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Best personal loan rates for March 2023

Mar 16, 2023

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4.6

Bankrate Score
APR from

7.99- 23.99%*

with Autopay
Loan Amount

$5k–$100k*

Term: 2-7 yr*
Min. Credit

Not disclosed

Apply on partner site

4.7

Bankrate Score
APR from

8.24- 35.97%

with AutoPay
Loan Amount

$1k–$50k

Term: 2-7 yr
Min. Credit

560

Check rate with Bankrate

4.7

Bankrate Score
APR from

8.99- 35.99%

Loan Amount

$2k–$50k

Term: 3-5 yr
Min. Credit

600

Check rate with Bankrate

4.6

Bankrate Score
APR from

7.99- 35.99%

Loan Amount

$5k–$50k

Term: 2-5 yr
Min. Credit

620

Check rate with Bankrate

4.6

Bankrate Score
APR from

10.50- 29.99%

Loan Amount

$5k–$40k

Term: 2-5 yr
Min. Credit

640

Check rate with Bankrate

4.1

Bankrate Score
APR from

8.05- 36.00%

Loan Amount

$1k–$40k

Term: 2-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.5

Bankrate Score
APR from

9.95- 35.95%

Loan Amount

$2k–$35k

Term: 1-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

Compare personal loan rates in March 2023

Caret Down
LENDER CURRENT APR RANGE LOAN TERM LOAN AMOUNT BEST FOR
SoFi 7.99%-23.43% (with autopay) 2-7 years $5,000-$100,000 Overall personal loan
LightStream 7.99%-23.99% (with autopay) 2-7 years $5,000-$100,000 Generous repayment terms
Avant 9.95%-35.95% 1-5 years $2,000-$35,000 People with bad credit
Best Egg 8.99%-35.99% 3-5 years $2,000-$50,000 Low APRs
Upgrade 8.24%-35.97% (with autopay) 2-7 years $1,000-$50,000 Fast funding
Happy Money 10.50%-29.99% 2 or 5 years $5,000-$40,000 Paying credit card debt
Upstart 6.70%-35.99% 3 or 5 years $1,000-$50,000 Little credit history
LendingClub 8.05%-36.00% 2-5 years $1,000-$40,000 Using a co-borrower
PenFed 7.74%-17.99% Up to 5 years $600-$50,000 Small loan amounts
TD Bank 6.99%-21.99% 1-5 years $2,000-$50,000 Few fees
PNC Bank Varies by ZIP code 6 months-5 years $1,000-$35,000 In-person banking
LENDER CURRENT APR RANGE LOAN TERM LOAN AMOUNT BEST FOR
LightStream 7.99%-23.99% (with autopay) 2-7 years $5,000-$100,000 Generous repayment terms
Happy Money 10.50%-29.99% 2 or 5 years $5,000-$40,000 Paying credit card debt
Best Egg 8.99%-35.99% 3-5 years $2,000-$50,000 Low APRs
SoFi 7.99%-23.43% (with autopay) 2-7 years $5,000-$100,000 Unemployment protection
Achieve 7.99%-35.99% 2-5 years $5,000-$50,000 Quick approval
PenFed 7.74%-17.99% Up to 5 years $600-$50,000 Small loan amounts
Upstart 6.70%-35.99% 3 or 5 years $1,000-$50,000 Little credit history
LendingClub 8.05%-36.00% 2-5 years $1,000-$40,000 Using a co-borrower
Prosper 6.99%-35.99% 2-5 years $2,000-$50,000 No prepayment penalty
Upgrade 8.24%-35.97% (with autopay) 2-7 years $1,000-$50,000 Fast funding
TD Bank 6.99%-21.99% 1-5 years $2,000-$50,000 Few fees
For more information on low interest rates, check out our page on low-interest personal loans.
LENDER CURRENT APR RANGE LOAN AMOUNT MIN. CREDIT SCORE BEST FOR
Upstart 6.70%-35.99% $1,000-$50,000 No minimum requirements Little credit history
OneMain Financial 18.00%-35.99% $1,500-$20,000 Not specified Secured loans
TD Bank 6.99%-21.99% $2,000-$50,000 700 Low rate caps
Avant 9.95%-35.95% $2,000-$35,000 580* A range of repayment options
LendingPoint 7.99%-35.99% $2,000-$36,500 600 Small loans
Upgrade 8.24%-35.97% (with autopay) $1,000-$50,000 560 Fast funding
LendingClub 8.05%-36.00% $1,000-$40,000 Not specified Online experience

*Avant's minimum credit score is 580 FICO and 550 Vantage.

For more information on bad credit loan rates, check out our page on bad credit personal loans.

LENDER CURRENT APR RANGE LOAN AMOUNT MIN. CREDIT SCORE BEST FOR
SoFi 7.99%-23.43% (with autopay) $5,000-$100,000 680 High borrowing limits
LendingClub 8.05%-36.00% $1,000-$40,000 Not specified Borrowing money from other investors
LightStream 7.99%-23.99% (with autopay) $5,000-$100,000 Not specified Borrowers who can qualify for the best rates
Prosper 6.99%-35.99% $2,000-$50,000 600 Joint loans
Rocket Loans 9.116%-29.99% (with autopay) Not specified-$45,000 Not specified Fast funding
Best Egg 8.99%-35.99% $2,000-$50,000 600 Borrowers with “okay” credit
Discover 6.99%-24.99% $2,500-$35,000 660 A range of repayment terms
Credible 5.40% to 35.99% (with autopay) $600-$100,000 Varies by lender Borrowers who want to price shop
Earnest Varies by lender $1,000-$250,000 680 Borrowers who want other factors considered in their application
Happy Money 10.50%-29.99% $5,000-$40,000 640 Borrowers who want to consolidate debt
For more information on good credit loan rates, check out our page on good credit personal loans.
LENDER CURRENT APR RANGE LOAN TERM LOAN AMOUNT BEST FOR
Best Egg 8.99%-35.99% 3-5 years $2,000-$50,000 High-income earners with good credit
Happy Money 10.50%-29.99% 2 or 5 years $5,000-$40,000 Consolidating credit card debt
LightStream 7.99%-23.99% (with autopay) 2-7 years $5,000-$100,000 High-dollar loans and longer repayment terms
PenFed 7.74%-17.99% Up to 5 years $600-$50,000 Smaller loans with a credit union
OneMain Financial 18.00%-35.99% 2-5 years $1,500-$20,000 Fair to poor credit
Discover 6.99%-24.99% 3-7 years $2,500-$35,000 Good credit and next-day funding
Upstart 6.70%-35.99% 3 or 5 years $1,000-$50,000 Consumers with little credit history
For more information on debt consolidation loan rates, check out our page on debt consolidation loans.

Details: Best personal loan lenders of March 2023

Best overall personal loan

Min. credit score:
Not disclosed
Fixed APR From:
7.99% –23.43%
Loan amount:
$5,000– $100,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000
Overview: Sofi offers a variety of loan amounts and repayment terms, and does not charge any fees. SoFi offers loans from $5,000 to $100,000 with term lengths from two to seven years. 
Why SoFi is the best overall for personal loans: SoFi has all the features you would expect in a top-quality lender, including a variety of loan amounts, several repayment terms and zero fees. It also adds perks to help borrowers improve their financial stability and career, including the option to add a co-signer to your loan.

Best loans for generous repayment terms

Min. credit score:
Not disclosed
Fixed APR From:
7.99% –23.99%
Loan amount:
$5,000– $100,000
Term lengths:
2 to 7 years
Min. annual income:
$50,000

Overview: LightStream is ideal for borrowers who want a longer repayment term and lower monthly payments on their loan. Lightstream also lets borrowers choose when to receive the loan money, allowing for further financial planning. 

Why LightStream is the best personal loan for generous repayment terms: Its loan terms can reach up to seven years, which means you can take longer to pay off your loan and benefit from lower monthly payments.

Best loan for people with bad credit

Min. credit score:
Not disclosed
Fixed APR From:
9.95% –35.95%
Loan amount:
$2,000– $35,000
Term lengths:
1 to 5 years
Min. annual income:
$14,400
Overview: Avant is a popular lender for borrowers with fair to poor credit. Its minimum credit score requirement is 580 FICO and 550 Vantage, lower than many other lenders. Avant is also a good choice for borrowers who haven’t built up much credit yet. 
Why Avant is the best personal loan for people with bad credit: Avant specializes in lending to people with fair or poor credit. Most of its customers have credit scores between 580 and 700.

Best for low APRs

Min. credit score:
600
Fixed APR From:
8.99% –35.99%
Loan amount:
$2,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
Not disclosed
Overview: Best Egg offers a low minimum APR of 8.99 percent and a reasonable rate cap of 35.99 percent. These relatively low rates make Best Egg a good option for borrowers looking to cut down on interest. This lender also offers flexible loan amounts ranging from $2,000 to $50,000 and is able to make direct payments to creditors on behalf of borrowers who take out debt consolidation loans. 
Why Best Egg is the best personal loan for low APRs: Best Egg’s interest rates start as low as 8.99 percent APR for those with the best credit. It also offers fast approval and funding, depending on when you submit your application.

Best for fast funding

Min. credit score:
560
Fixed APR From:
8.24% –35.97%
Loan amount:
$1,000– $50,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000
Overview: Upgrade offers a wide range of loan amounts from $1,000 to $50,000 and a reasonable rate cap of 35.97 percent. Borrowers are able to receive their money as soon as the next business day after being approved, making Upgrade an ideal lender for those who need quick funding. 
Why Upgrade is the best personal loan for fast funding: You can get your funds within one business day after approval with an Upgrade loan.

Best loan for paying credit card debt

Min. credit score:
640
Fixed APR From:
10.50% –29.99%
Loan amount:
$5,000– $40,000
Term lengths:
2 to 5 years
Min. annual income:
$30,000
Overview: Happy Money (formerly Payoff) offers low APRs of 10.50 percent to 29.99 percent, making it an ideal lender for borrowers trying to consolidate credit card debt at a lower interest rate. This lender also offers free monthly FICO updates and reports payments to major credit bureaus in order to help borrowers build credit. 
Why Happy Money is the best personal loan for paying credit card debt: While the average rate for credit cards currently hovers around 20 percent, Happy Money loans start at 10.50 percent, which could save borrowers money on interest and help them get out of debt faster.

Best loan for little credit history

Min. credit score:
Not disclosed
Fixed APR From:
6.70% –35.99%
Loan amount:
$1,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
$12,000
Overview: Upstart evaluates an individual’s entire financial picture when considering loan applications, not just credit history. This lender also lets borrowers change their payment dates in certain situations.
Why Upstart is the best personal loan for little credit history: Upstart has no minimum credit score requirements if you don't have credit history, and it evaluates more than just your credit score when you apply. The lender looks at your education, your job history and some credit score factors when determining your eligibility.

Best loan for using a co-borrower

Min. credit score:
Not disclosed
Fixed APR From:
8.05% –36.00%
Loan amount:
$1,000– $40,000
Term lengths:
2 to 5 years
Min. annual income:
Not disclosed
Overview: LendingClub allows borrowers to add co-signers to their loans, making this a good fit for those who may not be able to qualify for a loan on their own, or who haven’t had a chance to build up their credit history yet. 
Why LendingClub is the best personal loan for using a co-borrower: LendingClub allows co-borrowers, allows you to change your payment date and will pay creditors directly if you're consolidating debt.

Best loan for small loan amounts

Min. credit score:
700
Fixed APR From:
7.74% –17.99%
Loan amount:
$500– $50,000
Term lengths:
1 to 5 years
Min. annual income:
Not disclosed
Overview: PenFed offers a wide range of loan amounts from $600 to $50,000, making it ideal for borrowers who only need to borrow a small amount. PenFed also has seven days a week customer service and a low minimum APR of 7.74 percent. Since PenFed is a credit union, becoming a member also comes with added perks and opportunities to improve your financial wellness. 
Why PenFed is the best personal loan for small loan amounts: You can get a PenFed personal loan for as little as $600, which is ideal if you don’t need a lot of cash and don’t want to incur much debt.

Best loan for few fees

Min. credit score:
Not disclosed
Fixed APR From:
6.99% –21.99%
Loan amount:
$1,000– $35,000
Term lengths:
1 to 5 years
Min. annual income:
Not disclosed
Overview: TD Bank offers personal loans from $2,000 to $50,000 and has a low APR rate cap of 21.99 percent. TD Bank offers personal loans in 15 states.
Why TD Bank is the best personal loan for few fees: TD Bank charges only one fee: a late payment fee of 5 percent of the minimum payment due or $10, whichever is less. It doesn't have any origination fees, monthly fees, annual fees, prepayment fees or insufficient funds fees.

Best loan for in-person banking

Min. credit score:
Not disclosed
Fixed APR From:
5.99% –28.69%
Loan amount:
$1,000– $35,000
Term lengths:
0.5 to 5 years
Min. annual income:
Not disclosed
Overview: For those looking for in-person service, PNC has nearly 2,700 locations. Borrowers who already have a relationship with PNC are eligible for an autopay percentage rate discount. PNC Bank also allows borrowers to submit joint applications. 
Why PNC Bank is the best personal loan for in-person banking: Sometimes you just need to see someone face to face. PNC Bank has nearly 2,700 locations across 19 states and Washington, D.C., making it a good choice for people who prefer in-person banking.

Calculate your loan payment

Use our calculator to find the perfect loan repayment plan for you. Enter in the loan amount, term and interest rate to get your estimated monthly payment and total interest accrual.

What is a personal loan?

Personal loans are short- and medium-term loans that consumers can receive from banks, credit unions or private lenders like online marketplace lenders and peer-to-peer lenders. The loan funds can be used for just about any purpose, such as paying off other debt, financing a home renovation or paying for family needs, like a wedding or adoption. 

A personal loan is repaid in monthly installments, similar to a car loan or home mortgage, with loan terms typically ranging from 24 months to 60 months or even longer. Personal loans are usually unsecured, meaning they are not backed by collateral such as a car, house or other assets. Approval and funding process is often faster than that of a home equity line of credit, which lets you borrow funds as you need them rather than in a lump sum.

What are current personal loan interest rates?

Personal loan interest rates, like most other costs, have gone up in the past year. Currently, you can expect to pay 6 percent to 36 percent, depending on your credit score. As of March 8, 2023, the average personal loan interest rate is 10.71 percent.. The better your credit score, the more likely you are to qualify for a personal loan with the lowest interest rate available. Compare personal loan offers to see what you are eligible for before applying for a personal loan.

Average personal loan interest rates by credit rating

The interest rate you're offered is based on your credit health; namely, your score. Those with less-than-stellar credit are often seen as more 'risky' to lenders and are more likely to be offered higher rates. Borrowers with good-to-excellent credit are more eligible for the lender's most competitive rates and terms. 

Before applying for a loan, make sure to prequalify or look at the lender's requirements and rates, as well as your own credit score to estimate your potential interest rate.

CREDIT BAND CREDIT SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent Credit 720-850 10.3%-12.5%
Good Credit 690-719 13.5%-15.5%
Average Credit 630-689 17.8%-19.9%
Bad Credit 300-629 28.5%-32%

Excellent-credit loans

Excellent-credit loans are geared toward borrowers with excellent credit scores, typically between 720 and 850. Having such a high credit score can come with many benefits, including average APRs as low as 10.3 percent — though some lenders go even lower. If your credit score falls into this range, look for excellent-credit lenders with low advertised rates and few fees.

Good-credit loans

Good-credit loans offer competitive interest rates and generally low fees. You're considered to have good credit if you have a credit score between 690 and 719, and with such a high score, you may qualify for average APRs as low as 13.5 percent. However, if you have good credit and are interested in a personal loan, shop around; you may be able to qualify for an even lower interest rate.

Fair-credit loans

If you have a fair or average credit score, it can be hard to find a personal loan that offers reasonable rates and fees. If your credit score falls between 630 and 689, your credit score is average. While this is considered a less-than-stellar score, you still may be able to qualify for a personal loan with an average APR as low as 17.8 percent. This list of the best personal loans for fair credit features lenders that cater to people with scores in the mid-600s.

Bad-credit loans

You can get approved for a loan even with bad credit, although you won't qualify for the best APRs. If your credit score is between 300 and 629, the best interest rate available could be around 28.5 percent. However, a bad-credit loan, even one with a rate close to 30 percent, is a better financial option than a payday loan. To see what rates are available, compare offers from a few bad-credit lenders.

How to improve your chances of getting approved for a personal loan

While each lender has differing eligibility requirements, there are a few things you can do across the board to increase your eligibility odds. 
  • Prequalify. If you are unsure what interest rate you might qualify for with a lender, the easiest way to find out is by prequalifying online. Most lenders allow you to do this without hurting your credit score.
  • Shop around and compare rates. Each lender offers unique features, requirements and benefits. It is always important to do your research and prequalify with a few lenders before deciding on one.
  • Check your credit. Your credit score impacts the rates and lenders you will likely qualify for. Knowing where you stand can help you figure out where to look. If you have less than stellar credit, bad credit loans tend to have reasonable interest rates for low credit borrowers. 
  • Pay off other debts. If possible, pay down high interest debt before applying. This can increase your approval odds and can help you score better rates. 
  • Reduce your loan amount and repayment term. If you are able to, it may be smart to take out a smaller loan. The larger the loan you take out, the higher the interest rate is likely to be. In addition, larger loans come with longer repayment periods, which means you will pay more in interest over the life of the loan. 
  • Apply with a co-signer. Applying with a co-signer with strong credit history can increase your approval odds and help you qualify for a lower interest rate.

Pros and cons of personal loans

There are a number of benefits and drawbacks to consider before taking out a personal loan.
 

Pros:

  • Personal loans come in one lump sum, usually with a fixed interest rate.
  • You can get money quickly, sometimes within as little as a day, depending on the lender you choose.
  • Many are unsecured loans, which means you don't need collateral like your home or car to borrow money.
  • Interest rates are much lower than those of payday loans, which charge upward of 400 percent.
  • Flexibility and versatility allow you to use a personal loan for almost any purchase.
  • Unlike highly risky payday loans, personal loans give you a reasonable amount of time to repay the loan.
  • You may have easier payments if you consolidate debt and have a single, fixed-rate monthly payment instead of several accounts to manage.

Cons:

  • APRs are generally higher than those of some secured loans.
  • If you have a low credit score, you might not qualify.
  • Some lenders charge fees, like origination, late and prepayment fees. The lower your credit score, the more likely you are to have a lender that charges more fees.
  • Some lenders don’t allow co-signers, which means you can only use your credit score and history to qualify.
  • You’re adding another bill to your monthly payments, which could stretch or even break your budget.
  • You can increase your overall debt if you use it to consolidate your debt but continue to spend on your credit cards.
  • Personal loans often have higher monthly payments than the minimum payment on credit cards.

Common types of personal loans 

There are many reasons to take out a personal loan, and with the exception of a few lenders, most allow you to use the funds for any purpose. Here are some of the most common scenarios that lead borrowers to take out a personal loan and how to find the best lender if you're in a similar situation.

How to manage a personal loan 

Effectively managing a personal loan comes down to your ability to make the monthly payments. It's imperative that you understand the full responsibility and predicted repayment timeline prior to taking out the loan. If you miss the monthly payments or are unable to make them, contact the lender as soon as possible to see if any hardship payment relief options are available.

If you need a lower monthly payment, consider a longer repayment term. While it will increase the amount you'll repay over the life of the loan in interest, a longer term can take the immediate payment responsibility off of your shoulders. Regardless of your financial situation, make sure you're aware of your lender options prior to applying so you have resources and don't risk any negative credit outcomes. 

Alternatives to a personal loan

If a personal loan isn't the right option for your financial situation, there are other ways to get the funds you need. Here are a few of the most popular alternatives to a personal loan.

Keep in mind that the best option for you will depend on what you're using the money for, how much you need and your financial health. Never borrow more than you need and make sure the monthly payment fits comfortably in your budget.

How Fed rate hikes impacts personal loans

In order to combat inflation, the Federal Open Market Committee (FOMC) raised interest rates seven times in 2022. It has continued to raise rates in 2023 — landing at 4.5 percent to 4.75 percent most recently. Lenders often respond to these hikes by increasing personal loan interest rates along with the rates of other credit products.

FAQs about personal loans

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Of the 32 lenders reviewed, 12 made Bankrate's list of best personal loans. Each lender has a Bankrate rating, which consists of three categories. These categories include:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.