Best low-interest personal loans

Excellent credit borrowers, those with FICO scores above 800, can find personal loans with low interest rates from top lenders, and we have tips for borrowers with less-than-perfect credit as well. If you can wait to borrow, we'll also cover when interest rates may come down and how to improve your credit in the meantime.

Fox Money rating

Fixed (APR)

6.99% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

Overview

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.

Loan amount

$5,000 to $100,000

Repayment terms

2 - 20 years, depending on loan purpose

Eligibility

Available in all states except RI and VT

Min. income

Does not disclose

Customer service

Soft credit check

Time to get funds

As soon as the same business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Fox Money rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Eligibility

Available nationwide

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Fox Money rating

Fixed (APR)

7.99% - 24.99%

Loan Amounts

$2500 to $40000

Min. Credit Score

Overview

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval. 

Loan amount

$2,500 - $40,000

Repayment terms

3 - 7 years

Eligibility

Available in all 50 states

Min. income

Customer service

Soft credit check

Time to get funds

Funds can be sent as soon as the next business day after acceptance

Loan uses

Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Fox Money rating

Fixed (APR)

8.99% - 29.99%1

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Overview

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. 

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans. 

Loan Amount

$5,000 to $100,000

Repayment terms

2 - 7 years

Fees

Option to pay an origination fee in exchange for a lower rate

Discounts

Autopay, direct pay

Eligibility

Available in all states 

Min. income

Does not disclose

Customer service

Phone, email, live chat

Soft credit check

Time to get funds

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Loan uses

Solely for personal, family, or household uses

Fox Money rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

Overview

Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners). 

Loan amount

$2,000 to $50,000

Fees

Origination fee, late fee, unsuccessful payment fee, check processing fee

Eligibility

Available in all states except DC, IA, VT, and WV

Min. income

Customer service

Phone, email 

Soft credit check

Time to get funds

As soon as 1 to 3 business days after successful verification

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Fox Money rating

Fixed (APR)

9.99% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Soft credit check

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Fox Money rating

Fixed (APR)

12.95% - 30.00%

Loan Amounts

$1000 to $35000

Min. Credit Score

Overview

Zable offers relatively small loan amounts — ranging from $1,000 to $35,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes. 

Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.

Loan amount

$1,000 to $35,000

Repayment terms

1 to 5 years

Fees

Origination fees (5% to 9%)

Eligibility

Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY

Min. income

$1,000 per month

Customer service

Email, phone

Soft credit check

Time to get funds

As soon as the same day

Loan uses

Debt consolidation, credit card refinancing, home improvement, major purchase, car financing

Fox Business does not make or arrange loans.

Personal loans have lower interest rates than many other forms of borrowing, including credit cards - the average personal loan rate is almost 10 percentage points lower than credit cards, at 11.92%, compared to 21.51%, according to the Federal Reserve. But personal loan rates are still higher than they've been in more than a decade, making it crucial to find the lowest rate you can qualify for.

Best overall

SoFi

Fox Money rating

Est. APR

8.99 - 29.99%1

Loan Amount

$5000 to $100000

Min. Credit Score

Does not disclose

Pros and cons

No fees required

Large loan amounts available

Autopay and direct pay discounts

Same day funding

Long loan terms available

Good credit required

5,000 minimum loan amount

More details

Overview

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. 

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans. 

Loan Amount

$5,000 to $100,000

Repayment terms

2 - 7 years

Fees

Option to pay an origination fee in exchange for a lower rate

Discounts

Autopay, direct pay

Eligibility

Available in all states 

Min. income

Does not disclose

Customer service

Phone, email, live chat

Soft credit check

Time to get funds

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Loan uses

Solely for personal, family, or household uses

Best for fair credit

Upgrade

Fox Money rating

Est. APR

9.99 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

Fair credit borrowers eligible

Autopay and direct pay discounts

Can fund in as little as 1 business day

Mobile app

Secured loans available

High maximum origination fee

Cosigners not accepted on home improvement loans

Low J.D. Power ranking

More details

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Soft credit check

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Best for no origination fees (and low rates)

Discover Personal Loans

Fox Money rating

Est. APR

7.99 - 24.99%

Loan Amount

$2500 to $40000

Min. Credit Score

660

Pros and cons

Low minimum APR

May fund the next business day

Long loan terms available

Direct pay to creditors

No origination fee

No discounts offered

Secured loans not available

More details

Overview

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval. 

Loan amount

$2,500 - $40,000

Repayment terms

3 - 7 years

Eligibility

Available in all 50 states

Min. income

Customer service

Soft credit check

Time to get funds

Funds can be sent as soon as the next business day after acceptance

Loan uses

Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Best home improvement loans and low rates

LightStream

Fox Money rating

Est. APR

6.99 - 25.49%

Loan Amount

$5000 to $100000

Min. Credit Score

700

Pros and cons

Same-day funding available

High maximum loan amount

No origination fee

Good credit required

No prequalification process

Not available in Vermont

More details

Overview

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.

Loan amount

$5,000 to $100,000

Repayment terms

2 - 20 years, depending on loan purpose

Eligibility

Available in all states except RI and VT

Min. income

Does not disclose

Customer service

Soft credit check

Time to get funds

As soon as the same business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Best for high close rates if pre-approved

Best Egg

Fox Money rating

Est. APR

8.99 - 35.99%

Loan Amount

$2000 to $50000

Min. Credit Score

600

Pros and cons

Secured loans available

Low minimum income requirement

Scored second in J.D. Power's Consumer Lending Satisfaction Study

Funds in 1-3 business days

High close rate on loans through Credible platform

Origination fees

No discounts

Not available in DC, IA, VT, or WV

More details

Overview

Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners). 

Loan amount

$2,000 to $50,000

Fees

Origination fee, late fee, unsuccessful payment fee, check processing fee

Eligibility

Available in all states except DC, IA, VT, and WV

Min. income

Customer service

Phone, email 

Soft credit check

Time to get funds

As soon as 1 to 3 business days after successful verification

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Best fast personal loans for all credit types

Upstart

Fox Money rating

Est. APR

7.80 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

May fund in 1 business day

No minimum credit score requirement on lender site

Low minimum APR

Trustpilot score of 4.9/5 stars

May charge a high origination fee

No discounts offered

More details

Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Eligibility

Available nationwide

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Best for short-term loans and same day funding

Zable

Fox Money rating

Est. APR

12.95 - 30.00%

Loan Amount

$1000 to $35000

Min. Credit Score

600

Pros and cons

Funding as soon as the same day

Low minimum income required

100% digital process

No discounts

Maximum loan amount is lower than most other lenders

Origination fee

Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY

More details

Overview

Zable offers relatively small loan amounts — ranging from $1,000 to $35,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes. 

Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.

Loan amount

$1,000 to $35,000

Repayment terms

1 to 5 years

Fees

Origination fees (5% to 9%)

Eligibility

Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY

Min. income

$1,000 per month

Customer service

Email, phone

Soft credit check

Time to get funds

As soon as the same day

Loan uses

Debt consolidation, credit card refinancing, home improvement, major purchase, car financing

We evaluated the best loans for good credit based on customer experience, minimum fixed rates, maximum loan amounts, funding times, loan terms, fees, discounts, loan uses, and other factors. Our team of experts gathered information from each lender's website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Read our full lender rating methodology for more information.

Interest rates tend to fluctuate due to the actions of the Federal Reserve in response to the economy. Therefore, a "low interest rate" is a relative term. A two-year personal loan with an interest rate below the 11.92% average can be considered a low-interest personal loan.

Some lenders are currently advertising personal loan rates as low as 6.99% APR for applicants with the strongest credit profiles. The annual percentage rate (APR) reflects both the interest rate and upfront loan fees, so it's the best figure to use when comparing personal loans.

But not everyone will have access to the lowest rates, so it's best to look for a low-interest loan relative to your individual financial situation. Check out the table below to see average rates by credit score.

The most accurate way to find the lowest interest rate is to prequalify with multiple lenders, but you can also refer to the average personal loan rates by credit score as a benchmark for what to expect.

The table below shows the average personal loan interest rates for three and five-year loans by credit tier. These average personal loan rates are based on prequalified rate data for borrowers using the Credible marketplace in July of 2024.

Outside of individual factors in the pool of personal loan borrowers, average personal loan interest rates are most dependent on the federal funds rate, which is the rate banks use when lending money to one another. When the federal funds rate is high, lenders pass on the cost to consumers through higher interest rates on credit products, such as personal loans.

When the Federal Reserve cuts the federal funds rate, average personal loan interest rates may follow. But no one, including the Federal Reserve and knowledgeable economists, knows exactly when interest rates will go down. That said, we can make some educated guesses.

A high federal funds rate is the best tool the Fed has for controlling inflation and inflation has remained stubbornly high for most of 2024. Fortunately, June CPI  data came in much lower than expected, which makes it more likely that the Fed will make at least one 25 basis point rate cut by the end of the year, which is a ¼ percentage point cut. June PCE data was also encouraging and it's possible a cut make come as soon as September. We should learn more from the Fed's meeting next week.

The bottom line

Even with a rate cut, it’s unlikely we’ll see a significant decrease in personal loan rates this year.

To get approved for a personal loan with a low interest rate, you'll first need to meet the lender's personal loan requirements. While each lender has its own minimum requirements, you'll generally need at least fair credit (a FICO score between 580 to 669) and enough income to manage your debts.

However, meeting the minimum requirements for a personal loan won't qualify you for the lowest interest rates. The lender will also want to see indicators of positive financial health. Several factors affect personal loan rates, including:

• Your credit score and payment history: Payment history accounts for the largest portion of your credit score (35%). An excellent credit score and on-time payment history are necessary to qualify for the lowest interest rate.
• Your income and employment history: A high income and stable employment history will improve your chances of getting a low-APR personal loan.
• Your debt-to-income ratio (DTI): If your debt balances are low relative to your income, the lender will be more likely to view you as a low-risk borrower and offer you a low interest rate. DTI is determined by dividing all monthly debt payments by your gross monthly income.
• The loan amount: Some lenders charge lower interest rates on higher loan amounts. However, you should never borrow more than you need to get a lower rate.
• The repayment term: Shorter repayment terms often come with lower interest rates, so you should choose the shortest repayment term with a monthly payment you can comfortably afford. It's better to continue making on-time payments than having the shortest term.

Even if you don't check all the boxes, there are a few steps you can take to potentially reduce your personal loan interest rate, including:

• Compare lenders: Each lender evaluates borrowers a little differently, so you might get a lower rate offer from one lender than another. Most lenders offer a prequalification process you can use to get a rate estimate without hurting your credit. However, prequalification is not an official offer of credit and your rates may vary once you formally apply.
• Take advantage of discounts: Many lenders offer an autopay discount. You may also qualify for a relationship discount if you have an existing loan or banking account with the lender.
• Secure the loan: Some lenders offer lower rates to borrowers who offer an asset as collateral. Just keep in mind that the lender can seize the asset if you fail to repay the loan.
• Apply with a cosigner or co-borrower: Some lenders allow borrowers to apply with a cosigner or with a co-applicant. When evaluating the application, the lender will consider both applicants' credit scores and income, so if you apply with a family member who has excellent credit, you'll improve your chances of getting a low interest rate. However, your cosigner is on the hook if you fail to make payments, which could potentially damage your credit score as well as theirs.

Note

A cosigner and co-borrower or co-applicant are two different things. A cosigner promises to pay the loan if you don’t but has no access to loan funds. A co-borrower is also legally obliged to repay the loan, but shares in the loan’s proceeds.

You can get a low-interest personal loan from a bank, credit union, or online lender. When deciding where to get a personal loan, consider whether you currently have an account with a credit union or bank that offers a relationship discount. However, don't assume that the discounted rate will be the lowest rate you can get. Make sure to compare rates with online lenders, which may offer lower rates due to lower overhead costs and innovative underwriting processes.

Some people value face-to-face customer support and would rather apply for a personal loan at a brick-and-mortar bank. Some banks with low interest rates include:

You can also get in-person service at a credit union, but you'll need to apply to be a member. Several credit unions offer personal loans with low interest rates, including:

Personal loans offer many benefits, including fast funding and flexible repayment terms. Most lenders don't charge prepayment penalties, and some don't even charge late fees. However, a personal loan might not meet your needs, and you may be able to get a lower interest rate with other financing options, including:

• 0% APR credit card: Many credit card companies offer a zero-interest introductory period for new cardholders. However, you should ensure you can afford to make the minimum payments and pay off the full balance before the promotional period ends, or you could pay a high interest rate on the remaining debt when the APR adjusts.
• Home equity loan or HELOC: If you're a homeowner, you may be able to use a home equity loan or home equity line of credit to borrow against the equity you've built in your home (up to 80% or more of available equity). Because your home acts as collateral, you may get a lower interest rate when compared to a personal loan. However, you'll also need to pay closing costs and you may wait weeks or months to get the funds.
• 401(k) loan: If your plan sponsor allows loans, you can borrow from your retirement account. 401(k) loans come with low interest rates similar to other secured loans, and the interest goes toward your retirement savings. However, there are risks to depleting your 401(k) account, and the entire balance could become due if you change jobs. We recommend falling back on your 401(k) as a last resort.

Personal loan rates vary with market conditions. The current average fixed interest rate on a 2-year personal loan is 11.92%, according to the Federal Reserve. Any rate below that is a good interest rate for a personal loan. You can also check the table in this article to find a benchmark for different credit scores and loan terms.

Many lenders offer personal loans in amounts up to $50,000 or $100,000. BHG even offers personal loans up to $200,000. However, the amount you'll qualify for depends on your credit score, income, current debt, and other factors.

Paying down debt and making on-time payments every month will improve your credit score over time. Asking for a credit limit increase may improve your score as long as you don't rack up more debt, as can becoming an authorized user on a trusted friend or family member's credit card.

You can also prevent damage to your score by refraining from closing old credit card accounts or applying for new credit. A tool like Experian Boost may help you achieve a small credit score increase immediately, as long as you've been responsible with your bills.

No. If you have bad credit, you'll likely pay an above-average interest rate on a personal loan. However, you can still take steps to get the lowest possible rate for your credit score, including comparing lenders, applying with a cosigner, securing the loan, and taking advantage of discounts.

Lindsay Frankel

Lindsay Frankel has been covering personal finance for six years, with particular expertise in loans, insurance, and real estate. She’s written hundreds of articles across a range of well-known outlets, including LendingTree, Investopedia, SFGate, and more. Outside of writing, she enjoys playing music and exploring nature with her rescue dog, Lucy.

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