Personal loan interest rates remain unchanged from last week as of Wednesday January 19 at 10.28%. Bankrate conducts a weekly survey of major lenders and monitors personal loan interest rates week after week, tracking any changes. The national weekly average for personal loan interest has remained stable throughout December 2021, dropping from 10.27% to 10.28% in the first two weeks of 2022.
Comparison of the best personal loan rates
While personal loan interest rates have remained stable on average, different lenders offer different rates and overall experiences. Below are rates for some of the best personal lenders of 2022. These lenders performed well in the 2022 Bankrate Awards, each winning a superlative category.
|
Lender |
APR |
Amount of the loan |
Minimum credit score |
Discount rate superlative |
|---|---|---|---|---|
|
LightStream |
4.98% |
$5,000 to $100,000 |
700 |
Ideal for home improvement and debt consolidation |
|
Marcus of Goldman Sachs |
6.99% |
$3,500 to $40,000 |
660 |
best online lender |
|
TD Bank |
6.99% |
$2,000 to $50,000 |
660 |
The best of a bank |
|
Reached |
8.94% |
$1,000 to $50,000 |
Nothing |
Ideal for borrowers with bad credit |
|
best egg |
5.99% |
$2,000 to $50,000 |
640 |
Ideal for borrowers with fair credit |
|
Figure |
5.75% |
$5,000 to $50,000 |
670 |
Ideal for borrowers with good credit |
|
Axos |
6.49% |
$5,000 to $50,000 |
720 |
Ideal for borrowers with excellent credit |
Personal loan rate by credit score
The interest rates you qualify for depend on the overall health of your credit. Below are the average interest rates for borrowers, ranging from excellent to bad credit, based on data from Bankrate.
|
Credit score |
Average loan interest rate |
|---|---|
|
Excellent (720-850) |
10.3%-12.5% |
|
Good (690-719) |
13.5%-15.5% |
|
Good (690-719) |
13.5%-15.5% |
|
Just (630-689) |
17.8%-19.9% |
|
Bad (300-629) |
28.5%-32.0% |
How to Compare Personal Loan Rates
When applying for a personal loan, there are many factors to consider. Here are some of the things you should think about before choosing a personal lender:
