Personal loan interest rates remain unchanged from last week as of Wednesday, Feb. 2 at 10.28 percent. The national average personal loan interest rate has remained steady throughout the end of January at 10.28 percent. This rate has not changed since rising slightly from 10.27 percent at the end of 2021.

Bankrate conducts a weekly survey of large lenders and monitors personal loan interest rates week over week, tracking any changes. The national average personal loan interest week has remained steady throughout December 2021, moving up from 10.27 percent to 10.28 percent in the first two weeks of 2022.

Comparing top personal loan rates

While personal loan interest rates have remained stable on average, different lenders provide different rates and overall experiences. Below are the rates of some of the best personal loan lenders of 2022. These lenders scored well in the 2022 Bankrate Awards, each winning a superlative category.

Lender APR Loan amount Minimum credit score Bankrate superlative
LightStream 4.98% $5,000-$100,000 700 Best for home improvement and debt consolidation
Marcus by Goldman Sachs 6.99% $3,500-$40,000 660 Best online lender
TD Bank 6.99% $2,000-$50,000 660 Best from a bank
Upstart 8.94% $1,000-$50,000 None Best for borrowers with bad credit
Best Egg 5.99% $2,000-$50,000 640 Best for borrowers with fair credit
Figure 5.75% $5,000-$50,000 670 Best for borrowers with good credit
Axos 6.49% $5,000-$50,000 720 Best for borrowers with excellent credit

Personal loan rates by credit score

The interest rates you are eligible to receive depend on your overall credit health. Below are the average interest rates for borrowers ranging from excellent to bad credit, based on Bankrate data.

Credit score Average loan interest rate
Excellent (720-850) 10.3%-12.5%
Good (690-719) 13.5%-15.5%
Good (690-719) 13.5%-15.5%
Fair (630-689) 17.8%-19.9%
Bad (300-629) 28.5%-32.0%

How to compare personal loan rates

When applying for a personal loan, there are many factors to consider. Here are some of the things you should think about before choosing a personal loan lender:

  • Compare interest rates and fees: You may want to compare the range of APRs from a few lenders, but you may not qualify for the lowest advertised rate. The interest rate you qualify for depends on your credit health and other approval requirements. If you can, prequalify to get more specific rates. You should also factor in any fees that will affect the overall cost of your loan.
  • Prequalify if possible: Many lenders allow borrowers to prequalify for loans, allowing you to submit your financial details and find out the exact rates you qualify for. Knowing your exact quote from a lender will help you decide if it is the best fit for you, and you’ll be able to compare interest rates more accurately.
  • Consider the purpose of your loan: Every lender is different, and the lender that is right for you depends on the purpose of your loan and your specific needs. Personal loans have a wide range of purposes, from debt consolidation to funding for big purchases such as weddings and vacations. How you intend to use your loan will impact which lender is right for you.
  • Consider loan amounts and repayment options: The amount of money you need to borrow could limit your choices of lenders, as different lenders allow different borrowing ranges and repayment term options. If you need to borrow a large sum of money, you may want to find a lender with long repayment terms and a wide loan amount range.

How to get a lower personal loan rate

You can use some strategies to improve your chances at finding a more favorable loan rate:

  • Sign up for autopay: Some lenders provide an interest rate discount for borrowers who use in autopay.
  • Choose a shorter repayment period: The longer your repayment period, the higher your interest rate is likely to be. If you are financially able to pay the loan back in a shorter period of time, your interest rate will likely be less.
  • Improve your credit score before applying: The better your credit score, the lower your personal loan interest rate is likely to be. You can take steps to improve your credit score over time.
  • Get a co-signer with strong credit: Some lenders allow you to borrow loans with a co-signer. If you co-sign a loan with someone who has good credit, you have a better chance of receiving lower rates.