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

How do I choose the best debt consolidation lender?

4 min read

Loans

Debt relief guide: What to know

5 min read

Loans

How to choose the best personal loan lender

4 min read

What's new

When and how to refinance a personal loan

If you’re thinking about refinancing a personal loan, check these factors first.

9 min read Sep 29, 2022
Dental loans: How to finance dental costs

Dental work can be expensive, but getting it done can save you money in the long run. If you’re strapped for cash, consider taking out a dental loan — a personal loan used to cover all dental expenses. [...]

7 min read Feb 21, 2020
What is a reaffirmation agreement?

If you’re going through bankruptcy, you may want to reaffirm some of your debts.

4 min read Sep 29, 2022
How to consolidate business debt

Compare options and learn if a business debt consolidation loan is right for you.

5 min read Sep 28, 2022
Which is better: Private lenders or banks?

Banks and private lenders both offer loans, but each has advantages and disadvantages over the other.

6 min read Sep 27, 2022
How much does a private jet cost?

The purchase price of a private jet is only one element of the overall cost.

11 min read Sep 26, 2022
4 types of emergency loans

If saving up isn’t possible, shop around for the emergency loan with the best rate.

7 min read Sep 23, 2022
Personal loans vs. credit cards: Which is better for you?

Personal loans and credit cards are both viable ways to access funds.

6 min read Sep 21, 2022
How to improve your credit score with a personal loan

A personal loan can help, but there are cheaper ways to bolster your credit score.

6 min read Sep 21, 2022
Personal loan vs. the store’s no-interest loan for furniture

No-interest furniture loans are very enticing. Consider the downside before getting one.

6 min read Sep 21, 2022