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Average personal loan rates for borrowers with good credit scores (between 660 and 719) and with poor scores (<620) are up by over 10% from two weeks ago, while rates for borrowers with excellent credit scores (720 and higher) and fair scores (620-659) are down a bit. Personal loans can be used for a variety of purposes, like covering the cost of a medical bill or financing a home improvement project.
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 see the current personal loans climate. The better your credit score, the more likely you’ll qualify for a lower rate.
This week’s ratesAverage overall rate19.60%Average low rate9.70%Average high rate29.92%Highest rate99.99%Lowest rate5.24%
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 any lenders you are interested in to see what you’re eligible for.
Average personal loan rates by credit score
These rates are based on data from about 137 borrowers who applied for loans and received rates.
Credit score
This week’s average APR
Average APR from 2 weeks ago
Minimum APR
Maximum APR
Excellent (720+)
15.86%
16.10%
5.49%
159.99%
Good (660-719)
34.70%
20.90%
7.00%
160.45%
Fair (620-659)
34.95%
36.72%
7.99%
160.45%
Poor (<620)
117.94%
105.11%
26.45%
250.00%
Average loan amount and term length by credit score
These loan amounts and term lengths are based on data from about 172 borrowers who applied for loans and received rates.
Credit score
Average requested loan amount
Average loan term length
Maximum loan term length
Excellent (720+)
$30,565.83
50.8 months
96 months
Good (660-719)
$14,456.83
54.4 months
240 months
Fair (620-659)
$9,321.88
41.3 months
60 months
Poor (<620)
$5,724.00
26.8 months
84 months
Percentage of borrowers by loan purpose
These loan purposes are based on data from about 162 borrowers who applied for loans and received rates.
Loan purpose
Percentage of borrowers
Debt consolidation
44%
Other
12%
Auto
10%
Household expenses
5%
Large purchases
4%
Credit card refinancing
4%
Home improvement
4%
Moving
4%
Medical costs
2%
Boat
2%
Student loan
2%
Auto refinance
2%
Special occasion
1%
Baby
1%
Vacation
1%
Wedding
1%
Frequently asked questions
How do I determine what best personal loan is best for me?
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 look at any fees, the minimum credit score needed, 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 length that works for you and that your loan’s purpose is allowed by the lender you choose.
How can I use the money from a personal loan?
You’re able to use a personal loan for many purposes, though the list changes depending on the lender. Some common options include:
Debt consolidationCredit card refinancingHome improvementsMoving expensesTravelCar repairMedical bills
Every reason available isn’t listed here, and you should reach out to your individual lender to ask about what choices it offers.
How fast can you get personal loan money?
Depending on the lender, you may be able to get your money as soon as 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 on the speed of the approval process.