Best Personal Loan Rates

Personal loans are the rage today. Gone are the days when you had to wait for weeks to get a loan sanctioned. With online lenders, you can have the money in your bank account within hours of submitting your application.

Personal loan interest rates have also decreased significantly, making them a very attractive proposition. However, the interest rate you get on a personal loan depends on factors such as your credit score and credit history, annual income, existing debt, and whether you acquire a loan from a bank, credit union, or online lender.

Currently, personal loan interest rates range from 4.49% to about 35.99%. The average personal loan interest rate is 11.66%. While interest rates aren’t the only costs involved with taking out a loan, shopping around for the best personal loan rates is essential.

The Best Personal Loan Rates

Here’s a look at some of the best personal loan rates available from banks, online lenders, and credit unions.


SoFi’s personal loans include all the hallmarks of a five-star lender, including no fees, a wide range of loan sizes, and flexible payback options.

On the other hand, this lender outshines the competition with a bevy of unique benefits. Free career and financial advice, referral bonuses, networking events, and complimentary estate planning are available to SoFi members.

The 0.25% autopay discount and 0.25% direct deposit discount are reflected in fixed rates ranging from 6.99% APR to 21.28% APR. Rate ranges on SoFi are current as of 15/6/22 and are subject to change at any time.

The online lending platform offers unsecured fixed-rate personal loans in every state except Mississippi. The maximum loan amount is $100,000, and the minimum is $500.


  • No additional fees
  • Co-sign loans alternatives are available
  • Provides unemployment insurance.
  • Mobile app to manage loans


  • Requires high minimum loan amount
  • No option for a secured or joint loan

Wells Fargo

Wells Fargo provides personal loans with a variety of benefits for eligible. The loans not only feature low costs, but they also come in various sizes and payback lengths, allowing borrowers to tailor the loan to their specific needs.

Existing consumers, on the other hand, will benefit the most. Borrowers who pay using a Wells Fargo account may be eligible for a rate reduction.

Wells Fargo does not provide pre-qualification, which is a disadvantage for consumers who want to check what rates and loan amounts they could be eligible for before applying.

Customers who qualify for the 0.25 % relationship discount can get personal loans from Wells Fargo with interest rates ranging from 5.74 % to 24.24 %. To be eligible, you must have a Wells Fargo bank account and make automatic payments from a Wells Fargo deposit account. Interest rates range from 5.99 % to 24.49 % (if you don’t enroll in autopay.)


  • No fees associated with the origination or prepayment of funds.
  • Option for a joint loan.
  • A broad range of loan amounts and payback terms are available.
  • Autopay customers receive a reduction in their rate.
  • Loans get funded the same or following business day.


  • To earn a 0.25 percent discount, you must have a Wells Fargo bank account.
  • New customers must go to a branch to apply for a Wells Fargo account.
  • There is no option to prequalify.


PenFed was founded to assist U.S. military and veterans, as well as government employees and retirees, but it has now expanded its membership to include non-military members. The American Society of Military Comptrollers, Coast Guard Auxiliary Association, Navy League of the United States, and United States Army Warrant Officers Association are among PenFed’s government partners.

PenFed personal loan interest rates range from 5.99 % to 17.99 %, depending on your application and credit history. Applicants with better credit ratings are more likely to get the best prices. In addition, there are no title or deed requirements, no early payback penalty, and no origination or hidden costs with PenFed. Although PenFed is based on the East Coast, borrowers will have 24-hour access to their accounts via the PenFed mobile app.


  • Pre-qualification with a soft credit check.
  • No prepayment or origination fees.
  • Offers secured and joint loan solutions.
  • Mobile app to help you manage your loan.


  • No option to choose or amend your payment date.
  • To become a member, you must first create a PenFed savings account.


Figure is a relatively new entrant to the personal loan market, but it has quickly become one of the best places to get a loan. Figure employs blockchain technology to streamline the loan process from application to closing. The online lender specifically uses the Provenance Blockchain for banking and payments, loan origination, private fund services, and equity management. Through blockchain, it offers speed, efficiency, and savings to its clients.

Borrowers can apply for Figure personal loans with three or five years terms for amounts ranging from $5,000 to $50,000. Borrowers who participate in autopay receive a 0.25 % rate savings if accepted.

Figure has a one-of-a-kind referral scheme. You will get $150 if you refer a first-time Figure borrower, and they will receive $150 when they receive their cash.


  • Pre-qualification with a soft credit check.
  • Set up autopay and receive a 0.25 percentage point rate reduction.
  • Payments get reported to all three credit bureaus.


  • Charges a fee for the first transaction.
  • Two repayment options are available to borrowers.


The underwriting methodology of Upstart sets it apart from other online lenders. Upstart has built a name for itself in the personal loan industry because of its artificial intelligence- and machine learning-based approach to borrower qualification.

To grant loans, the lender employs unconventional data like college education, work experience, and location. Banks and conventional lenders concentrate nearly entirely on a borrower’s credit record, obligations, income, and assets.

Upstart personal loan terms range from 24 to 84 months. The minimum amount is $1000, and the maximum is $50,000. The origination fee is between 0.00 % and 8%, depending on the borrower’s creditworthiness and other factors like location. The APR for five-year loans begins at 21.4% and ranges up to 35.99%.


  • Loans get funded within one business day.
  • Some debt consolidation loans include direct payment to creditors.
  • Borrowers can pick and adjust their payment date.


  • Charges origination fees
  • No mobile app


When shopping for a personal loan, comparing offers from multiple lenders is essential to ensure you get the best deal. The interest rate is not the only factor to consider – you should also look at the fees, repayment terms, and conditions before applying for a loan.

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