Personal Loan Comparison Australia – Compare Rates 2020

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Contents

Best Personal Loan Rates & Companies for 2020

Our company receives compensation from partners seen on our website. Here’s how we make money. Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. Our editorial staff does not receive direction from advertisers on our website.

A personal loan is typically an unsecured loan that offers you access to cash that can be used towards debt consolidation, home improvements, or typically whatever else you need money for. Personal loans are generally offered with fixed interest rates that are lower than other financing options, allowing for a straightforward repayment process.

In this guide, you can compare our choices for the best personal loan companies, including their rates and terms, and find answers to some of the most common questions that borrowers have.

Compare Personal Loan Companies & Rates

Min. Credit Score

  • Rate Beat Program available
  • Accepts joint applications for every loan type
  • LightStream has one of the highest loan limits; allowing borrowers take out up to $100,000
  • Zero origination, prepayment penalties, or late fees
  • Plants a tree for every loan

*Your loan terms are not guaranteed and may vary based loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 6.14% APR with a term of 3 years would result in 36 monthly payments of $304.85. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

Loan Minimum $5,000
Loan Maximum $100,000
Time to Funding As soon as the same day 3
Min. Annual Income Not provided
Min. Credit History Not provided
State Restrictions Available in any state
Origination Fees None
Prepayment Penalty None
Late Fees None

Min. Credit Score

  • Access to free credit monitoring, a credit simulator, and free educational resources
  • Upgrade may allow you to temporarily reduce your monthly payments due to hardships
  • Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications
  • No prepayment penalties

* Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

**Accept your loan offer and your funds will be sent electronically to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days.

Loan Minimum $1,000
Loan Maximum $50,000
Time to Funding One business day **
Min. Annual Income None
Min. Credit History Typically 3 years
State Restrictions Not available in IA, VT, WV
Origination Fees 1.5% – 6% of the loan amount
Prepayment Penalty None
Late Fees Up to $10

Min. Credit Score

  • Founded in 2007, LendingClub is the largest online lender for personal loans in the U.S.
  • Ability to add a cosigner
  • Borrowers facing hardship have the option to make interest-only payments for three months
  • No prepayment penalties
Loan Minimum $1,000
Loan Maximum $40,000
Time to Funding As few as 3 days
Min. Annual Income None
Min. Credit History None
State Restrictions Not available in IA
Origination Fees 1% – 6% of loan amount
Prepayment Penalty None
Late Fees 5% of the unpaid amount or $15

Min. Credit Score

  • Upstart considers factors other than your credit score when assessing your loan application
  • Accepts applicants with a part-time job or a job offer letter
  • Receive funds as quick as next day after approval
  • No prepayment penalties or hidden fees
Loan Minimum $1,000
Loan Maximum $50,000
Time to Funding Typically one day
Min. Annual Income None
Min. Credit History None
State Restrictions Available in any state
Origination Fees 0% – 8% of the loan amount
Prepayment Penalty None
Late Fees $10 after 15-day grace period

Best Personal Loans for 2020

Below are reviews of LendEDU’s picks for the best personal loan companies. You can find information about interest rates, term lengths, fees, and more in the reviews below.

The following seven companies are the highest rated based on our Editorial Ratings. In order to make the list, lenders must also offer personal loans in at least 20 to 40 states depending on credit score tier, and must not require borrowers to be a member of the bank or credit union.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Here are our choices for the best personal loans by credit tier. Click an option below to learn more about the lenders in that tier.

Best Personal Loans for Excellent Credit

Credit range: 690 to 850

The personal loan lenders in this category will typically only accept borrowers with excellent credit or good credit. If you fall into this range, you may be able to find a loan with the best rates and friendliest repayment terms in the industry.

LightStream

What we like: Beat any qualifying rate

Editorial Rating ( 4.62 / 5.0 )

  • $100 satisfaction guarantee on your experience 1
  • Rate Beat Program available
  • AutoPay discount of 0.50%

As soon as the same day 3

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 9.34% APR with a term of 3 years would result in 36 monthly payments of $319.58. LightStream disclosures here.

More About LightStream

LightStream targets highly qualified borrowers which means it routinely offers some of the lowest personal loan rates available – but only to a subsection of online loan-seekers. Your actual APR will be determined after a thorough review of your application. LightStream loans can be used for virtually any purpose, as stated on the company’s website. Loan terms for all purposes outside of home improvement have a maximum loan term of 7 years.

If you don’t qualify for an unsecured loan through LightStream, you may be able to take out a secured loan for the purchase of a new, used, or classic car.

After receiving a loan, if you are not satisfied, you can complete a questionnaire and receive $100. This guarantee expires 30 days after receiving your loan.

LightStream is so confident in their product that they have a Rate Beat Program in which they offer to beat a competitor’s published rate by 0.10% if certain conditions are met (see site for details).

Since the loan application process is entirely online, borrowers don’t have to travel to a physical branch of LightStream’s parent company, SunTrust Bank, to fill out an application.

What we like: Career coaching

Editorial Rating ( 4.45 / 5.0 )

  • Minimum Annual Income of $50,000
  • Unemployment protection program
  • Pre-qualify for rates with no commitment
  • AutoPay discount of 0.25%

7 days on average

Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

More About SoFi

Since beginning in 2020, SoFi (or Social Finance) has grown into one of the best loan companies in the nation. SoFi offers personal loans for credit card consolidation, home improvements, relocation assistance, medical procedures, and more.

The loan application process is fairly straightforward. You can prequalify for a loan with a soft credit pull in 2 minutes with no commitment. When ready, you can complete your online application with the help of SoFi consultants that will require a hard credit pull. Funds can be expected within a few days after finalizing some additional agreements with the lender.

A unique perk offered by SoFi is their unemployment protection program. If borrowers lose their jobs and sources of income, they will be eligible for this program. SoFi temporarily halts payments until the borrower can find a new job. Additionally, SoFi even helps its customers find new opportunities in the workplace.

What we like: PNC offers multiple loan options, including secured and unsecured loans.

Editorial Rating ( 4.75 / 5.0 )

  • No minimum annual income
  • Apply online, by phone, or in person at a branch
  • A cosigner can be added to an application

Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.

More About PNC

PNC offers both secured and unsecured personal loans as well as lines of credit. PNC is the ninth largest U.S. bank measured by assets, which makes applying for a personal loan easy because you can submit your application via phone, in a local branch, or online.

While you’ll need good credit to qualify for an unsecured loan, PNC offers a reasonable APR and flexibility in loan repayment terms, so borrowing is easy and affordable. There are also no origination fees or prepayment penalties. The option to get a secured loan even enables people without perfect credit scores to borrow.

PNC prides itself on fast funding, and you have the flexibility to use borrowed funds for anything you’d like. You can also add a co-applicant to qualify for a loan at a better rate, and you can qualify for an autopay discount provided you make payments from a PNC checking account.

Full List of Excellent Credit Personal Loan Rates & Rankings

Ranking Lender Interest Rates (APR)
1 LightStream 3.99 – 16.79
2 SoFi 5.74 % – 17.67 %
3 PNC 5.99 – 11.49
4 Citizens Bank 6.79 – 9.06
5 Laurel Road 8.01 – 16.30
6 Discover 6.99 – 24.99
7 Navy Federal Credit Union 8.19 – 18.00
8 Wells Fargo 5.49 – 22.99
9 TD Bank 6.99 – 18.99
10 Earnest 6.99 – 18.24
11 Santander 6.99 +
12 M&T 7.49 – 12.99
13 American Express 6.90 – 19.98
14 USAA 9.49 – 17.65
15 Citibank 7.99 – 17.99
16 Best Egg 5.99 – 29.99
17 HSBC 5.99 +
18 Regions Bank Not Disclosed
19 Rocket Loans 7.16 – 29.99
20 Prosper 6.95 – 35.99

Best Personal Loans for Average Credit

Credit range: 630 to 689

The personal loan lenders in this category will typically only accept borrowers with average credit and above. If you fall into this range, you likely won’t receive rates similar to the excellent and good credit range, but you can still receive competitive rates and repayment terms.

Marcus by Goldman Sachs®

What we like: No fees

Editorial Rating ( 4.32 / 5.0 )

  • Minimum annual income of $25,000
  • No late payment fees
  • Personal loan calculator to see your savings
  • On-time payment reward

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

More About Marcus

Marcus Personal Loans is a division of Goldman Sachs bank, one of the largest and oldest banks in the U.S. Marcus offers personal loans for debt consolidation, home improvement, weddings, moving and relocation, vacation, and more.

Marcus performs an initial soft credit check to provide you with prequalified personal loan offers. If you see a loan you like, you can submit a full loan application and the lender will perform a hard credit check to confirm your eligibility and rate.

Another feature of Marcus Personal Loans is that they allow borrowers to choose their monthly payments and loan amounts. This allows borrowers to better customize their loans so that it’s right for them and their lifestyle.

While there are no late payment fees with Marcus, you will still accumulate interest if you do not make payments. This will cause your final payment to be larger than previously agreed upon.

FreedomPlus

What we like: Human engagement during application

Editorial Rating ( 4.24 / 5.0 )

  • Max loan amount equal to 35% of gross income in a given year
  • Speak to a loan consultant for help with your application
  • Loans can be used for a wide range of needs

0% – 5% of loan amount

3 – 5 days after approval

Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.

More About FreedomPlus

FreedomPlus takes pride in offering borrowers the opportunity to speak directly with a loan consultant prior to submitting an application. Their model is focused on providing transparency to borrowers so that a loan from FreedomPlus can be “the smart way to meet your financial needs.”

The repayment process is straightforward as borrowers will have fixed monthly payments and the ability to choose their own payment date. Unfortunately, FreedomPlus does charge some fees that are worth considering when deciding if they are the best option for you.

Payoff

What we like: Job loss support

Editorial Rating ( 4.08 / 5.0 )

  • Must have a debt-to-income ratio of 50% or less
  • Must have 3 years of a good credit history
  • Designed to help boost your FICO score
  • Loans are designed to help eliminate high-interest credit card debt

0% – 5% of loan amount

Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.

More About Payoff

Payoff offers a personal loan designed to help borrowers eliminate credit card debt. Their loan allows you to consolidate multiple high-interest credit card balances into one monthly payment with a fixed interest rate.

Something that makes Payoff unique amongst other personal loan lenders is the transparency around their approval criteria. In order to be approved for a loan you will need a FICO score of 640 or higher, a debt-to-income ratio of 50% or less, and 3 years of good credit amongst other criteria.

If you are looking for a personal loan to help you repay high-interest credit card debt, then Payoff may be a good option.

Full List of Average Credit Personal Loan Rates & Rankings

Ranking Lender Interest Rates (APR)
1 Marcus 5.99 – 28.99
2 DCU 8.00 +
3 FreedomPlus 5.99 – 29.99
4 PenFed Credit Union 6.49 +
5 Payoff 5.99 % – 24.99 %
6 LendingPoint 9.99 – 35.99
7 Upstart 5.59 % – 35.99 %
8 Upgrade 7.99 – 35.89
9 LendingClub 6.95 – 35.89

Best Personal Loans for Bad Credit

Credit range: 550 to 629

The personal loan lenders in this category provide bad credit loans to borrowers with below average credit and above. If you fall into this range, you likely won’t receive the best personal loan rates, but these lenders are usually aware of the need for borrowers to rebuild credit and look to help you with that. These lenders also provide customer service to help borrowers with any repayment struggles.

OneMain Financial

What we like: Same day funding

Editorial Rating ( 4.33 / 5.0 )

  • No minimum annual income
  • Have local branches to allow for in-person discussions
  • Offer both secured or unsecured personal loans
  • Get an idea of your estimated monthly payment with their calculator

Annual Percentage Rates, terms of loan and monthly payments presented are estimated based upon analysis of information you entered, your credit profile and/or available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 5% to 36%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.

More About OneMain Financial

OneMain Financial offers personal loans for those with bad credit. The ability to meet loan specialists in person at a branch can be useful for those looking for a more personal experience.

If approved for a personal loan through OneMain Financial, you will have to visit a branch to verify your information and discuss the next steps. Though this step may be unappealing for those looking to complete the process online, you could get your money the same day if approved by noon.

Naturally, interest rates are higher than other lenders due to the risk of lending to borrowers with lower credit scores. However, the lack of fees attached to their loan product is a plus.

Avant

What we like: No minimum credit score

Editorial Rating ( 3.93 / 5.0 )

  • No minimum income requirement
  • Check loan options with a soft credit pull
  • Mobile app to keep up with your loan
  • Financial tools to stay up to date on your loan

Up to 4.75% of loan amount

2 days on average

* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. Avant branded credit products are issued by WebBank, member FDIC.

For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

More About Avant

Founded in 2020 and previously known as AvantCredit, Avant has provided access to over $4 billion in personal loans to date. It has built a proprietary formula to judge a borrower’s creditworthiness by utilizing advanced algorithms and analytical tools.

A personal loan through Avant can be used for debt consolidation, home improvement, major purchases, and more. The loan application process is fairly straightforward. You can check your personal loan options in a few minutes without affecting your credit score. If you like the terms offered, you can e-sign and the funds can be deposited into your account as soon as the next business day following a hard credit pull.

Full List of Bad Credit Personal Loan Rates & Rankings

Ranking Lender Interest Rates (APR)
1 OneMain Financial 18.00 – 35.99
2 Stilt 7.99 % – 35.99 %
3 Boro 15.90 % – 19.90 %
4 OppLoans 99.00 – 199
5 Avant 9.95 – 35.99
6 Mariner Not Disclosed
7 Backed 2.90 – 15.99

How We Chose the Best Personal Loan Companies

In order to find the best personal loans, our Editorial Team spent over 50 hours analyzing 45 different companies for 21 data points.

We sorted each company into a credit rating category based on their eligibility requirements, and we rated each company relative to other companies in their category.

We only included lenders that offer loans to consumers in at least 20 states for the bad credit tier, 35 states for the average credit tier, and 40 states for the excellent credit tier. We also excluded companies that require any sort of membership to be eligible for a loan.

We rated lenders based on multiple data points and weighted each according to its importance. To come up with the overall rating for each lender, we found the weighted average of each data point.

See the Description of Rating Categories below for more information.

Weightings of Data Points Analyzed

  • Personal Loans for Excellent Credit: BBB Rating (10%), Fixed Rate APR (20%), Loan Amounts (10%), Term Lengths (15%), Deposit Time (10%), Origination Fees (10%), Initial Soft-Credit Pull (10%), Customer Support (5%), Discounts Available (10%)
  • Personal Loans for Average Credit: BBB Rating (7.5%), Fixed Rate APR (20%), Loan Amounts (5%), Term Lengths (15%), Deposit Time (10%), Origination Fees (15%), Initial Soft-Credit Pull (10%), Customer Support (5%), Discounts Available (7.5%)
  • Personal Loans for Bad Credit: BBB Rating (10%), Fixed Rate APR (20%), Loan Amounts (10%), Term Lengths (15%), Deposit Time (15%), Origination Fees (15%), Initial Soft-Credit Pull (10%), Customer Support (5%)

What to Look for in the Best Personal Loan

In order to find the best personal loan, there are certain things you should consider. While the best loan for you will depend on your personal situation, here are some common things to watch out for:

  • Interest Rates: Look for personal loans with the lowest interest rates. The rate will have the biggest influence over the total cost of the loan, so it’s important to shop around for the lowest rate.
  • Origination Fees: This fee is charged when you take out a personal loan and is calculated as a percentage of the total loan amount. Many of the best personal loans don’t have any origination fees, but some do. If there is one, be sure to consider it when calculating your total loan cost.
  • Prepayment Penalties: This fee is charged if you pay off your loan early. Like origination fees, most of the best personal loan companies don’t charge prepayment penalties. If you anticipate that you’ll want to pay off your loan faster than your term length requires, be sure to find a lender that doesn’t charge prepayment penalties.
  • Other Fees: Some lenders may charge other fees such as late payment fees or fees for paying with a check. Make sure to consider these fees before deciding on which personal loan is best for you.
  • Repayment Terms: Lenders usually allow you to choose from a range of repayment terms. This is the amount of time you will have to make monthly payments for. Shorter term lengths result in higher monthly payments but more interest saved over time, and vice-versa for longer repayment terms. Make sure the lender you choose has a repayment term that will result in a monthly payment that fits your budget.
  • Available Discounts: Many lenders offer interest rate discounts to help reduce the total cost of the loan and to promote financially healthy behaviors. Most often, lenders will offer a rate discount (typically 0.25%) for setting up automatic payments. Other lenders may offer discounts for other things such as having a bank account with the lender.
  • Soft Credit Check for Pre-Approval: Many lenders allow you to see interest rate quotes after they do a soft credit check. This won’t affect your credit score like a hard credit inquiry will, so you can shop around for rates without worrying about your credit taking a hit. Note that most lenders will perform a hard credit inquiry later on in the application process to determine if you are definitely eligible and what your rate will be.
  • If Co-Applicants/Cosigners Are Allowed: If you are not eligible for a personal loan on your own or would like to share the repayment responsibility with someone else, you should look for a lender that allows you to add a co-applicant or cosigner to your application. Check out our pages to learn more about personal loans with a co-applicant or personal loans with a cosigner.
  • Time to Funding: It will take each lender a different amount of time to process your application and disburse your funds to your bank account. If you need money sooner, be sure to choose a lender with a short funding time.
  • Customer Reviews: It’s often valuable to read customer reviews and complaints on external sites like the Better Business Bureau and Trustpilot to see if there are any common issues with the companies you are considering that could negatively affect you.

Average Personal Loan Interest Rates

The following table shows the average personal loan rates that LendEDU users were offered by our lending partners based on their credit scores.

Credit Score Average Rate (APR)
350-629 20.00%+
630-689 19.60%
690-719 13.64%
720-850 10.02%

The following graph shows how the average personal loan interest rate has changed over time according to the Federal Reserve Bank of St. Louis.

How to Get the Best Personal Loan Rates

When it comes to borrowing, one of the most important things to be aware of is the interest rate that you’ll be charged. Your interest rate is the percentage that you will be required to pay on the principle of your loan.

The lower the interest rate, the less you’ll pay over the life of your loan (assuming you make all of your monthly payments).

Lenders determine the interest rate by calculating how big of a risk they believe you will be. If you’re seen as highly likely to repay your loan, you will receive a lower interest rate.

Here are a few things that will help you get the lowest personal loan rates:

Increase Your Credit Score

One of the biggest determiners of your interest rate is your credit score. If you have a high credit score, then you will likely qualify for a low interest rate. If you don’t have a great credit score, you may want to work on improving it before applying for a loan.

Use a Cosigner or Co-Applicant

If you don’t have great credit, you may get a lower interest rate or gain eligibility if you have a creditworthy friend or family member that will sign up as a cosigner or co-applicant on your loan.

A cosigner or co-applicant offers a fallback option for the lender if you fail to make payments, so they are often willing to give you a lower rate.

Have a Stable Income

Even if you have good credit, you will likely find it difficult to get a low interest rate if you don’t have a steady job or source of income. Having a job or steady source of income allows you to show the lender that you will be able to afford future payments.

Choose a Short Term Length

When you take out a loan, you often can choose how long you want your loan term to be. Shorter term lengths usually come with lower interest rates since it will be easier for the lender to project your immediate financial future.

Information You’ll Need When Applying for a Personal Loan

When applying for a personal loan, you will need to provide the lender with certain information. Most often, you will need the following information:

  • Identification: A driver’s license, Social Security card, or passport
  • Proof of Income: If you have an employer, you will need your W-2 form and pay stubs. If you’re self-employed, you will need your tax returns, bank statements, and possibly a profit and loss statement.
  • Verification of Your Address: You need an official piece of mail like a utility bill with your address on it or a copy of your lease or deed.
  • Your Social Security Number
  • Your Monthly Expenses and Current Debt
  • Previous Addresses

Personal Loan Resources

If you want to learn more about how personal loans work and best practices for using them, check out some of our resources below.

12 of the Best Personal Loan Companies

Credible evaluated loan and lender data points in 10 categories to identify some of the best personal loan companies.

Jamie Young Updated March 27, 2020

Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

The best personal loan companies provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements.

Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score.

Here are the most popular personal loan uses:

Personal loans for good credit

If you have good to excellent credit (minimum credit score of 700 or higher) you’ll have many options when it comes to personal loans. These are the most popular lenders among borrowers with good to excellent credit who used Credible to take out a personal loan.

View details

  • Rates: 4.99% – 16.79% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses:Credit card refinancing, debt consolidation, home improvement, and other purposes

View details

  • Rates: 6.95% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Usually takes about 3 days †
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

† Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

View details

  • Rates: 6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR)
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,000 2
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

1 Rate reduction available for AutoPay.

2 You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3 After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

View details

  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

View details

  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 – $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Lender Fixed rates Min. credit score
4.99% – 16.79% APR 660
6.95% – 35.89% APR 580
6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR) 660
6.95% – 35.99% APR 640
5.99% – 29.99% APR 640
Compare rates from these lenders without affecting your credit score. 100% free!

Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

Personal loans for debt consolidation

Rates on personal loans can be much lower than interest rates on credit cards. If you need help consolidating credit card debt, you have plenty of choices when it comes to personal loans. Here are the most popular lenders among borrowers who used Credible to take out a personal loan for debt consolidation.

View details

  • Rates: 6.95% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Usually takes about 3 days †
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

† Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

View details

  • Rates: 4.99% – 16.79% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses:Credit card refinancing, debt consolidation, home improvement, and other purposes

View details

  • Rates: 6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR)
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,000 2
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

1 Rate reduction available for AutoPay.

2 You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3 After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

View details

  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

View details

  • Rates: 6.14% – 35.99% APR 4
  • Loan terms (years): 3 to 5 years 4
  • Loan amount: $1,000 to $50,000 5
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
    (in most states)
  • Time to get funds: As soon as 1 – 3 business days 6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

4 The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa.The minimum loan amount in MA is $7,000. The minimum loan amount in OH is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

6 If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

View details

  • Rates: 6.99% – 29.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $7,500 – $40,000
  • Fees: Origination fee
  • Discounts: Does not disclose
  • Eligibility: Available in all states except CO, CT, HI, KS, ME, NH, NV, NY, ND, OR, RI, VT, WV, WI, and WY
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As soon as 2 business days
  • Loan uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

View details

  • Rates: 5.99% – 21.11% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses
Lender Fixed rates Min. credit score
6.95% – 35.89% APR 580
4.99% – 16.79% APR 660
6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR) 660
6.95% – 35.99% APR 640
6.14% – 35.99% APR 4 580
(in most states)
6.99% – 29.99% APR Does not disclose
5.99% – 21.11% APR Does not disclose
Compare rates from these lenders without affecting your credit score. 100% free!

Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

Personal loans for home improvement

If you’re looking to finance a home improvement project like a kitchen remodel or bathroom renovations, you could tap your home’s equity with a cash-out refinance or home equity loan.

But many lenders offer personal loans for home improvement that don’t require you to put your home up as collateral. Here are the most popular lenders among borrowers who used Credible to take out a personal loan for home improvement.

View details

  • Rates: 4.99% – 16.79% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses:Credit card refinancing, debt consolidation, home improvement, and other purposes

View details

  • Rates: 6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR)
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,000 2
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

1 Rate reduction available for AutoPay.

2 You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3 After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

View details

  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

View details

  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 – $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

View details

  • Rates: 7.99% – 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CT, CO, IA, MD, VT, WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

View details

  • Rates: 6.95% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Usually takes about 3 days †
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

† Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

Lender Fixed rates Min. credit score
4.99% – 16.79% APR 660
6.99% – 28.99% APR 1 (For NY residents: 6.99% – 24.99% APR) 660
6.95% – 35.99% APR 640
5.99% – 29.99% APR 640
7.99% – 35.97% APR 600
6.95% – 35.89% APR 580
Compare rates from these lenders without affecting your credit score. 100% free!

Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

Personal loans for bad credit

If you have fair to poor credit and you’re interested in a personal loan, you still have options. Because the interest rate you’ll be offered depends largely on your credit score, you can expect to pay higher rates than borrowers with good credit. Here are the most popular lenders among borrowers who used Credible to take out personal loans for fair or poor credit.

View details

  • Rates: 6.95% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Usually takes about 3 days †
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

† Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

View details

  • Rates: 4.99% – 16.79% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses:Credit card refinancing, debt consolidation, home improvement, and other purposes

View details

  • Rates: 6.99% – 29.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $7,500 – $40,000
  • Fees: Origination fee
  • Discounts: Does not disclose
  • Eligibility: Available in all states except CO, CT, HI, KS, ME, NH, NV, NY, ND, OR, RI, VT, WV, WI, and WY
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As soon as 2 business days
  • Loan uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

View details

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5 *
  • Loan amount: $2,000 to $35,000 **
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CT, CO, IA, PR, NY, VI, VT, and WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600 to 700
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

* If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Lender Fixed rates Loan amounts
6.95% – 35.89% APR 580
4.99% – 16.79% APR 660
6.99% – 29.99% APR Does not disclose
9.95% – 35.99% APR 600 to 700
Compare rates from these lenders without affecting your credit score. 100% free!

Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

Other personal loan lenders to consider

Here are more personal loan companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $5,000 – $50,000
  • Fees: None
  • Discounts: Autopay, loyalty
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 1 – 3 days

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 – $35,000
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all 50 states.
  • Min. income: $25,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As early as the next business day

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5
  • Loan amount: $5,000 – $75,000
  • Fees: Does not disclose
  • Discounts: Autopay
  • Eligibility: Available in all states except AL, DE, KY, NV, and RI
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 680
  • Time to get funds: 1 – 3 days

Show details

  • Rates: Fixed
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $3,000 – $50,000 (depending on relationship with HSBC Bank)
  • Fees: None
  • Discounts: Does not disclose
  • Eligibility: Available in all states except WI
  • Min. income: Does not disclose
  • Customer service: Phone, chat
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 1 – 3 days

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5
  • Loan amount: $5,000 to $45,000 (depending on loan type)
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Min. income: None
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: 7+ days

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5
  • Loan amount: $1,500 to $20,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 1 – 3 days

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 4, 5
  • Loan amount: $500 to $25,000 (depending on loan term)
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: Does not disclose
  • Time to get funds: Does not disclose

Show details

  • Rates: Fixed
  • Loan terms (years): 3
  • Loan amount: $1,000 – $35,000
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: Does not disclose

Show details

  • Rates: Fixed
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 – $45,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except IA, NV, and WV
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: Does not disclose
Lender Loan terms (years) Loan amount
3, 4, 5, 6, 7 $5,000 – $50,000
3, 4, 5, 6, 7 $2,500 – $35,000
3, 4, 5 $5,000 – $75,000
2, 3, 4, 5 $3,000 – $50,000
(depending on relationship with HSBC Bank)
3, 4, 5 $5,000 to $45,000
(depending on loan type)
3, 4, 5 $1,500 to $20,000
3, 4, 5 $500 to $25,000
(depending on loan term)
3 $1,000 – $35,000
3, 5 $2,000 – $45,000
The lenders in this table aren’t our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer personal loans.

How to get the best personal loan rates

The rate you’ll be offered on a personal loan depends mostly on your credit score, but also the loan repayment term.

The shorter the loan term, the lower the interest rate offered by most lenders. But your monthly payment will also be higher, since you’re making fewer of them.

To get the best rates on a personal loan:

  • Check your credit report and see if there’s anything you can do to improve your credit score
  • Request rates from multiple lenders
  • Choose the loan with the best interest rate and shortest repayment term you can afford

Some lenders charge upfront origination fees that will be reflected in the annual percentage rate, or APR. If you think you might want to pay your loan off early, check to see if the lender charges a prepayment penalty, which is not included in the APR calculation.

What interest rate can I expect?

Credible’s partner lenders offer personal loan rates ranging from 3.99% to 35.99% APR.

The interest rates you’ll be offered depend primarily on two factors:

  • Your credit score
  • The repayment term of the loan you choose

How your credit score impacts your offer

Your credit score determines whether lenders will be willing to offer you a loan as well as the interest rate and terms.

Some lenders who compete for business through Credible will provide loans to borrowers with a credit score as low as 580. But the lower your credit score, the higher the interest rates you’ll be offered by lenders.

To give you an idea of what to expect, here are average minimum rates offered to borrowers who used Credible to request rates on personal loans.

1 The average minimum rate was calculated based on Credible.com users who requested personal loan prequalified rates between July 1, 2020, and July 31, 2020, for loans in the amount of $10,000 and $20,000, respectively, and who received rates through the Credible.com platform. The average minimum rates were then calculated across all of the the users within the same credit tier (Excellent 750+, Good 700-749, Fair 640-699, Poor Looking for the best personal loan?
Compare rates through Credible in 2 minutes.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Methodology: Credible evaluated loan and lender data points in 10 categories to identify the “best companies” for personal loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, and eligibility. We also considered each company’s max loan amount, how long it takes to receive funds, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check. Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.

About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99% – 35.99% APR with terms from 24 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2020, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Jamie Young is a Credible authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

Personal Loan Interest Rates

Interest Rate Comparison Tool

All that glitters is not gold; the same goes for loans! Have you done your research?

Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com

Table of Contents

All Banks Personal Loan Interest Rates April 2020

How’s your credit? Credit score range Average minimum rate
Excellent 750 – 850 13.93%
Good 700 – 749 18.33%
Fair 640 – 699 22.12%
Poor 300 – 639 26.62%
List of Banks/Lenders Personal Loan Interest Rates Loan Amount Processing Fee Turnaround Time
Allahabad Bank 9.25% – 12.65% Minimum Loan Amount – ₹50,000

Maximum Loan Amount – 12 times of gross monthly salary for employees having a monthly remuneration of ₹15,000-20,000

24 times the gross monthly salary for individuals earning above ₹20,000. The maximum loan amount, however, won’t exceed ₹7.50 lakh

1.22% of loan Amount, Minimum ₹1,228 Depends on the internal policy of the bank
Andhra Bank 11.10% – 13.75% Salaried – The loan amount is set in a way that the take home income is not less than 40% of the gross salary after all the deductions, including the proposed EMI

Non-salaried – 2 times the average annual income for the past 3 years as per the Income Tax Return (ITR)

As Applicable Depends on the internal policy of the bank
Axis Bank 12.00% – 24.00% ₹50,000-15,00,000 1.50%-2.00% of the loan amount plus applicable GST
Bajaj Finserv 10.99% – 16.00% Upto ₹25,00,000 Up to 3% of the loan amount Within 24 hours
Bank of Baroda 10.50% – 15.50% Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas

2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
Bank of India 11.50% – 13.50% Upto ₹5,00,000-10,00,000 2% of the loan amount plus applicable GST Depends on the internal policy of the bank
Bank of Maharashtra 10.85% – 11.85% Upto ₹5,00,000-10,00,000 1% of the loan amount plus GST, subject to a minimum of ₹1,000 Depends on the internal policy of the bank
Canara Bank 12.55% – 14.60% Six months’ gross salary or ₹3,00,000, whichever is less 0.50% of the loan amount, subject to a minimum and maximum of ₹1,000 and ₹5,000, respectively Sanctions at Branch/RAH – 7 Days

Sanctions at Circle – 15 Days

Sanctions at HO – 2-3 weeks

Central Bank of India 11.00% – 11.05% 20 times of gross salary, subject to a maximum of 10,00,000. The minimum net take home income must not fall below 40% of the gross salary after deductions, including the proposed EMI ₹500 + applicable GST Depends on the internal policy of the bank
Citibank 10.50% – 18.99% Upto ₹30,00,000 Upto 3% of the loan amount Within 48 hours
Corporation Bank 10.75% – 12.25% Upto ₹3,50,000 1.50% of the loan amount, subject to a minimum of ₹500 Depends on the internal policy of the bank
Dena Bank 11.40% – 19.65% Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas

2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
DCB Bank 13.00% – 25.00% Upto ₹5 lakh 2% of the loan amount Within 3-4 working days
Federal Bank 11.49% Onwards Upto ₹10 lakh 0.50% of the loan amount Depends on the internal policy of the bank
HDFC Bank 10.75% – 21.45% There’s no maximum limit. Your income, credit score and repayment capacity will dictate the loan amount NIL-2.50% of the loan amount plus applicable GST Within 3-4 working days
HSBC Bank 10.50% – 17.84% Upto ₹30 lakh Upto 1% of the loan amount Within 15 days post the receipt of the application form
ICICI Bank 10.99% – 18.49% Upto ₹40 lakh ₹999 -2.25% of the loan amount+ applicable GST Within 72 hours of the submission of documents
IDBI Bank 9.65% – 14.00% Upto ₹10 lakh As applicable Depends on the internal policy of the bank
IndusInd Bank 10.99% – 16.00% Upto ₹15 lakh 1%-3% of the loan amount plus applicable GST Within 4-7 working days post receipt of the documents
Jammu & Kashmir Bank 11.90% – 13.90% Upto 36 months gross salary NIL Depends on the internal policy of the bank
Karnataka Bank 12.00% – 17.00% Upto ₹5 lakh 0.50% of the loan amount Depends on the internal policy of the bank
Karur Vysya Bank 12.00% – 19.00% Upto ₹10 lakh 1% of the loan amount In-principle sanction – 15 minutes
Kotak Mahindra Bank 10.99% – 20.99% Upto ₹20 lakh 0.99%-2.50% of the loan amount plus applicable GST Within 10 working days
Lakshmi Vilas Bank 11.55% Upto ₹20 lakh 0.25% of the loan amount, subject to a minimum of ₹2,500, plus applicable GST Depends on the internal policy of the bank
Nainital Bank 11.15% – 11.65% 15 times of net take home salary, subject to a maximum of ₹3-5 lakh

2 times of average annual income of last 2 years, subject to a maximum of ₹2 lakh , for self-employed

0.50%-1.00% of the loan amount plus applicable GST Depends on the internal policy of the bank
Oriental Bank of Commerce 10.30% – 11.80% 15 times of gross salary, subject to a maximum of 0.50% of the loan amount, subject to a minimum of ₹500, plus applicable GST Depends on the internal policy of the bank
Punjab & Sind Bank 10.45% – 12.45% Upto 18 times of net monthly salary or ₹3 lakh, whichever is less 1% of the loan amount plus applicable GST Depends on the internal policy of the bank
RBL 17.50% – 24.00% Upto ₹20 lakh 2%-2.50% of the loan amount Depends on the internal policy of the bank
Punjab National Bank 9.95% – 13.50% 20 times of net monthly salary or ₹4 lakh, whichever is lower 1.80% of the loan amount plus applicable GST Depends on the internal policy of the bank
SBI 10.35% – 14.75% Upto ₹20 lakh 1% of the loan amount plus applicable GST Depends on the internal policy of the bank
Standard Chartered Bank 10.99% – 18.00% Upto ₹30 lakh 1% of the loan amount plus applicable GST Within 4-7 working days post receipt of the documents
Syndicate Bank 11.00% – 13.40% Salaried – 12 months gross salary, subject to a maximum of ₹4-5 lakh

Self-employed – Upto ₹5 lakh

0.50% of the loan amount, subject to a minimum of ₹500 plus applicable GST Depends on the internal policy of the bank
UCO Bank 9.45% – 11.35% 10 times of gross monthly salary, subject to a maximum of ₹10 lakh 1% of the loan amount, subject to a minimum of ₹750, plus applicable GST Depends on the internal policy of the bank
United Bank of India 13.95% – 14.20% 10 months’s gross salary or ₹2 lakh, whichever is less 1% of the loan amount plus applicable GST Depends on the internal policy of the bank
Vijaya Bank 11.40% – 19.65% Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas

2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
Yes Bank 10.99% – 16.99% Upto ₹40 lakh Upto 2.50% of the loan amount subject to a minimum of ₹
999, plus applicable GST
Within 5 days from the receipt of the application
Tata Capital 10.99% – 18.00% Upto ₹25 lakh ₹999-2.50% of the loan amount plus applicable GST Within 72 hours from the receipt of the application
Fullerton India 14.00% – 33.00% Upto ₹25 lakh 2% of the loan amount plus applicable GST Within 30 minutes of loan approval

Top Banks Personal Loan Interest Rates in India April 2020

Below are the details of some of the best personal loan banks in India. With the help of these details, a borrower can choose which bank gives the lowest interest rate for a personal loan.

Personal Loan Interest Rate HDFC

HDFC Personal Loan is easy to get and has less documentation. HDFC Personal Loan Interest Rate is one of the lowest interest rates available in the market with the starting rate of 11.25% per annum and goes up to 21.50% per annum. The bank charges a minimal processing fee and offers flexible repayment options. The personal loan scheme of HDFC bank also offers life protection cover of up to ₹ 8 lakhs for accidental hospitalization and up to ₹ 1 lakh for death or permanent disability of the loan borrower.

Personal Loan Interest Rate ICICI

The personal loan of ICICI bank can be availed by any individual who has a good source of income. The loan amount that a person can get is dependent on the repayment capacity and the income profile of the bank. ICICI Personal Loan Interest Rates are fixed rate of interest which is on a monthly reducing basis. The interest rates on a personal loan start from 10.99% p.a. onwards which is one of the lowest personal loan interest rates in the market today and goes up to 18.49% per annum. There is a simple payment option through ECS, AD or PDC for the customer to choose the payment mode as per their convenience.

To get a personal loan from ICICI bank, there is no security required and hence the loan approval is easy with less documentation included.

Personal Loan Interest Rate SBI

State Bank of India has several personal loan schemes keeping in mind people from all strata of society. SBI Personal Loan Interest Rates are one of the lowest personal loan interest rates and variable as per the requirement of the customer. The personal loan schemes of SBI along with their details are as follows:

Xpress Credit Personal Loan: This personal loan SBI scheme is available to fulfill all kinds of financial needs be it a personal one or a professional one. Any salaried employee working in a reputed organization can avail this loan facility. The interest rates offered under this scheme starts from 12.05% to 15.45% p.a.

Xpress ELITE Scheme: This scheme is offered by the lender to those who are either having a salary account in SBI or another bank. The rates offered by SBI under this scheme range between 11.05%-12.80% per annum, based on the credit score of the applicant.

Xpress Power Scheme: This scheme is offered by the bank to those salaried employees who are not maintaining the salary account with SBI. The rates offered by the bank under this scheme range between 12.15%-13.80% per annum. Employees working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates are eligible to apply with a gross monthly income of ₹50,000.

SBI Pension Loan: All-Central or State Government or Defence pensioner can avail this loan facility offered by the SBI. The maximum age of the loan applicant is 76 years and the rates offered is 12% per annum.

Personal Loan Interest Rate Axis Bank

Be it any personal or professional need, Personal loan Axis Bank can be taken for any unforeseen financial need. Axis Bank personal loan interest rates range between 15.50%-24% per annum. The loan can be taken by any salaried individual with a wide range of loan amount option facility. The simple loan application procedure and easy documentation make Axis Bank personal loan an attractive one.

Which Bank is Best for Personal Loan

When it comes to availing a personal loan, usually a question, i.e. which bank is the best for personal loan comes in the mind of many. However, in order to keep you away from this dilemma, we are here to help by letting you know about the top lenders, offering you the best personal loans deal. All you need to do is just read the page above, compare different lenders and then decide which one is offering you a lucrative deal. However, if you are finding it difficult to find out, i.e. which bank gives the lowest interest rate for a personal loan, don’t worry as we are here to help. Don’t forget to choose a lender after comparing many banks not only on the interest rates parameter but on other factors as well. Yes, apart from rates, keep in mind- tenure, fee, charges, loan amount, EMI etc. for grabbing the best deal. However, for your better understanding, on this page, we have explained everything so that it would be a hassle-free journey for you to know the updated personal loan interest rates.

Factors Affecting Personal Loan Interest Rates

For a personal loan, banks and NBFCs have set certain criteria on the basis of which they offer the interest rates to the loan seeker. Here are the factors on which the personal loan rates are offered.

Loan Amount – The most important thing that banks consider is the loan amount requirement of the borrower. As the loan amount is calculated on the basis of the income and of the borrower and the category of the company they are working with. Hence, the higher the income of the applicant, the higher the loan amount he/she can take.
Tenure – The interest rate is directly dependent on the tenure of the loan. The longer the tenure, the lesser the offered rates will be.
Repayment Capacity– The repayment capacity of the individual plays a vital role in determining the interest rates. If the borrower has no other financial liabilities, lenders consider that the loan repayment of the borrower is good as he/she can easily repay the loan without any default in the future.

Here are some of the important features that make a personal loan a well-wisher for all kinds of financial needs.

  • Personal loans are unsecured loans and easy to get
  • There is less documentation in a personal loan process as there is no security needed
  • The borrower is free to use the money to fulfill any financial needs (personal or professional)
  • The easy repayment makes it more attractive as the borrower can choose the loan tenure as per their comfort
  • A personal loan helps in the times when there is an urgent need for a huge amount of money
  • Both salaried and self-employed professionals can take a personal loan
  • The loan amount and interest rates are calculated on the basis of the profile of the borrower. Hence, the better the income profile of the borrower, the higher is the possibility of getting a higher loan amount.
  • Low processing fee and prepayment charges
  • There is a flexible tenure on a personal loan
Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Like this post? Please share to your friends:
Binary Options Trading Library
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: