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.

Personal Loan Resources

Enter your loan amount, term and interest rate to estimate your monthly payment.

Get personalized loan rates based on your zip code, credit score and income.

Pay off your debt faster by combining multiple debts into a single loan.

If your credit score needs work or you don’t have credit, you still have options.

Find a home improvement loan with the terms and interest rate you’re looking for.

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

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

Jun 04, 2019

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

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