Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
A low rate on a personal loan allows you to spend less on interest over time. That’s why it’s important to compare personal loan rates and terms carefully before applying. Exploring your options could save you enough money to fund a coffee habit — or to grow your savings and reach your financial goals years sooner.
Here’s how to find the lowest personal loan rates based on your credit score.
Advertiser DisclosureOverview
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.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
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.
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
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.
Eligibility
Available in all 50 states
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
Overview
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Fees
Unsuccessful payment fee, late fee
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
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)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
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.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
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 Business does not make or arrange loans.
Whatever your credit score is, some lenders may offer you lower rates than others. This could be due to the lender’s range of annual percentage rates (APRs), its experience with different types of borrowers, or other factors.
When comparing rates, it’s wise to consider the APR. This expresses the yearly cost of borrowing as a percentage of the loan amount, and includes the interest rate and any upfront fees (like an origination fee). Of the two dozen lenders we reviewed, the lenders below stand out for offering the lowest rates to the most qualified borrowers.
Best fast personal loans for all credit types
Loan Amount
$1000 to $50000
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
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.
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 home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
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.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for no origination fees (and low rates)
Loan Amount
$2500 to $40000
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
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.
Eligibility
Available in all 50 states
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 credit union for personal loans
Loan Amount
$600 to $50000
No origination fee
Allows cosigners
Small loan amounts available
May fund in 1 to 2 business days
No discounts
Good credit required
Overview
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Fees
Unsuccessful payment fee, late fee
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
Loan Amount
$1000 to $50000
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
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)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
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
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.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
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
We evaluated two dozen lenders based primarily on the lowest APR each lender makes available to its most qualified applicants. We also considered other factors, including customer experience, maximum loan amount, funding time, loan terms, fees, discounts, minimum credit score and income requirements, whether secured loans are available, and whether cosigners are accepted. 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.
You can start by looking at lenders’ advertised personal loan rates for excellent credit borrowers to get a rough idea of what they may charge. This page is a good place to start. But ultimately, the lowest-rate lender for you will depend on your financial situation. That’s why it’s important to prequalify with several lenders that meet your needs and compare their estimated rates.
To find the best rates, take the following steps:
- Compare eligibility requirements: To find loans you’ll likely qualify for, research and compare lender minimum income and credit score requirements. If you have bad credit or a low income, you’ll have access to fewer loan options — likely with higher costs — and may need a cosigner or co-borrower to get approved. You might also secure the loan with collateral to gain approval or a better rate (not all lenders offer secured personal loans).
- Compare terms and borrowing limits: Eliminate lenders that don’t offer the amount or term you need. To check if the lender’s maximum term will work for you, use an online calculator to find the monthly payment and ensure it fits into your budget. You should also exclude lenders that restrict you from using the loan for your intended purpose.
- Identify important loan features: You may decide that you want to apply with a co-signer. It might also be important for you to manage your loan payments on a mobile app or choose a lender that offers unemployment protection. Consider your must-have features when comparing personal loans.
- Research lender reputation: Rule out lenders with poor customer satisfaction by checking customer reviews on third-party websites, and search for red flags like regulatory action against the company with the Better Business Bureau.
- Prequalify with a handful of lenders: Many lenders offer a prequalification process that allows you to see potential rates, amounts, and terms without hurting your credit. Unlike pre-approval for a mortgage, prequalifying for a personal loan only requires a soft credit check, so you won’t risk your credit health by checking your rate. Go through the online process with several lenders so you can compare between them, but be aware that your final rate might differ slightly.
- Consider discounts and perks: Lenders may offer similar rates. To break the tie, consider available discounts or perks. For example, Wells Fargo offers a rate discount up to 0.50 percentage points for checking account holders, and SoFi offers membership benefits like no-cost financial advice.
Important
Though prequalification won’t hurt your credit, when you apply for a personal loan the lender will conduct a hard credit pull, which could ding your score — temporarily — by around five points.
- Choose a lender: Based on your research and review of prequalification quotes, pick the lowest-rate loan offer that meets your needs.
- Gather your documents: You’ll need an identification document, such as a driver’s license, along with financial documents, like tax returns, bank statements, and pay stubs.
- Formally apply: Submitting a formal application for a loan will trigger a hard credit check, which may cause a small dip in your credit score. Most people see a FICO score decrease of fewer than 5 points after a hard inquiry.
- Submit any additional documents: Your loan may be instantly approved, or you may have to submit additional documents. For example, the lender may ask for utility bills to prove your address or a copy of your Social Security card to confirm your identity.
- Sign and accept the loan offer: Make sure you’re satisfied with the final rate offer and review the loan agreement carefully before signing.
- Receive payment: Most lenders will deposit the funds directly into your bank account. But if you use the loan to consolidate debt, you may be able to request that the lender pay your creditors directly (and could net a rate discount for doing so).
Learn more: How to get a personal loan
Tip
Some lenders can fund your loan the same day you’re approved, but it’s more likely that funds will be available within one to two business days after approval.
While the best personal loan rates are generally reserved for borrowers with excellent credit, there are a few ways to lower your interest rate, even if you have bad credit.
- Choose an online lender that uses alternative underwriting data: Some online lenders evaluate more than just your credit score, and these lenders may be more likely to approve your loan application and offer a favorable interest rate. For example, Upstart offers an AI lending platform that allows partner lenders to approve more borrowers, often at lower APRs.
- Apply with a cosigner or co-borrower: If you have a friend or family member with good credit, they may be able to help you get a lower rate by cosigning your loan application. Cosigners are responsible for the full loan balance in the event the borrower fails to make payments. That provides the lender with additional assurance that the loan will be repaid, allowing it to offer a lower rate. Co-borrowers provide the same assurance but also have access to the loan funds. Not all lenders offer loans with cosigners.
- Secure the loan with collateral: Secured loans provide the lender with recourse in the event of nonpayment because it can take possession of the asset used to secure the loan. This is known as collateral. Many lenders offer lower rates on secured loans, but they’re not an option with every lender.
- Improve your credit: To increase your credit score, make your payments on time and reduce your debt balances. This can take time, but there are tools that may help you improve your credit score immediately. For example, Experian Boost gives you credit for your on-time utility and rent payments. You may see an immediate score increase if you’ve been responsible with those payments.
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.
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
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)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
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
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
According to Credible data, these are the average prequalified interest rates borrowers receive based on their credit score bracket.
Warning
If you apply for a loan with a cosigner or co-borrower and miss or make late payments, you may damage their credit as well as your own.
While most lenders look for a credit score in the mid-600s, some lenders are more accepting of poor-credit borrowers than others. For example, Upstart only requires a minimum credit score of 300 if you apply on its website, but your approval will depend on other factors as well.
While it’s possible to get approved for a personal loan with bad credit, you may have to pay a higher interest rate. For example, the average three-year fixed rate for borrowers with credit scores below 600 is 32.25%, according to prequalification data from the Credible loan marketplace.
While there’s no industry-wide limit on the number of outstanding personal loans a borrower can have at once, individual lenders may have their own rules, which may vary by state. If you already have a lot of outstanding debt relative to your income, you may find it challenging to get approved for an additional personal loan.
A few low-interest alternatives to personal loans include borrowing money from friends or family, requesting a cash advance from your employer, running a crowdfunding campaign, borrowing from your 401(k), taking out a home equity loan or home equity line of credit, and using a cash advance app.
Related articles:
Meet the contributor:
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.