Average personal loan interest rates — and how to get a low APR

Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit. 

Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply. 

Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.

In terms of its drawbacks, Upstart charges origination fees up to 15% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.

Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years. 

This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.

LendingClub provides personal loans up to $60,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site. 

You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay. 

Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.

Upgrade does charge origination fees between 1.85% and 9.99%, however.

Happy Money, formerly known as Payoff, is an ideal lender for debt consolidation and credit card consolidation loans. The company offers APRs starting at 11.72% and loan amounts up to $50,000. You may be able to qualify for a loan with Happy Money with fair credit, but the best rates are reserved for those with good to excellent credit scores. 

The company charges origination fees up to 5%, which is lower than some competitors, and you can receive funding in three to five business days once approved. Check to see if loans are available in your area, as Happy Money doesn’t fund borrowers in Massachusetts or Nevada. 

When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders. 

Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.

LendingPoint is a fintech lender that incorporates AI and data analysis in addition to considering your credit score. It offers personal loans for a variety of uses, including debt consolidation, credit card refinancing, and home improvement, with funding as soon as the next business day. You can also manage your account using LendingPoint's mobile app. 

With low starting APRs and a mid-600s credit score minimum, LendingPoint is best suited for borrowers with fair credit or a limited credit history looking for smaller loans. Some borrowers with good credit may also benefit from a LendingPoint loan. But borrowers with excellent credit can find lower APRs and larger maximum  loan amounts with other lenders.

Rocket Loans delivers no-frills same-day personal loans with a generous autopay discount to good-credit borrowers and some borrowers with fair credit. APRs and available loan amounts are competitive — Rocket Loans offers $2,000 loans up to $45,000 loans. Plus, the company offers small business loans if you apply directly through its website.

However, you'll only have a choice between two repayment terms — 3 or 5 years — and origination fees can be as high as 9%. If you have fair credit, you may qualify, but won't be able to add a cosigner or get a secured loan to improve your rate.

Jenius Bank charges no fees whatsoever, has low rates and an autopay discount, and offers long repayment terms to keep monthly payments affordable. You can use a loan from Jenius Bank for a wide range of loan purposes, including debt consolidation, home improvements, emergency expenses, and financing major purchases. The lender has no physical branches, but offers 24/7 customer support and a mobile app for ongoing access. 

Drawbacks include a high minimum loan amount, low ratings on Trustpilot, and the unavailability of joint loans. 

SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.

Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.

BHG Financial stands out for offering the largest loan amounts - up to $250,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.

Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. 

Prosper operates in the peer-to-peer lending space and helps connect borrowers with individual investors for some loans. The company's APRs start at 8.99% and origination fees range between 1% and 9.99%. With Prosper, you may be able to receive a loan between $2,000 and $50,000 with a repayment term up to 5 years.

Funding with Prosper is quick and you may receive your funds as soon as one business day after approval. The company allows co-borrowers and cosigners, and general requirements include having a FICO credit score of 600 or higher.

Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580)  than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders. 
 

That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.

Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.

It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.

Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 720 or higher). No-fee means no origination fees and no late fees, and Citi is one of few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).

The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers. However, Citi requires a relatively high credit score to qualify and caps the amount you can borrow at $30,000, which is less than most of its competitors.

Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.

You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).

For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral. 

Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others. 

Axos is one of few lenders that offers loans for business purposes. Plus, it has a low minimum income requirement, offers repayment terms up to 7 years, and is available in all states. But If you need a loan under $10,000, you'll need to look elsewhere. While this lender may charge an origination fee, it's fees are on the low side, topping out at 3%. You'll also want to have good credit to apply for a loan with Axos. You can expect to receive funds 1 to 2 business days after the loan is approved. 

SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.

Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.