Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.
The average overall interest rate for personal loans is 21.11%, up from last week.
You can use a personal loan to pay for anything from a wedding to home renovations, dental work, and even income taxes. However, most borrowers use them to consolidate debt. That purpose is so popular that some lenders, including Happy Money and Reach Financial, specialize in debt consolidation loans.
Average Overall Personal Loan Rates
We've put together a database of 28 personal loan products and averaged their rates to help you get a handle on the current landscape of loans for all purposes. You're more likely to get a lower rate with a better credit score.
| This week's rates | Last week's rates | |
| Average overall rate | 21.11% | 20.90% |
| Average low rate | 11.58% | 11.18% |
| Average high rate | 30.64% | 30.62% |
| Highest rate | 99.99% | 99.99% |
| Lowest rate | 5.91% | 5.91% |
The lowest rate of the companies we track is fromAmerican Express Personal Loan, which has a minimum APR of 5.91%. The highest rate is fromNetCredit, which has a maximum APR of 99.99%.
All borrowers aren't necessarily qualified for the rates above. The rates you'll get depend on your credit score and other aspects of your financial situation.
Compare Personal Loan Rates
Next Step:See if you're prequalified for a loan without affecting your credit score.
Average Personal Loan Rates by Credit Score
These rates are based on data from borrowers who applied for loans and received rates on loans for all purposes.
Credit score | This week's average APR | Average APR from last week | Minimum APR | Maximum APR |
Excellent (720+) | 22.85% | 23.51% | 9.49% | 150.10% |
Good (660-719) | 47.42% | 76.89% | 16.42% | 325.00% |
Fair (620-659) | 113.74% | 146.96% | 17.19% | 306.26% |
Poor (<620) | 150.72% | 154.25% | 31.12% | 159.99% |
See Insider's picks for the best personal loans and best debt consolidation loans»
Percentage of Borrowers by Loan Purpose
These loan purposes are based on data from 85 borrowers who applied for personal loans and received rates.
| Loan purpose | Percent |
| Debt Consolidation | 47.06% |
| Home Improvement | 8.24% |
| Other | 7.06% |
| Household Expenses | 5.88% |
| Large Purchases | 5.88% |
| Auto | 5.88% |
| Medical Dental | 4.71% |
| Business | 3.53% |
| Wedding | 2.35% |
| Credit Card Refinance | 2.35% |
| Boat | 2.35% |
| Special Occasion | 1.18% |
| Vacation | 1.18% |
| Student Loan | 1.18% |
| Moving Relocation | 1.18% |
Average Debt Consolidation Rates
We've put together these average rates from our database of 25 debt-consolidation loan products for this past week:
| The latest APRs | |
| Average overall rate | 18.62% |
| Average low rate | 9.85% |
| Best rate | 5.99% |
Debt Consolidation Rates by Credit Score
A higher credit score generally means you'll receive a lower rate, but not always.
| Credit | Score range | Average APR |
| Excellent | 720+ | 14.97% |
| Good | 660-719 | 18.99% |
| Fair | 620-659 | 26.21% |
The average rates (APRs), terms, and loan amounts were provided by Even Financial, sourced through Fiona.com. This information is based on aggregated, anonymized offer data from Fiona's lender marketplace of financial services providers as of April 29. The data presented in this table applies only to lenders with APRs below 30% and is not specific to any individual lender or consumer.
Best Personal Loan Interest Rates
Borrowers with excellent credit typically get the best low-interest personal loans, while borrowers with bad credit will be offered the highest personal loan rates.
Generally speaking, a good loan interest rate is in the single digits. The lower the interest rate, the less you'll pay over the life of the loan. These are the top three best APRs available among the 28 lenders we track:
American Express: 5.91%
Reach Financial: 5.99%
LightStream Personal Loan: 6.99%
Personal Loan Interest Rate FAQs
What is a typical rate for a personal loan?
Borrowers, on average, are getting an interest rate of around 21% on personal loans. The rates you get will depend on the term of the loan, your credit score, and other aspects of your financial situation.
Which bank has the lowest interest rate for a personal loan?
American Express currently has the lowest interest rate on a personal loan at 5.91%. However, personal loan interest rates vary widely, with some borrowers paying as much as 99.99%. Rates are determined based on a broad range of factors, including the borrower's creditworthiness and the term of the loan.
Can I ask my bank for a lower interest rate on a personal loan?
The interest rate your bank will offer you for a personal loan will depend on your credit score, debt-to-income ratio, income, and other aspects of your financial situation. If you receive a lower offer from another lender, it is sometimes possible to negotiate the rate with your bank.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24).
