personal loan rates

Best Personal Loan Rates of November 2022

The best personal loan rates go to borrowers with excellent credit, low debt and strong income. Compare personal loan rates to find the best offer.

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Personal loan interest rates currently range from 5.91% to about 35.99%. The interest rate you may get on a personal loan depends on factors including your credit score and credit history, annual income, existing debt and whether you get a loan from a bank, credit union or online lender.

Comparing personal loan rates — along with monthly payments and total interest — can help you choose the most affordable loan. Here’s a look at the best personal loan interest rates from online lenders, banks and credit unions.

Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best personal loan rates. We've selected these lenders based on their minimum and maximum APRs.

Banks may offer competitive rates — and rate discounts if you’re already a customer — but they typically have tougher eligibility requirements and can take longer to fund your loan than online lenders. The average rate charged by banks in August 2022 for a two-year loan was 10.16%, according to the most recent data from the Federal Reserve.

» MORE: Top banks offering personal loans

Personal loan rates at credit unions

Credit union loans may carry lower rates than banks and online lenders, especially for those with fair or bad credit, and loan officers may be more willing to consider your overall financial picture.

The average rate charged by credit unions in September 2022 for a fixed-rate, three-year loan was 9.15%, according to the National Credit Union Administration. Federal credit unions cap the APR on personal loans at 18%.

You have to become a member of a credit union to apply for a loan, which may mean paying fees or meeting certain eligibility requirements.

» MORE: Credit union personal loans

What’s the difference between APR and interest rate?

A loan’s APR includes the interest rate, plus all fees. If a lender charges an origination fee, for example, that would be factored into the annual percentage rate. According to the Truth in Lending Act, all lenders must disclose a loan’s APR before you sign an agreement.

» MORE: Learn about personal loan APRs

Refinancing a personal loan to get a lower rate

You may lock in a lower rate by refinancing a personal loan, especially if you’ve improved your credit score or lowered your debt since you first borrowed. Some lenders allow borrowers to refinance a personal loan you have with them, while others will refinance a loan from a different lender.

If you refinance, be mindful of the new loan’s term. Even with a lower rate, a longer repayment term could mean you’ll pay more overall interest.

Last updated on November 1, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's Best Personal Loan Rates of November 2022

LightStream: Best for Online personal loan rates

Marcus by Goldman Sachs: Best for Online personal loan rates

Discover® Personal Loans: Best for Online personal loan rates

SoFi: Best for Online personal loan rates

Upstart: Best for Online personal loan rates

TD Bank Personal Loan: Best for Bank personal loan rates

Truist Bank Personal Loan: Best for Bank personal loan rates

American Express Personal Loan: Best for Bank personal loan rates

PenFed Credit Union Personal Loan: Best for Credit union personal loan rates

First Tech Credit Union Personal Loan: Best for Credit union personal loan rates

Navy Federal Credit Union Personal Loan: Best for Credit union personal loan rates