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Best personal loan rates for December 2023

Dec 05, 2023

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PERSONAL LOANS

BEST LOANS FOR GENEROUS REPAYMENT TERMS

4.7

Bankrate Score
Est. APR
7.99- 25.49%
* with AutoPay
Loan amount
$5k- $100K
Term: 2-7 yrs*
Min credit score
695
See offersArrow Right

Apply on partner site

PERSONAL LOANS

BEST LOAN FOR LITTLE CREDIT HISTORY

4.7

Bankrate Score
Est. APR
6.40- 35.99%
Loan amount
$1k- $50K
Term: 3-5 yrs
Min credit score
Not disclosed
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST FOR INTEREST RATE DISCOUNTS

4.6

Bankrate Score
Est. APR
7.99- 29.99%
Loan amount
$5k- $50K
Term: 2-5 yrs
Min credit score
620
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST FOR NO FEES

4.6

Bankrate Score
Est. APR
10.49- 19.49%
Loan amount
$2k- $30K
Term: 1-5 yrs
Min credit score
720

PERSONAL LOANS

BEST LOAN FOR USING A CO-BORROWER

4.1

Bankrate Score
Est. APR
9.57- 35.99%
Loan amount
$1k- $40K
Term: 2-5 yrs
Min credit score
600
See offersArrow Right

Check with Bankrate

PERSONAL LOANS

BEST FOR SECURED LOANS

4.1

Bankrate Score
Est. APR
18.00- 35.99%
Loan amount
$1.5k- $20K
Term: 2-5 yrs
Min credit score
500
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST LOAN FOR PAYING CREDIT CARD DEBT

4.6

Bankrate Score
Est. APR
11.72- 24.81%
Loan amount
$5k- $40K
Term: 2-5 yrs
Min credit score
Not disclosed
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST LOAN FOR PEOPLE WITH BAD CREDIT

4.5

Bankrate Score
Est. APR
9.95- 35.99%
Loan amount
$2k- $35K
Term: 1-5 yrs
Min credit score
550
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

BEST FOR FAST FUNDING

4.7

Bankrate Score
Est. APR
8.49- 35.99%
with AutoPay
Loan amount
$1k- $50K
Term: 2-7 yrs
Min credit score
600
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST FOR LOW APRS

4.7

Bankrate Score
Est. APR
8.99- 35.99%
Loan amount
$2k- $50K
Term: 3-5 yrs
Min credit score
600
See offersArrow Right

Check rate with Bankrate

PERSONAL LOANS

BEST LOAN FOR SMALL LOAN AMOUNTS

4.8

Bankrate Score
Est. APR
7.99- 17.99%
Loan amount
$600- $50K
Term: 1-5 yrs
Min credit score
700
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

BEST OVERALL PERSONAL LOAN

4.7

Bankrate Score
Est. APR
8.99- 25.81%
with AutoPay
Loan amount
$5k- $100K
Term: 2-7 yrs
Min credit score
680
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

BEST FOR SMALL LOAN

4.4

Bankrate Score
Est. APR
7.99- 35.99%
Loan amount
$2k- $36.5K
Term: 2-6 yrs
Min credit score
600
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

BEST FOR JOINT APPLICATIONS

4.4

Bankrate Score
Est. APR
6.99- 35.99%
Loan amount
$2k- $50K
Term: 2-5 yrs
Min credit score
600
See offersArrow Right

Check rate with Bankrate

On This Page

How to compare personal loans 

Get quotes from a few lenders before applying for a personal loan so you can compare lenders and determine which has the best overall offerings for your situation. You should keep all of the following factors in mind as you're researching.

  • Approval requirements. Every lender has its own threshold for approving potential borrowers, and factors like income, credit score and debt-to-income ratio.
  • Interest rates. The lowest advertised rate is never guaranteed, so compare your prequalification offers. When comparing your potential interest rates, also incorporate any fees or penalties.
  • Loan amounts. Make sure the lenders you're researching offer as little or as much as you need — and check that you can qualify for the full amount.
  • Repayment options. Look for lenders that offer multiple repayment terms so you can choose the one that makes the most sense for your situation.
  • Unique features. Keep an eye out for lenders with any unique perks and restrictions.
  • Customer service. Investigate a company's customer service options and read the company reviews to ensure you have the support you need. Look for obvious negative trends but also how the company responds to them.

Compare personal loan rates with Bankrate's top picks 

Caret Down
LENDER BEST FOR EST. APR LOAN AMOUNT LOAN TERM MIN CREDIT SCORE
LightStream Generous repayment terms 7.99%-25.49%* (with AutoPay) $5,000-$100,000 2 - 7 years 695
Citi Best for existing Citi customers 10.49%-19.49% $2,000-$30,000 1 - 5 years 720
Upgrade Fast funding 8.49%-35.99% (with autopay) $1,000-$50,000 2 - 7 years 600
Best Egg Low APRs 8.99%-35.99% $2,000-$50,000 3 - 5 years 600
Achieve Interest rate discounts 7.99%-29.99% $5,000-$50,000 2 - 5 years 620
OneMain Financial Secured Loans 18.00%-35.99% $1,500-$20,000 2 - 5 years Not specified
Avant People with bad credit 9.95%-35.99% $2,000-$35,000 1 - 5 years 550
Upstart Little credit history 6.40%-35.99% $1,000-$50,000 3 - 5 years No requirement
SoFi Overall personal loan 8.99%-25.81% (with autopay) $5,000-$100,000 2 - 7 years 680
PenFed Small loan amounts 7.99%-17.99% $600-$50,000 Up to 5 years 700
LendingPoint Small loans for fair credit 7.99%-35.99% $2,000-$36,500 2 - 6 years 600
Prosper Joint applications 6.99%-35.99% $2,000-$50,000 2 - 5 years 600
LendingClub Using a co-borrower 9.57%-35.99% $1,000-$40,000 2 - 5 years 600
Happy Money Paying credit card debt 11.72%-24.67% $5,000-$40,000 2 - 5 years 640
LENDER BEST FOR CURRENT APR RANGE LOAN AMOUNT LOAN TERM
LightStream Generous repayment terms 7.99%-25.49%* (with AutoPay) $5,000-$100,000 2-7 years
Happy Money Paying credit card debt 11.72%-24.67% $5,000-$40,000 2 or 5 years
Best Egg Low APRs 8.99%-35.99% $2,000-$50,000 3-5 years
SoFi Unemployment protection 8.99%-25.81% (with autopay) $5,000-$100,000 2-7 years
Achieve Quick approval 7.99%-29.99% $5,000-$50,000 2-5 years
PenFed Small loan amounts 7.99%-17.99% $600-$50,000 Up to 5 years
Upstart Little credit history 6.40%-35.99% $1,000-$50,000 3 or 5 years
LendingClub Using a co-borrower 9.57%-35.99% $1,000-$40,000 3-5 years
Prosper No prepayment penalty 6.99%-35.99% $2,000-$50,000 2-5 years
Upgrade Fast funding 8.49%-35.99% (with autopay) $1,000-$50,000 2-7 years
TD Bank Few fees 8.99% to 23.99% $2,000-$50,000 3-5 years
For more information on low interest rates, check out our page on low-interest personal loans.
LENDER BEST FOR CURRENT APR RANGE LOAN AMOUNT MIN. CREDIT SCORE
Upstart Little credit history 6.40%-35.99% $1,000-$50,000 No minimum requirements
OneMain Financial Secured loans 18.00%-35.99% $1,500-$20,000 300
TD Bank Low rate caps 8.99% to 23.99% $2,000-$50,000 700
Avant A range of repayment options 9.95%-35.99% $2,000-$35,000 550
LendingPoint Small loans 7.99%-35.99% $2,000-$36,500 600
Upgrade Fast funding 8.49%-35.99% (with autopay) $1,000-$50,000 600
LendingClub Online experience 9.57%-35.99% $1,000-$40,000 600

*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 BEST FOR CURRENT APR RANGE LOAN AMOUNT MIN. CREDIT SCORE
SoFi High borrowing limits 8.99%-25.81% (with autopay) $5,000-$100,000 680
LendingClub Borrowing money from other investors 9.57%-35.99% $1,000-$40,000 660
LightStream Borrowers who can qualify for the best rates 7.99%-25.49%* (with AutoPay) $5,000-$100,000 Not specified
Prosper Joint loans 6.99%-35.99% $2,000-$50,000 640
Rocket Loans Fast funding 9.116%-29.99% (with autopay) Not specified-$45,000 Not specified
Best Egg Borrowers with “okay” credit 8.99%-35.99% $2,000-$50,000 600
Discover A range of repayment terms 7.99% to 24.99% $2,500-$35,000 660
Credible Borrowers who want to price shop 6.40% to 35.99% (with autopay) $600-$100,000 Not specified
Earnest Borrowers who want other factors considered in their application Varies by lender $1,000-$250,000 680
Happy Money Borrowers who want to consolidate debt 11.72%-24.67% $5,000-$40,000 585
For more information on good credit loan rates, check out our page on good credit personal loans.
LENDER BEST FOR CURRENT APR RANGE LOAN AMOUNT LOAN TERM
Best Egg High-income earners with good credit 8.99%-35.99% $2,000-$50,000 3-5 years
Happy Money Consolidating credit card debt 11.72%-24.67% $5,000-$40,000 2 or 5 years
LightStream High-dollar loans and longer repayment terms 7.99%-25.49%* (with AutoPay) $5,000-$100,000 2-7 years
PenFed Smaller loans with a credit union 7.99%-17.99% $600-$50,000 Up to 5 years
OneMain Financial Fair to poor credit 18.00%-35.99% $1,500-$20,000 2-5 years
Discover Good credit and next-day funding 7.99% to 24.99% $2,500-$35,000 3-7 years
Upstart Consumers with little credit history 6.40%-35.99% $1,000-$50,000 3 or 5 years
For more information on debt consolidation loan rates, check out our page on debt consolidation loans.

How we choose our best personal loan lenders

To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Checkmark
    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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Checkmark
    Availability
    Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Checkmark
    Customer experience
    This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Checkmark
    Transparency
    For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.
Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
20
loan features weighed
Rates
665
data points collected

What to know about personal loans 

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.

Personal loan interest rates 

The interest rate you're offered will depend on a number of factors, including your credit score, the Federal Reserve's actions and what type of loan you're interested in. 

Caret Down

The interest rate you're offered is based on your credit health and 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 10.73%-12.50%
Good Credit 690-719 13.50%-15.50%
Average Credit 630-689 17.80%-19.90%
Bad Credit 300-629 28.50%-32.00%

Loan interest rates have seen a significant increase in the past year. Rates range between about 5 percent to 36 percent, depending on your credit score. If you have a low credit score you can expect to be on the higher end of interest rates. As of November 29, 2023, the average personal loan interest rate is 11.53 percent.

You can see how average interest rates have increased over time below. Ensure that you compare loan offers to see what you are eligible for before applying for a bad credit loan.

Average rates as of December 06, 2023

Personal loans 11.54%

In order to combat inflation, the Federal Open Market Committee (FOMC) raised interest rates seven times in 2022. It has continued to raise rates throughout parts of 2023, but the Nov. 1, 2023 meeting saw no changes to the benchmark interest rates again, leaving them at 5.25-5.5 percent. 

Lenders often respond to hikes by increasing personal loan interest rates along with the rates of other credit products, but a lack of a Fed hike doesn't mean that personal loan rates won't increase.

Personal loan uses 

You can use personal loan funds for almost nearly every type of expense. Here are some of the most common reasons that lead borrowers to take out a personal loan and how to tell if it's the best option for you.

When does taking out a personal loan make the most sense?

After considering the different ways to use a personal loan, think about your situation and if a loan makes sense for you. 

Lightbulb

Expert take

"A personal loan may make sense when you can qualify for a lower interest rate than for other forms of debt, such as credit card debt. Personal loans often charge lower interest rates than credit cards. But, don’t use a personal loan for consumption, such as buying groceries or paying for a vacation or wedding. Otherwise, the debt will last a lot longer than the purchase."
- Mark Kantrowitz, Nationally recognized student financial aid expert

Pros and cons of personal loans 

While helpful, personal loans aren't the best financing tool or solution for everyone. Consider the pros and cons of personal loans.

Green circle with a checkmark inside

Pros

  • Fast funding times
  • Lower interest rates than credit cards
  • Can be used for variety of uses
Red circle with an X inside

Cons

  • Potentially high fees and penalties
  • Eligibility requirements can be strict
  • Additional monthly payment

How to get a personal loan

There are many steps to follow when getting approved for and securing a personal loan. Follow the 8 steps in the below article when applying for a personal loan to make sure you're signing up for the best loan for your credit situation.

Bankrate's image file
LEARN MORE ABOUT How to get a personal loan

Knowing the ins-and-outs of how to get a personal loan can help you get approved for the loan best fit for your needs.

Arrow Right

Calculate your loan payment

After considering the options above, 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.

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

Frequently asked questions about personal loans

Written by: Hanneh Bareham, Writer, Personal Loans and Debt Relief for Bankrate

Hanneh Bareham has been a personal finance writer with Bankrate since 2020. She started out as a credit cards reporter before transitioning into the role of student loans reporter. She is now a writer on the loans team, further widening her scope across multiple forms of consumer lending.

Read more from Hanneh Bareham

Edited by: Rhys Subitch, Editor, Personal Loans, Auto Loans, and Debt

Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about loans products for every part of life. Their experience spans student loans, auto loans and personal loans, and they have developed a passion for helping readers take control of their finances.

Read more from Rhys Subitch