Best Personal Loan Rates - Check the Lowest Rate April 2024 (2024)

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Best Personal Loan Rates Of 2024

  • Upstart: 7.8% to 35.99%
  • Wells Fargo: 7.49% to 23.24%
  • LightStream: 7.49% to 25.49%
  • Discover: 7.99% to 24.99%
  • U.S. Bank: 8.24% to 24.99%
  • PenFed: 8.49% to 17.99%
  • SoFi: 8.99% to 29.99%

The above lists our best personal loan providers by lowest to highest annual percentage rate (APR) range. The below lists these providers in order from highest to lowest star rating. Our loan experts rate providers based on APR, as well as loan details, eligibility requirements, customer experience and more.

BEST OVERALL PERSONAL LOAN RATES

LightStream

Best Personal Loan Rates - Check the Lowest Rate April 2024 (1)

4.0

Best Personal Loan Rates - Check the Lowest Rate April 2024 (2)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

660

APR range

6.99% to 25.49%

with autopay

Loan amounts

$5,000 to $100,000

Best Personal Loan Rates - Check the Lowest Rate April 2024 (3)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (4)

Via Credible.com’s Website

660

6.99% to 25.49%

with autopay

$5,000 to $100,000

Editor’s Take

With low minimum and maximum interest rates, LightStream personal loans stand out for having the best overall interest rates for a range of loan amount. Beyond that, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay, which is higher than most lenders with the same perk.

Pros & Cons

  • Long loan terms available
  • Low interest rates
  • Fast approval and funding
  • No prequalification option
  • High minimum loan amount
  • Low average customer rating on Trustpilot

Details

Eligibility:

  • Minimum credit score. 660
  • Minimum income. Does not disclose
  • Co-borrowers. Permitted

BEST FOR LARGE LOAN AMOUNTS

SoFi®

Best Personal Loan Rates - Check the Lowest Rate April 2024 (5)

4.0

Best Personal Loan Rates - Check the Lowest Rate April 2024 (6)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

650

APR range

8.99% to 29.99%

with autopay

Loan amounts

$5,000 to $100,000

Best Personal Loan Rates - Check the Lowest Rate April 2024 (7)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (8)

Via Credible.com’s Website

650

8.99% to 29.99%

with autopay

$5,000 to $100,000

Editor’s Take

SoFi personal loans range from $5,000 to $100,000, making the lender a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000).

Pros & Cons

  • Prequalification with a soft credit check
  • Funding as quickly as the same day of loan approval
  • Offers direct payments to third-party creditors for debt consolidation
  • High credit score requirement
  • High minimum loan amount

Details

Eligibility:

  • Minimum credit score required. 650
  • Minimum annual income. $45,000
  • Co-borrowers. Permitted
  • Co-signers. Not permitted

BEST FOR CURRENT WELLS FARGO ACCOUNT HOLDERS

Wells Fargo

Best Personal Loan Rates - Check the Lowest Rate April 2024 (9)

3.5

Best Personal Loan Rates - Check the Lowest Rate April 2024 (10)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

No requirement

APR range

7.49% to 23.24%

with autopay discount

Loan amounts

$3,000 to $100,000

Best Personal Loan Rates - Check the Lowest Rate April 2024 (11)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (12)

Via Fiona.com’s Website

No requirement

7.49% to 23.24%

with autopay discount

$3,000 to $100,000

Editor’s Take

For customers with an established relationship with Wells Fargo, a Wells Fargo personal loanis a good option thanks to the 0.25% or 0.50% relationship discount. Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as 84 months, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.

Pros & Cons

  • Receive funds the next business day, if approved
  • 0.25% discount when you enroll in autopay
  • No origination fees or prepayment penalty
  • Must have a Wells Fargo checking account to receive 0.25% discount
  • New Wells Fargo customers will need to visit a branch to apply
  • No option to prequalify

Details

Overview: Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online.

New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.

Eligibility:

  • Doesn’t disclose minimum credit requirement
  • Doesn’t disclose minimum income requirement
  • Doesn’t allow co-signers or co-borrowers

Loan uses:

  • Debt consolidation
  • Home improvement
  • Medical bills

BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS

Discover

Best Personal Loan Rates - Check the Lowest Rate April 2024 (13)

3.5

Best Personal Loan Rates - Check the Lowest Rate April 2024 (14)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

660

APR range

7.99% to 24.99%

Loan amounts

$2,500 to $40,000

Best Personal Loan Rates - Check the Lowest Rate April 2024 (15)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (16)

Via Fiona.com’s Website

660

7.99% to 24.99%

$2,500 to $40,000

Editor’s Take

Discover personal loans offer borrowers the ability to repay their loans within 30 days interest-free. Along with that feature, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding. In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years.

Pros & Cons

  • Option to pay off creditors directly
  • No origination fees or prepayment penalties
  • Directly pays creditors
  • Charges late fees
  • Low maximum loan amount

Details

Eligibility:

  • Minimum credit score: 660
  • Minimum household income: $25,000
  • Doesn’t allow co-signers or co-borrowers

Loan uses:

  • Medical bills
  • Business expenses
  • Home renovation

BEST FOR EXISTING U.S. BANK CUSTOMERS

U.S. Bank

Best Personal Loan Rates - Check the Lowest Rate April 2024 (17)

3.5

Best Personal Loan Rates - Check the Lowest Rate April 2024 (18)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

Does not disclose

APR range

8.74% to 24.99%

with autopay

Loan amounts

$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)

Depends on the area you live in

Best Personal Loan Rates - Check the Lowest Rate April 2024 (19)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (20)

Via Fiona.com’s Website

Does not disclose

8.74% to 24.99%

with autopay

$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)

Depends on the area you live in

Editor’s Take

For their currentcustomers, U.S. Bank personal loans are a great option since having a checking account here allows borrowers to access higher borrowing amounts and longer repayment terms. For customers, loan terms range from 12 to 84 months and loan amounts from $1,000 to $50,000.

Pros & Cons

  • Operates physical branches
  • 0.50% autopay discount
  • Quick funding
  • Need a credit score of at least 800 o qualify for the lowest advertised rates
  • Smaller loan amounts available to non-U.S. Bank checking customers
  • Branch locations in only 26 states

Details

Eligibility

  • Minimum credit score. Does not disclose
  • Minimum income. Does not disclose
  • Co-signers. Permitted
  • Co-borrowers. Permitted

BEST FOR LOW RATES AT A CREDIT UNION

PenFed

3.0

Best Personal Loan Rates - Check the Lowest Rate April 2024 (22)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

Does not disclose

APR range

7.99% to 17.99%

Loan amounts

$600 to $50,000

Learn More

Via Fiona.com’s Website

Does not disclose

7.99% to 17.99%

$600 to $50,000

Editor’s Take

PenFed is a national credit union with fixed-rate, low-interest loans that start at $600 to $50,000. PenFed personal loans carry rates from 7.99% to 17.99%, based on your application and credit information, and there’s no early payoff penalty and no origination or hidden fees.

Pros & Cons

  • No origination or prepayment fees
  • Prequalification with a soft credit check
  • Allows for co-borrowers
  • Doesn’t operate branches in all states
  • Requires membership
  • Charges late payment fee of $29

Details

Eligibility:

  • Minimum credit score. Does not disclose
  • Minimum income. Does not disclose
  • Co-borrowers. Permitted

BEST FOR LOANS AS LOW AS $1,000

Upstart

Best Personal Loan Rates - Check the Lowest Rate April 2024 (25)

2.5

Best Personal Loan Rates - Check the Lowest Rate April 2024 (26)

Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.

Minimum Credit Score

300

APR range

7.80% to 35.99%

Loan amounts

$1,000 to $50,000

Best Personal Loan Rates - Check the Lowest Rate April 2024 (27)

Compare Rates Best Personal Loan Rates - Check the Lowest Rate April 2024 (28)

Via Credible.com’s Website

300

7.80% to 35.99%

$1,000 to $50,000

Editor’s Take

With various loan options, including loan amounts ranging from $1,000 to $50,000, an Upstart personal loan is a good option for borrowers looking for small personal loans. Beyond that, the lender’s minimum 300 credit score makes it an accessible option to those with fair credit.

Pros & Cons

  • Accessible to borrowers with no credit history
  • Prequalification with a soft credit check
  • Ability to choose a custom payment date
  • Charges an origination fee up to 12% of the loan amount
  • No co-signer option
  • Only offers three- or five-year terms

Details

Eligibility:

  • Minimum credit score. 300
  • Minimum income. No minimum but must have a source of income
  • Co-signers. Not permitted
  • Co-borrowers. Not permitted

Summary: Best Personal Loan Interest Rates Of April 2024

CompanyCompany - LogoForbes Advisor RatingForbes Advisor RatingAPR RangeLoan amountsMinimum Credit ScoreLearn More CTA textLearn more CTA below textLearn More
LightStreamBest Personal Loan Rates - Check the Lowest Rate April 2024 (29)4.0Best Personal Loan Rates - Check the Lowest Rate April 2024 (30)6.99% to 25.49%$5,000 to $100,000660 Compare RatesVia Credible.com’s Website
SoFiBest Personal Loan Rates - Check the Lowest Rate April 2024 (31)4.0Best Personal Loan Rates - Check the Lowest Rate April 2024 (32)8.99% to 29.99%$5,000 to $100,000650Compare RatesVia Credible.com’s Website
Wells FargoBest Personal Loan Rates - Check the Lowest Rate April 2024 (33)3.5Best Personal Loan Rates - Check the Lowest Rate April 2024 (34)7.49% to 23.24%$3,000 to $100,000No requirement Learn MoreRead Our Full Review
DiscoverBest Personal Loan Rates - Check the Lowest Rate April 2024 (35)3.5Best Personal Loan Rates - Check the Lowest Rate April 2024 (36)7.99% to 24.99% $2,500 to $40,000660 Compare RatesVia Fiona.com’s Website
U.S. BankBest Personal Loan Rates - Check the Lowest Rate April 2024 (37)3.5Best Personal Loan Rates - Check the Lowest Rate April 2024 (38)8.74% to 24.99%$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)Does not discloseLearn MoreRead Our Full Review
PenFedBest Personal Loan Rates - Check the Lowest Rate April 2024 (39)3.0Best Personal Loan Rates - Check the Lowest Rate April 2024 (40)7.99% to 17.99%$600 to $50,000Does not discloseCompare RatesVia Fiona.com's Website
UpstartBest Personal Loan Rates - Check the Lowest Rate April 2024 (41)2.5Best Personal Loan Rates - Check the Lowest Rate April 2024 (42)7.80% to 35.99%$1,000 to $50,000300Compare RatesVia Credible.com’s Website

The above personal loan rates and details are accurate as ofApril 30, 2024. While we update this information regularly, the annual percentage rates (APRs) and loan details may have changed since the page was last updated. Keep in mind, some lenders make specific rates and terms available only for certain loan purposes. Be sure to confirm available APR ranges and loan details, based on your desired loan purpose, with your lender before applying.

Tips for Comparing Personal Loan Rates

In general, annual percentage rates (APRs) vary by lender and depend on several factors, including the applicant’s creditworthiness. However, there are several things you can do to access the lowest rate possible when applying for a personal loan. Consider these factors when comparing personal loan rates:

Credit score and eligibility requirements.

Average borrower rates.

Loan amounts and repayment terms.

Additional costs.

Pro Tip

In addition to interest rates, be aware of any origination fees, processing fees, prepayment penalties and other charges associated with the loan. Consider these costs while evaluating the overall affordability of the loan.

Complete Guide To Personal Loan Rates

  • Current Personal Loan Rates
  • Average Personal Loan Interest Rates By Credit Score
  • How Lenders Determine Personal Loan Rates
  • How to Get the Best Personal Loan Rates In 2024
  • Pros and Cons of Personal Loans
  • Where To Get a Personal Loan
  • How To Get a Personal Loan
  • Calculate Personal Loan Payments
  • Recap: Best Personal Loan Rates of 2024
  • Methodology

Current Personal Loan Rates


What Is a Good Interest Rate on a Personal Loan?

Personal loan rates range from around 7% to 36%, with the average hovering around 12-15% for a 3-year loan. A good interest rate on a personal loan is one that is lower than the national average. However, borrowers with excellent credit scores may qualify for even lower rates.

Average Personal Loan Interest Rates By Credit Score

Interest rates vary by lender, borrower qualifications and loan characteristics. However, interest rates are best predicted by a borrower’s credit score. According to Experian, the average interest rates for Vantage Score ranges are as follows:

Credit classificationVantage V4 credit rangeAverage estimated interest rate (%)

Super prime

781 to 850

6.39

Prime

661 to 780

10.54

Near prime

601 to 660

15.63

Subprime

500 to 600

17.27

Deep subprime

300 to 499

17.35

Personal Loan Rates for Excellent Credit

Personal Loan Rates for Good Credit

Personal Loan Rates for Fair Credit

Personal Loan Rates for Bad Credit

How Lenders Determine Personal Loan Rates

Lenders determine personal loan rates based on several factors, but the applicant’s credit score and overall credit profile are the most important. Many traditional and online lenders also look at the prospective borrower’s income and current outstanding debts to determine their debt-to-income ratio (DTI).

DTI is the ratio of a borrower’s monthly income to their monthly debt service and is used to evaluate an applicant’s ability to make on-time payments. The higher the DTI, the riskier the borrower—and the higher the interest rate they’ll likely receive.

When determining personal loan rates, some online and alternative lenders also look at a prospective borrower’s occupation and education to evaluate earning potential. Likewise, lenders may evaluate the risk posed by a borrower based on where they live.

How to Get the Best Personal Loan Rates In 2024

The most competitive personal loan rates are typically reserved for the most creditworthy borrowers. However, there are other factors that can impact rates, and it is possible to get a lower rate without a stellar credit profile. Follow these tips to get the best personal loan rates:

  • Understand your credit report. Before prequalifying or applying for a personal loan, request a copy of your credit report from one of the three main credit bureaus—Equifax, Experian and TransUnion. A credit report includes valuable insight into how your credit scores are calculated and how much risk you pose to lenders. Likewise,check your credit scoreand use it to prequalify for an APR before submitting to a hard credit inquiry.
  • Calculate the best loan amount and term. Personal loan APRs are generally higher for larger loans and more extended repayment terms. That said, shorter repayment terms mean larger monthly payments. Use apersonal loan calculatorto determine how much monthly payment you can afford, and then opt for the shortest possible loan term.
  • Apply with a co-signer or co-borrower. If you won’t qualify for a competitive APR based on your personal credit, consider applying with aco-borrower or co-signerwho has a higher credit score. This approach can lead to higher approval odds and lower personal loan rates.
  • Choose a secured loan. A secured personal loan is one that is collateralized by a valuable asset, such as real estate. If a borrower defaults on a secured loan, the lender can seize the collateral in order to recoup the outstanding loan balance. Because secured loans are less risky to lenders, they may be a better fit for borrowers who can’t qualify for a personal loan or a competitive APR.
  • Take advantage of rate discounts. Many lenders offer rate discounts to borrowers who sign up for automatic payments during the loan application process. When comparing lenders, choose an option that offers autopay discounts or other savings opportunities.
  • Opt for a fee-free lender. To remain competitive, some lenders moved to a fee-free structure that does not charge origination fees, late payment fees, prepayment penalties or other additional costs. Choosing a fee-free lender can reduce the overall cost of a loan, thereby reducing the APR.

Pros and Cons of Personal Loans

Before taking out a personal loan to consolidate debt or finance your next purchase, it’s a good idea to run through the pros and cons. Below are the advantages and disadvantages of personal loans you should be aware of.

Pros of Personal Loans

  • Flexible loan amounts
  • Unsecured loans typically require no collateral or down payment
  • Fixed installment payments
  • Can qualify for low interest rates
  • Loan funding may happen in a week or less
  • Funds can be used to pay for almost any type of legal personal expense

Cons of Personal Loans

  • Loans may have origination fees
  • Collateral may be required if you don’t have good credit
  • Borrowers with less-than-perfect credit may qualify for higher interest rates
  • Loans can damage your credit history if you don’t make on-time payments
  • Late payment fees or prepayment penalties may increase the cost of the loan

Where To Get a Personal Loan

Various lenders offer personal loans and some may be better suited for you and your financial needs. Before accepting a loan, consider

  • Banks.Traditional financial institutions, like banks, offer personal loans, but they can come with high interest rates.
  • Credit unions.Credit unions can be a good option for a personal loan if you’re a member or qualify to be a member. These lenders often work with borrowers who have a less-than-perfect credit history and can offer low interest rates.
  • Online lenders.Online lenders can offer competitive interest rates and flexible repayment terms. Some cater to borrowers with bad credit scores.

How To Get a Personal Loan

Although the process can vary by lender, you’ll generally take these steps in order to get a personal loan:

  • Check your credit. Before starting your search for lenders, check your credit score for free through your credit card issuer or another service. This will help you narrow down which lenders will be willing to work with you.
  • Improve your credit. If your credit score is lower than 610, take steps to improve your credit score such as lowering your credit usage or paying off debts. This can help you qualify for a loan and, in some cases, a lower interest rate.
  • Shop around for lenders. Determine how much money you need to borrow and which lenders whose qualification requirements you meet. Many lenders will let you pre-qualify before submitting a formal application, which allows you to see the rates you could qualify for without impacting your credit score.
  • Submit an application. Once you find the lender that works best for you, submit an application. Depending on the lender, this can take hours or days.

Recap: Best Personal Loan Interest Rates of 2024

  • LightStream: Best for borrowers who can qualify for low interest rates and want a lender with no origination, late payment or prepayment fees
  • SoFi: Best for borrowers who are looking to borrow a large personal loan
  • Wells Fargo: Best for borrowers who have an existing relationship with the lender
  • Discover: Best for borrowers who can repay their loan within 30 days
  • U.S. Bank: Best for borrowers who are U.S. Bank customers and can take advantage of the customer discounts
  • PenFed: Best for borrowers looking to get low interest rates at a credit union
  • Upstart: Best for borrowers who are looking to borrow a small amount

Methodology

We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:

  • Loan cost.35%
  • Loan details.20%
  • Eligibility and accessibility.20%
  • Customer experience.15%
  • Application process.10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our.

What is a personal loan?

A personal loan is a type of financing that lets borrowers access cash for a wide range of personal uses, including home improvements, auto repairs and unanticipated expenses. Loan amounts and repayment terms vary by lender, but thebest personal loanstypically range from $1,000 to $100,000 with some starting as low as $250. In general, loan repayment terms extend from one to seven years.

What’s the difference between APR and interest rate?

The main difference betweenAPR versus interest rateis that the interest rate is the actual cost to borrow money. In contrast, a loan’s annual percentage rate includes the interest rate plus additional costs like finance charges as the annual cost over the life of the loan.

Can I negotiate personal loan rates with lenders?

In some cases, you may be able to negotiate with lenders to get a lower interest rate on your personal loan. Call and ask the lender if you can lower your interest rate, and if that doesn’t work, refinancing your loan may be the best option for securing a lower interest rate.

Can I get a personal loan with bad credit?

It is possible toget a personal loan with bad credit, but it is generally more difficult to qualify—especially for competitive rates. Less creditworthy applicants also face lower borrowing limits and higher interest rates than more qualified applicants. However, some lenders specialize in personal loans for borrowers with bad credit, instead basing lending decisions on alternative credit data.

How much will a personal loan cost?

The cost of a personal loan depends on the lender, type of loan and the borrower’s creditworthiness. Interest typically accrues on personal loans at a rate from 4% to 36%, with the lowest rates accessible to high-credit borrowers. In addition to interest, some lenders also charge origination fees between 1% and 8% of the total loan amount. Borrowers also may be subject to late payments fees and/or prepayment penalties, which can increase the total cost of the personal loan.

How much can you borrow with a personal loan?

How large of a personal loan you can borrow depends on what the lender offers and your own creditworthiness. It’s possible to find lenders offering a wide range of loan amounts from a few hundred dollars up to $100,000.

When you apply with a lender, they’ll consider several different factors to figure out how much to approve you for. This could include your credit score, monthly income, other debt obligations and overall credit history.

Next Up In Personal Loans

  • Best Personal Loans
  • Best Debt Consolidation Loans
  • Best Personal Loans For Fair Credit
  • Best Emergency Loans
  • Best Low-Interest Personal Loans
  • Best Fast Personal Loans

Best Ofs

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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Best Personal Loan Rates - Check the Lowest Rate April 2024 (2024)

FAQs

Best Personal Loan Rates - Check the Lowest Rate April 2024? ›

When will interest rates go down? The Federal Reserve has indicated that there's a good chance it would cut rates later in 2024.

Will personal loan rates go down in 2024? ›

When will interest rates go down? The Federal Reserve has indicated that there's a good chance it would cut rates later in 2024.

Which bank has the best personal loan rates? ›

Summary: Best Personal Loans From Banks
CompanyForbes Advisor RatingCurrent APR range
Discover3.57.99% to 24.99%
Wells Fargo3.57.49% to 23.24%
PNC Bank3.0Rates vary by zip code
Citibank3.010.49% to 19.49%
2 more rows

Which loan usually has the lowest interest rate? ›

In general, a secured loan, like a mortgage, will have a lower interest rate than an unsecured loan, like a standard personal loan, because it is less risky for the lender. This is due to the collateral the borrower puts up to get the loan.

Will interest rates 2024 be low? ›

Mortgage rate predictions 2024

NAR believes rates will average 7.1% this quarter and fall to 6.5% by the end of 2024. While there's some dispute on exactly how much rates will decrease, the general consensus is that mortgage rates will go down later in 2024 and end up in the mid-to-low 6% range.

What is the interest prediction for 2024? ›

Also, mortgage rates are still much higher than we've been used to in recent years. In May 2024, the average 2 year fixed rate is 4.74%. While this is a significant drop from its July 2023 peak of 6.86%, it's still much higher than December 2021 when was 2.34%. Find out more in our guide to the Best mortgage rates.

How to get a low personal loan rate? ›

The bottom line. An excellent credit score, consistent income and low debt-to-income ratio are key to securing a low-interest personal loan.

Which one is best for a personal loan? ›

List of Banks Offering Best Personal Loan in India
  • HDFC Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
  • Axis Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
  • Kotak Mahindra Bank. Max. Loan Amt. Up to ₹10L. Rate of Interest. ...
  • IDFC First Bank. Max. Loan Amt. Up to ₹1Cr. Rate of Interest. ...
  • ICICI Bank. Max. Loan Amt. Up to ₹50L.

Are there zero interest personal loans? ›

Personal loans that truly charge no interest are rare, but there are some lenders that offer them. Some of these lenders include: Universities.

What is a good APR on a personal loan? ›

A good APR on a personal loan is typically one below 15 percent. But to qualify for it, you'll likely need a credit score above 670 and a stable source of income — or a creditworthy co-signer that meets these requirements. Securing a low APR can save you thousands of dollars over the life of a loan.

What is the easiest bank to get a personal loan from? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

What is the best bank to get approved for a loan? ›

Compare the Best Personal Loans From Banks for 2024
Best ForLoan Amount
U.S. BankBest Overall$1,000 - $50,000
DiscoverBest for Debt Consolidation$2,500 - $40,000
CitibankBest for Fast Funding$2,000 - $30,000
American ExpressBest for American Express Cardholders$3,500 - $40,000
1 more row

Which bank offers the cheapest personal loan? ›

Current Interest Rate on Personal Loans
BankInterest Rate (p.a.)Processing Fee
Yes Bank10.99% p.a. onwards - 20% p.a.Up to 2%
Kotak Mahindra Bank10.99% and aboveUp to 3%
Axis Bank10.49% p.a.- 22% p.a.Up to 2% of the loan amount
IndusInd Bank10.25% p.a. - 26% p.a.3% onwards
26 more rows

What is the least expensive way to borrow money? ›

Banks or credit unions typically offer the lowest annual percentage rates (APRs), which represent the total cost of borrowing, for personal loans. Loan amounts range from a few hundred dollars to $50,000 or more. Some banks provide an additional APR discount to existing customers.

Which type of loan is the cheapest? ›

Secured loans typically offer some of the lowest interest rates due to the collateral provided by the property. The loan is secured by the home, gold, or any vehicle, which reduces the risk for the lender.

What will interest rates be in 2025? ›

The average 30-year fixed mortgage rate as of Thursday was 6.99%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%.

What is a good APR for a personal loan? ›

A good APR on a personal loan is typically one below 15 percent. But to qualify for it, you'll likely need a credit score above 670 and a stable source of income — or a creditworthy co-signer that meets these requirements. Securing a low APR can save you thousands of dollars over the life of a loan.

Why are personal loan interest rates so high? ›

Erinn Dimond, WalletHub Author Profile. Personal loan rates are so high because the Federal Reserve has increased its target interest rate 11 times since early 2022 in response to high inflation.

Are auto interest rates going down in 2024? ›

The lowest auto loan rate in 2023 was 6.15 percent for a four-year used car loan in mid-January. Bankrate's expert predicts five-year new car loan rates will reach an average of 7.0 percent and four-year used car loans, 7.5 percent by the end of 2024.

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