Personal Loan Rates For Feb. 2, 2022: Rates Unchanged Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Oscar Wong / Getty Images February 03, 2022 Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. remain unchanged from last week as of Wednesday, Feb. 2 at 10.28 percent. The national average personal loan interest rate has remained steady throughout the end of January at 10.28 percent. This rate has not changed since rising slightly from 10.27 percent at the end of 2021. Bankrate conducts a of large lenders and monitors personal loan interest rates week over week, tracking any changes. The national average personal loan interest week has remained steady throughout December 2021, moving up from 10.27 percent to 10.28 percent in the first two weeks of 2022. Comparing top personal loan rates
While personal loan interest rates have remained stable on average, different lenders provide different rates and overall experiences. Below are the rates of some of the best personal loan lenders of 2022. These lenders scored well in the , each winning a superlative category. Lender APR Loan amount Minimum credit score Bankrate superlative 4.98% $5,000-$100,000 700 Best for home improvement and debt consolidation 6.99% $3,500-$40,000 660 Best online lender 6.99% $2,000-$50,000 660 Best from a bank 8.94% $1,000-$50,000 None Best for borrowers with bad credit 5.99% $2,000-$50,000 640 Best for borrowers with fair credit 5.75% $5,000-$50,000 670 Best for borrowers with good credit 6.49% $5,000-$50,000 720 Best for borrowers with excellent credit Personal loan rates by credit score
The interest rates you are eligible to receive depend on your overall credit health. Below are the average interest rates for borrowers ranging from excellent to bad credit, based on Bankrate data. Credit score Average loan interest rate Excellent (720-850) 10.3%-12.5% Good (690-719) 13.5%-15.5% Good (690-719) 13.5%-15.5% Fair (630-689) 17.8%-19.9% Bad (300-629) 28.5%-32.0% How to compare personal loan rates
When applying for a personal loan, there are many factors to consider. Here are some of the things you should think about before choosing a personal loan lender: Compare interest rates and fees: You may want to compare the range of APRs from a few lenders, but you may not qualify for the lowest advertised rate. The interest rate you qualify for depends on your credit health and other approval requirements. If you can, prequalify to get more specific rates. You should also that will affect the overall cost of your loan. Prequalify if possible: Many lenders allow borrowers to prequalify for loans, allowing you to submit your financial details and find out the exact rates you qualify for. Knowing your exact quote from a lender will help you decide if it is the best fit for you, and you’ll be able to compare interest rates more accurately. Consider the purpose of your loan: Every lender is different, and the lender that is right for you depends on the purpose of your loan and your specific needs. Personal loans have a wide range of purposes, from debt consolidation to funding for big purchases such as weddings and vacations. How you intend to use your loan will impact which lender is right for you. Consider loan amounts and repayment options: The amount of money you need to borrow could limit your choices of lenders, as different lenders allow different borrowing ranges and repayment term options. If you need to borrow a large sum of money, you may want to find a lender with long repayment terms and a wide loan amount range. How to get a lower personal loan rate
You can use some strategies to improve your chances at finding a more favorable loan rate: Sign up for autopay: Some lenders provide an interest rate discount for borrowers who use in autopay. Choose a shorter repayment period: The longer your repayment period, the higher your interest rate is likely to be. If you are financially able to pay the loan back in a shorter period of time, your interest rate will likely be less. Improve your credit score before applying: The better your credit score, the lower your personal loan interest rate is likely to be. You can take steps to over time. Get a co-signer with strong credit: Some lenders allow you to borrow loans with a co-signer. If you co-sign a loan with someone who has good credit, you have a better chance of receiving lower rates. SHARE: Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Related Articles