Top 10 banks offering most competitive personal loan interest rates (2024)

FAQs

Which bank has the best personal loan interest rate? ›

But depending on the lender, the borrower's credit score and financial situation and other factors, personal loan interest rates can generally range from under 6% to 36%—although higher interest rates aren't unheard of in states where it's allowed.

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.

Borrowers with multiple credit cards, a mortgage, or an auto loan showing regular on-time payments may be more likely to qualify. Debt-to-income ratio: Lenders seek borrowers who make enough money to meet their current monthly financial obligations, plus loan payments.

While the average personal loan interest rate is 24.44%, the rate you are quoted or receive from a lender may be higher or lower. That's because personal loan rates are based on your creditworthiness, financial stability, and other factors.

Here is a list of our partners and here's how we make money. The lowest personal loan rates start around 7% and go to borrowers with strong credit histories, high incomes and low existing debt. Compare interest rates on.

What are Wells Fargo personal loan rates? ›

To be eligible for a personal loan, you are required to have an open Wells Fargo account for at least 12 months. Repay a personal loan in terms of 12-84 months. Rates range from 7.49% to 23.24% Annual Percentage Rate (APR) ⁴, which includes a relationship discount of 0.25%. No origination fee or prepayment penalty.

Higher interest rates and fees: Banks tend to charge higher interest rates and more fees compared to their credit union and online lender counterparts. 12 If you don't qualify for a discount rate, you might end up paying more through a bank than you would with another lender.

The Loan approval process at ICICI Bank is simple, quick and instant. Once a customer's Personal Loan is approved, it takes only 3 seconds for the amount to be disbursed into your Account.

The lowest personal loan rates start around 7% and go to borrowers with strong credit histories, high incomes and low existing debt. Compare interest rates on. 35+ personal loans reviewed and rated by our team of experts.

The average personal loan interest rate was 12.49% in February 2024 on two-year loans, according to the most recent data from the Federal Reserve. But personal loan interest rates can range from 6% to 36%, depending on your credit score, income, current debts, and other factors, such as loan term and amount.