Average personal loan rates: October 4, 2022
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Average personal loan rates for borrowers with good credit scores (between 660 and 719) and with bad scores (
Compare personal loan rates
Average Personal Loan Rates
We’ve compiled a database of 28 personal loan products and averaged their current rates so you can see the current personal loan climate. The better your credit score, the more likely you are to qualify for a lower rate.
The lowest rate of the companies we track is LightStream Personal Loan, which has a minimum APR of 5.24%. The highest rate of the companies we track is NetCredit Personal Loans, which has a maximum APR of 99.99%.
The actual rate you can get is based on your creditworthiness and other aspects of your financial situation. Check your rates with the lenders you are interested in to see what you qualify for.
Average personal loan rates by credit score
These rates are based on data from approximately 137 borrowers who applied for loans and received rates.
Average loan amount and term length by credit score
These loan amounts and terms are based on data from approximately 172 borrowers who applied for loans and received rates.
Percentage of Borrowers by Lending Purpose
These lending goals are based on data from approximately 162 borrowers who applied for loans and received rates.
Insider’s Featured Personal Loan Companies
5.24% to 19.99% with AutoPay (Rates as of 03/10/2022. Rates vary by loan purpose.)
7.99% – 23.43% (with all discounts)
Frequently Asked Questions
To choose the best personal loan, consider the factors that are most important to you. Many borrowers only want the lowest interest rate. But it’s important to also consider the fees, minimum credit score required, and the accessibility of the lender’s customer service.
You should also look at the different types of lenders. Some people may feel comfortable with an online lender, while others may prefer a credit union or bank. You’ll also want to make sure you can get a term that works for you and that the purpose of your loan is authorized by the lender you choose.
You can use a personal loan for many purposes, although the list changes depending on the lender. Some common options include:
Not all available reasons are listed here, and you should contact your individual lender to ask what choices they offer.
Depending on the lender, you may be able to get your money the same day you apply. Often a lender will send the money relatively quickly after the application is approved, but there is usually no guarantee as to how fast the approval process will be.