing, you should see what it will take to get a boat loan for what you need.

4 min read Aug 09, 2022
The pros and cons of personal loans

Personal loans are a quick source of cash, but be careful how you use them.

7 min read Aug 08, 2022
How to get an emergency loan

An emergency loan can be a great option If you can’t cover an unexpected expense.

4 min read Aug 08, 2022
Pet financing: Should you get a pet loan?

Owning a pet can be expensive. From everyday expenses to unexpected medical costs, it is important to set aside funds for your pet’s needs. This is especially true if you have or are looking to get a [...]

7 min read Feb 21, 2020