Personal Loan Interest Rates Today: November 2024

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Updated: November 20, 2024

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Based on MoneyGeek's analysis of 27 national lenders, personal loan interest rates today range from 6.99% APR to 35.99% APR. The interest rate on a personal loan refers to the amount charged by a lender to a borrower for the use of money. The APR (annual percentage rate) includes the interest rate and any additional fees, offering a clearer view of the total loan cost over a year.

According to Experian, personal loan interest rates generally range from 6% to 36%. However, your actual rate will vary based on your creditworthiness and other factors. Make sure to compare rates from different lenders to find a loan that suits your financial situation and minimizes your borrowing costs.

Current Personal Loan Interest Rates by Lender Type

You can often get personal loans from banks, credit unions and online lenders. These lenders offer varying interest rates, so knowing what to expect with each one helps you decide which option is most suitable for your borrowing needs. Due to the changing nature of these rates, the personal loan interest rate today can vary every few hours.

Personal Loan Interest Rates From Banks

According to the Federal Reserve, the average interest rate for a 24-month personal loan from banks was 12.33% as of August 2024. Of the 11 banks included in MoneyGeek’s database, the average interest rate for personal loans is 17.88% APR.

Banks tend to charge higher interest rates and more fees than credit unions and online lenders. However, they offer other benefits, such as discounts for existing customers and in-person support, which can make banking more convenient.

Bank
APR Range

Truist

8.87% to 17.82%

Fifth Third Bank

8.74% to 21.74%

SoFi

8.99% to 29.49%

Wells Fargo

7.49% to 24.99%

PNC

Up to 24.99%

bank icon
2024 FED INTEREST RATE CHANGES

At the September 2024 Federal Open Market Committee (FOMC) meeting, the Federal Reserve lowered interest rates by 50 basis points, bringing the new target range to 4.75% to 5.00%. This was the first rate cut since early 2020.

For borrowers, this change could lead to lower personal loan interest rates, as lenders may adjust their offers in response to the Fed’s policy shift. However, your actual rates available will still depend on factors like credit scores and loan terms.

Personal Loan Interest Rates From Credit Unions

The average interest rate for a 36-month personal loan from credit unions was 10.89 as of June 2024, based on data from the National Credit Union Administration (NCUA). We also averaged the APR ranges of three credit unions in our analysis, which is 12.48% APR.

Because credit unions are not-for-profit financial institutions, they often offer competitive rates and low fees on personal loans. However, you must become a member to enjoy the features of credit unions. Membership usually involves meeting certain eligibility criteria, such as living in a specific area or working for a particular employer.

Credit Union
APR Range

First Tech Federal Credit Union

8.94% to 18.00%

PenFed Credit Union

8.99% to 17.99%

Alliant Credit Union

From 10.49%

Personal Loan Interest Rates From Online-Only Lenders

Based on 12 online-only lenders in our study, the average interest rate for an online personal loan was 20.28% APR as of August 2024. Without physical branches to maintain, online lenders often save money on overhead costs, which may translate to lower rates and fees depending on your creditworthiness and other factors.

Online-Only Lender
APR Range

Happy Money

11.72% to 17.99%

Laurel Road

8.99% to 24.25%

LendingPoint

7.99% to 35.99%

LightStream

6.99% to 25.99%

Achieve

8.99% to 35.99%

Best Overall Personal Loan With Rate Discounts

We scored and ranked lenders in our database to find the best personal loans with rate discounts. If you’re looking for the best low-interest rate personal loans, we also rounded up our top recommendations based on your specific needs.

Best Overall Personal Loan With Rate Discounts

Company logo for Fifth Third Bank
Fifth Third Bank
MoneyGeek Score:
95/ of 100
APR Range8.74% to 21.74%
Minimum Credit ScoreUndisclosed
Loan Amount Range$2,000 to $50,000
Repayment Terms12 to 60 months
Time to Receive FundsNext Day
Overview

With a MoneyGeek score of 95 out of 100, Fifth Third Bank is the best overall personal loan lender with rate discounts. It offers personal loans between $2,000 and $50,000, with repayment terms from 12 to 60 months. It provides interest rates from 8.74% and a rate discount of 0.25% for setting up automatic payments. With Fifth Third Bank, borrowers have the option to select their first loan payment date up to 45 days. They also won’t have to worry about origination fees or prepayment penalties. Note that applying online will limit you to a maximum loan amount of $25,000.

How does MoneyGeek score lenders for low interest rates?

Runner-Up Best Personal Loan With Rate Discounts

Company logo for Laurel Road
Laurel Road
MoneyGeek Score:
93/ of 100
APR Range8.99% to 24.25%
Minimum Credit ScoreUndisclosed
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive Funds7 Business Days
Overview

Laurel Road is the next-best option for personal loans with rate discounts, with a MoneyGeek score of 93 out of 100. It provides personal loans from $5,000 to $45,000, which can be repaid in 36 to 60 months. Laurel Road’s rates start from 8.99% APR, and it offers a 0.25% rate discount for making automatic payments. It doesn’t charge origination fees or prepayment penalties. However, missing payment deadlines may incur a late fee of 5% or 28%.

Factors That Affect Personal Loan Interest Rates

Lenders typically determine personal loan interest rates by considering several factors, including:

    goodCredit icon

    Credit score

    A higher credit score shows lenders that you are a responsible borrower, which can result in a lower interest rate. Conversely, a lower credit score may lead to higher interest rates due to the increased risk.

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    Debt-to-income ratio

    Your debt-to-income (DTI) ratio measures your monthly debt payments against your monthly income. A lower DTI ratio indicates better financial health, often resulting in lower interest rates.

    preferences icon

    Income

    Lenders use your income to assess your ability to repay the loan. A higher income suggests that you have a stable financial situation, which can lead to better interest rates.

    workplace icon

    Employment history

    A stable employment history shows lenders that you have a reliable source of income. A longer employment history may result in more favorable interest rates.

    loans icon

    Loan amount

    Borrowing larger loan amounts can sometimes lead to lower interest rates due to the increased revenue for the lender. However, it can also mean higher rates if the lender sees it as a higher risk.

    giveMoney icon

    Repayment term

    Shorter repayment terms usually have lower interest rates because the lender's risk is reduced. Longer terms might have higher rates due to the extended exposure to risk.

Impact of Credit Score on Loan Repayment

With credit score being a significant factor affecting personal loan interest rates and terms, improving it is necessary before applying. This way, you can secure more favorable loan conditions that suit your particular budget and financial situation.

Check the table below to see your estimated monthly loan payments and term lengths based on your credit score and loan amount.

Data filtered by:Results filtered by:
Select
Credit Band:690 to 719
Select
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Calculate Your Monthly Loan Payment

Use our personal loan calculator to estimate your monthly payments and total loan costs based on the loan amount, interest rate and term length. You can also check how different rates and terms affect your total monthly payment.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

How to Get the Best Personal Loan Interest Rate

The best personal loan interest rates are often reserved for the most creditworthy borrowers because they are less likely to default on loan payments. To secure the most competitive rate for your needs and situation, consider following these tips:

  1. 1

    Check your credit report

    Regularly review your credit report for errors and correct any inaccuracies. Mistakes on your report can lower your credit score, impacting the interest rate you qualify for. Ensuring your report is accurate can help you achieve a higher score and better rates.

  2. 2

    Lower your DTI ratio

    Pay down existing debts to reduce your DTI ratio. A lower ratio signals to lenders that you manage your finances well. This can make you a more attractive borrower and result in better loan rates.

  3. 3

    Find a no-fee lender

    Some lenders charge origination fees or other costs, which can add to your loan expenses. Choosing a lender with no fees can reduce your overall loan cost and help you get a better interest rate.

  4. 4

    Apply with a co-signer or co-borrower

    Adding someone with strong credit can improve your chances of getting approved and securing a lower interest rate. This is because lenders view the loan as less risky with an additional person responsible for repayment.

  5. 5

    Add collateral

    Securing your loan with collateral, which can be vehicles, insurance policies and more, can lower the interest rate. Collateral reduces the lender's risk, often resulting in more favorable terms. However, the lender can claim the collateral if you default.

  6. 6

    Get rate discounts

    Some lenders offer discounts for automatic payments or for having an existing relationship with the institution. These can reduce your interest rate and overall loan cost.

FAQ About Personal Loan Interest Rates

We addressed some frequently asked questions about personal loan interest rates to help you find the best deal possible for your particular needs and situation.

What is the difference between APR and interest rate on a personal loan?

What is the difference between fixed and variable personal loan rates?

Are personal loan rates negotiable?

Can I refinance my personal loan to get a better rate?

What happens if I default on a personal loan?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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