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.
If you struggle to juggle multiple debts, consolidating those debts with a debt consolidation loan could be a good option. When you consolidate debt, you combine high interest debts into one new loan, ideally with a lower interest rate than the ones you’re currently paying. Only apply for a debt consolidation loan if you qualify for a better interest rate.
If you are facing an emergency expense and need money to cover it, an emergency loan could help you do that. Emergency loans tend to have high interest rates compared to other types of loans. They also tend to be available more quickly and in smaller amounts.
Home improvement loans are personal loans designed to help homeowners make renovations. When shopping for a home improvement loan, you should look for low interest rates, low fees and affordable repayment term options.

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

Woman proposing to a man on a park bench

How to qualify for an RV Loan

4 min read

Loans

7 Low-income loans: Personal loans for a tight budget

5 min read

Loans

Funding Black Owned Businesses Facts and Statistics

8 min read

What's new

Creating a financial plan before marriage

Establish a financial plan with your significant other prior to tying the knot.

6 min read Apr 14, 2022
What is crypto lending and how does it work?

Crypto lending is an option for borrowers who need money fast, but it has risks.

5 min read Apr 14, 2022
Personal loan rates for April 13, 2022: Rates stay the same

The personal loan rates for April 13, 2022, have stayed the same since last week.

5 min read Apr 14, 2022
Personal loan rates for April 6, 2022: Rates rise

The personal loan rates for April 6, 2022, have risen since last week.

5 min read Apr 08, 2022
Personal loan rates for March 30, 2022: Rates rise slightly

The personal loan rates for March 30, 2022, have risen slightly since last week.

5 min read Mar 31, 2022
Are personal loans taxable and considered income?

In some cases, you should be prepared to pay taxes on your personal loan.

2 min read Mar 30, 2022
What are instant loans? Everything you need to know

Consider some alternatives before getting an instant loan.

5 min read Mar 28, 2022
Can you pay taxes with a personal loan?

You may be able to pay taxes with a loan, but you should find out if it’s the best option before doing so.

6 min read Mar 28, 2022
Personal loan rates for March 23, 2022: Rates lower slightly

The personal loan rates for March 23, 2022, have lowered slightly since last week.

5 min read Mar 24, 2022
Should you get a personal loan to pay off credit card debt?

Taking on still more debt in pursuit of a goal can sometimes make sense. Here’s when.

5 min read Mar 23, 2022