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Best personal loan rates for February 2024

Feb 20, 2024

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PERSONAL LOANS

LightStream: BEST LOANS FOR GENEROUS REPAYMENT TERMS

4.7

Est. APR
7.99- 25.49%
* with AutoPay
Loan amount
$5k- $100K
Term: 2-7 yrs*
Min credit score
695
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PERSONAL LOANS

Upstart: BEST LOAN FOR LITTLE CREDIT HISTORY

4.7

Est. APR
6.40- 35.99%
Loan amount
$1k- $50K
Term: 3-5 yrs
Min credit score
Not disclosed
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PERSONAL LOANS

Achieve: BEST FOR INTEREST RATE DISCOUNTS

4.6

Est. APR
8.99- 35.99%
Loan amount
$5k- $50K
Term: 2-5 yrs
Min credit score
620
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PERSONAL LOANS

Citi® Personal Loan: BEST FOR NO FEES

4.6

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

LendingClub: BEST LOAN FOR USING A CO-BORROWER

4.1

Est. APR
9.57- 35.99%
Loan amount
$1k- $40K
Term: 2-5 yrs
Min credit score
600
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PERSONAL LOANS

OneMain Financial: BEST FOR SECURED LOANS

4.1

Est. APR
18.00- 35.99%
Loan amount
$1.5k- $20K
Term: 2-5 yrs
Min credit score
500
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PERSONAL LOANS

Happy Money: BEST LOAN FOR PAYING CREDIT CARD DEBT

4.6

Est. APR
11.72- 17.99%
Loan amount
$5k- $40K
Term: 2-5 yrs
Min credit score
Not disclosed
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PERSONAL LOANS

Avant: BEST LOAN FOR PEOPLE WITH BAD CREDIT

4.5

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

Upgrade: BEST FOR FAST FUNDING

4.7

Est. APR
8.49- 35.99%
with AutoPay
Loan amount
$1k- $50K
Term: 2-7 yrs
Min credit score
600
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PERSONAL LOANS

Best Egg: BEST FOR LOW APRS

4.7

Est. APR
8.99- 35.99%
Loan amount
$2k- $50K
Term: 3-5 yrs
Min credit score
600
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SoFi: Bankrate 2024 Awards Winner for Best Online Lender

4.7

Est. APR
8.99- 29.99%
with all discounts
Loan amount
$5k- $100K
Term: 2-7 yrs
Min credit score
680
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

Lending Point: BEST FOR SMALL LOAN

4.4

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

Prosper: BEST FOR JOINT APPLICATIONS

4.7

Est. APR
8.99- 35.99%
Loan amount
$2k- $50K
Term: 2-5 yrs
Min credit score
600
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How to compare personal loans 

Get quotes from a few lenders before applying for a personal loan and compare their offers to make the best choice for your situation. Keep the following factors in mind as you compare personal loan options.

  • Approval requirements. Every lender sets its own threshold for approving potential borrowers based on factors like income, credit score and debt-to-income ratio.
  • Interest rates. The lowest advertised rate may come with extra fees or penalties, so read the fine print on your prequalification offers. 
  • 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.
  • Loan terms. Personal loan terms generally range between one and seven years. You’ll typically find the lowest rates on shorter terms, but your monthly payment will be higher. Look for lenders that offer multiple repayment terms so you can choose the one you can best afford.
  • Unique features. Keep an eye out for lenders with unique perks like rate discounts for auto payments or restrictions on how quickly you can pay your balance off.
  • Customer service. Investigate a company's customer service options and read the company reviews to ensure you have the support you need. Look for both negative trends and how the company responds to them.
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Bankrate insight

"As someone who used to broker loans for a living, I can honestly say finding the best lender for your needs is better than chasing the lowest advertised online rate. That’s because those low rates may come with extra fees, short terms and requirements that don’t fit your financial needs or you can’t qualify for. A lender that offers slightly higher rates but longer terms may be a better match than a lender that offers super low rates on loan balances you have to pay off quickly."

- Denny Ceizyk, Bankrate Senior Loans Writer

Compare personal loan rates with Bankrate's top picks 

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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 8.99%-35.99% $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%-29.99% (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 8.99%-35.99% $2,000-$50,000 2 - 5 years 560
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%-29.99% (with autopay) $5,000-$100,000 2-7 years
Achieve Quick approval 8.99%-35.99% $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 2-5 years
Prosper No prepayment penalty 8.99%-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 Not specified
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%-29.99% (with autopay) $5,000-$100,000 680
LendingClub Borrowing money from other investors 9.57%-35.99% $1,000-$40,000 600
LightStream Borrowers who can qualify for the best rates 7.99%-25.49%* (with AutoPay) $5,000-$100,000 695
Prosper Joint loans 8.99%-35.99% $2,000-$50,000 600
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-$40,000 660
Credible Borrowers who want to price shop 6.40% to 35.99% (with autopay) $600-$200,000 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-$40,000 640
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-$40,000 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 a type of installment loan which means it is repaid in monthly installments, similar to a car loan or home mortgage. Loan terms typically range from one to seven years — though some lenders offer even longer terms. 

Personal loans are usually unsecured, meaning they aren’t backed by collateral such as a car, house or other assets. The approval and funding process is often faster for a personal loan compared to a home equity loan or a cash-out refinance.

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. 

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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 720-850 10.73%-12.50%
Good 690-719 13.50%-15.50%
Average 630-689 17.80%-19.90%
Bad 300-629 28.50%-32.00%

Interest rates rose at a steady pace in 2023. Rates range between about 6 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 Feb. 14, 2024, the average personal loan interest rate is 11.91 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 February 14, 2024

Personal loans 11.91%

After raising the key benchmark rate to a 22-year high of 5.25-5.5 percent over a 16-month period, the Federal Open Market Committee (FOMC) has reversed course and signaled plans to cut rates in 2024. Although the Fed has only announced two potential rate cuts, the results of those cuts could mean lower rates and monthly payments for consumers hoping to borrow money this year. 

Because personal loan rates are tied more closely to short term rates, there is a chance they’ll drop when the Fed lowers rates.

Personal loan uses 

There are a variety of reasons that borrowers take out different types of personal loans.

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

After considering the different ways to use a personal loan, determine whether now is the best time to get the personal loan process started. Here’s senior Bankrate writer Denny Ceizyk on how to figure out if it's the right move to make:

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Bankrate insight

I would suggest four scenarios when a personal loan is a good financial choice:

1. You have a steady, reliable income:

A personal loan requires a regular monthly payment you can’t change, making it best for people with a regular salary or full-time job. If you’re having trouble making the minimum payments on credit cards due to unpredictable commissions, seasonal work or varying side-hustle income, a personal loan may not be the best bet. 

2. You want a definite debt payoff date:

Making minimum payments on credit cards with changing interest rates makes it difficult to pinpoint a payoff date. And keep in mind, every time you use your credit card for a new purchase, you reset the payoff clock. With a personal loan you choose a fixed-rate term that usually ranges between one to seven years, putting you on a potential countdown to being debt free. 

3. You don’t want to touch your home’s equity:

If you’re sitting on thousands or hundreds of thousands of dollars worth of equity, it can be tempting to convert some of it to cash with a home equity loan or a HELOC. However, that cash comes with a debt that’s secured by your home. A personal loan leaves your home equity intact without the risk of losing your home that comes with any type of home equity loan. 

4. You want to avoid using revolving credit and improve your credit score:

Too much revolving credit is bad for your credit scores. The only thing worse is a late payment, which is more likely if you’re struggling to keep track of payments on a pile of maxed-out credit cards. A personal loan can help replace reusable revolving debt with one-and-done installment debt, and usually gives your credit scores a major boost once the balances are paid off. 

- Denny Ceizyk, Bankrate Senior Loans Writer

Does it make more sense to borrow with a personal loan or a HELOC right now?


Loans Senior Writer

Although I usually recommend HELOCs because they offer lower rates and more flexible payment options than personal loans, personal loans have some distinct advantages in certain circumstances. I’d suggest homeowners planning to sell their homes in the spring avoid tying up their equity with a HELOC, especially if they need the cash from their sale for a down payment on a new home. A personal loan can give them quicker access to cash to spruce up their home for resale without the paperwork hassle that comes with getting a HELOC. Homeowners who racked up credit card debt over the holidays may be better off using a personal loan for debt consolidation too. Getting rid of that revolving debt could give their credit score a boost by the time the spring homebuying season kicks in, and help them get a lower rate, especially with mortgage rates stuck at record highs.

Nationally recognized finance expert

Recent spikes in mortgage rates may make personal loans a better choice than home equity loans. People with high credit scores may find personal loan rates as competitive as home equity loan interest rates. In addition, a personal loan isn’t secured by your home, which means you don’t have to pay it off when you sell your home, and don’t risk losing your home to foreclosure if you can’t pay it off.

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
  • Few restrictions on how funds are used
  • No collateral required in most cases
Red circle with an X inside

Cons

  • Potentially high fees and penalties
  • Eligibility requirements can be strict
  • Additional monthly payment
  • Shorter terms than home equity loans

How to get a personal loan

Follow the 8 steps in the article below to get approved for the best personal loan for your credit situation.

Bankrate's image file
LEARN MORE ABOUT How To Get A Personal Loan In 8 Steps

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.

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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 understanding the full responsibility and predicted repayment timeline prior to taking out the loan. 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, the lower payment that comes with a longer term may give you more room to breathe in your monthly budget

If you miss payments or are unable to make them, ask your lender about hardship payment relief options as soon as possible.

Frequently asked questions about personal loans