Personal loans are useful since they can be used for a wide range of needs, such as medical bills, weddings, home upgrades, trips, and unexpected emergencies.
Personal loan rates vary widely from one lender to the next, with the lowest rates reserved for people with excellent credit.
A low-interest personal loan can be obtained from a traditional bank, an online lender, or a credit union, all of which have an online application.
You can expect the funds to be in your account within a few business days after you apply and are authorized.
The loan with the lowest personal loan rate and terms that are appropriate for your financial circumstances is usually the best option.
Compare low interest personal loans rates from top lenders
Credit card debt consolidation, debt consolidation, home improvement, and other loans are available.
|COMPANY||CURRENT APR RANGE||LOAN AMOUNTS||TERM LENGTH||LEARN MORE|
|LightStream||2.49% to 19.99% (with autopay)*||$5,000 to $100,00*||Two to 12 years*||View More|
|SoFi||5.74% to 21.28% (with autopay)||$5,000 to $100,00||Two to seven years||View More|
|Marcus||6.74% to 19.74% (with autopay)||$3,500 to $40,000||Three to six years||View More|
|PenFed||5.99% to 17.99%||$500 to $20,000||One to five years||View More|
|U.S. Bank||5.49% to 18.99% (with autopay)||$1,000 to $50,000||One to five years||View More|
|Wells Fargo||5.74% to 19.99% (with autopay)||$3,000 to $100,000||One to seven years||View More|
|*Certain APRs, loan amounts, and term durations are only available for specific loan types.|
As of March 1, 2022, the aforementioned personal loan rates and facts are correct. The annual percentage rates (APRs) and loan details may have changed since the page was last updated, despite the fact that we update this information on a regular basis.
Keep in mind that some lenders only offer certain rates and terms for specific loan types. Before applying, double-check available APR ranges and loan details with your lender based on your desired loan purpose.
Best Low interest Personal Loans
Truist, which was formed by the merger of SunTrust Bank and BB&T, has a consumer lending division called LightStream.
The platform provides unsecured personal loans ranging from $5,000 to $100,000. Although a number of lenders offer loans that are smaller than the LightStream minimum, only a few lenders offer loans that are larger than the LightStream maximum.
Repayment terms range from two to seven years, making it an excellent choice for those who want to pay off large expenses gradually.
In addition to attractive and flexible terms, LightStream does not charge origination, late payment, or prepayment fees.
Borrowers who enroll in autopay will also be eligible for loans with interest rates as low as 2.49 percent, the lowest on our list.
It also provides a 30-day loan experience guarantee, Covid-19/hardship assistance, and a rate-beat program to ensure borrower satisfaction.
For applicants who meet certain criteria, LightStream will beat a competitor’s interest rate by 0.1 percent.
LightStream provides loans in all 50 states, as well as Washington, D.C. and Puerto Rico, and applicants can contact the lender’s customer service team seven days a week; current borrowers can contact customer service Monday through Saturday.
Additionally, while LightStream does not provide a mobile app for loan management, customers can access their accounts via LightStream.com.
Best Overall Low Interest Personal Loan
LightStream does not allow prospective borrowers to prequalify for a loan. This fact, combined with the minimum credit score requirement, makes the platform a better fit for those with a solid credit history.
Applicants with good credit are also more likely to receive favorable terms. Although LightStream does not accept co-signers, prospective borrowers can submit a joint application.
Personal loans from LightStream can be used for a variety of purposes, including the purchase of a new car, RV, or jewelry, as well as the payment of home improvements.
LightStream is unique in that loans can be used to finance land, timeshares, and so-called tiny homes.
LightStream, like other top lenders, prohibits the use of its personal loans for post-secondary education costs, business purposes, or illegal activities.
Borrowers are also prohibited from refinancing an existing LightStream loan with LightStream loan funds.
Turnaround time: If the loan is approved before 2:30 p.m. Eastern time on a banking business day, LightStream borrowers can receive funds the same day.
To be eligible for same-day funding, the applicant must also review and electronically sign the loan agreement, provide LightStream with funding preferences and relevant banking information, and complete the final verification process by 2:30 p.m. on the day the loan is approved.
Best For Large Loan Limits
Except for Mississippi, SoFi is an online lending platform that provides unsecured fixed-rate personal loans. SoFi, which was founded in 2011, has extended over $50 billion in loans and distinguishes itself by allowing large loan amounts and long loan terms.
Loans range from $5,000 to $100,000, making SoFi an excellent choice for those who need to borrow a large sum of money.
SoFi offers repayment terms ranging from two to seven years, making it an extremely flexible option for those with good credit (minimum 680 FICO score) and a high annual income (at least $45,000).
Prospective borrowers can also submit joint applications to SoFi, though co-signers are not permitted.
With autopay, approved borrowers are rewarded with relatively low APRs ranging from 5.99 percent to 25.05 percent.
Furthermore, SoFi does not charge origination fees, late fees, or prepayment penalties, which is a notable feature given that personal loan lenders frequently charge origination or late payment fees.
While SoFi does not offer direct loan payments for debt consolidation, the platform does provide customers with a number of other benefits and discounts, such as unemployment insurance and the ability to change their payment due date once a year.
Eligibility: To qualify for a SoFi personal loan, applicants must have a minimum credit score of 680. Most successful applicants, however, have a score of 700 or higher.
Applicants must also have an annual income of at least $45,000, though the average SoFi borrower earns more than $100,000.
Loan applications: In general, SoFi personal loans can only be used for personal, family, and household purposes. This means that a borrower can use loan funds to cover expenses such as medical bills, credit card debt consolidation, home improvements, and relocation expenses.
SoFi loans cannot be used to fund a new business venture, real estate purchases, investments and securities, post-secondary education, or short-term bridge financing.
Borrowers typically receive funds within a few days—or as soon as the next business day—after terms are approved and accepted.
However, funding times may be longer than a few days, particularly for loans in excess of $20,000.
Best For Terms Up To 72 Months
Marcus by Goldman Sachs is a division of the investment bank Goldman Sachs that provides personal loans ranging from $3,500 to $40,000.
While Marcus may not be the best option for those in need of a large loan, the platform does provide rather flexible nationwide loans with terms ranging from three to six years.
Borrowers can get APRs ranging from 6.74 percent to 19.74 percent, with a 0.25 percent discount for autopay enrollees.
Marcus, like some other top lenders, does not charge any fees, including for sign-up, late payment, or prepayment. Borrowers can also take advantage of the platform’s on-time payment reward and flexible payment dates.
Marcus, like many other top lenders, allows applicants to prequalify with a soft credit pull, making it simple to see your loan options without jeopardizing your credit.
While Marcus customers do not have access to a mobile app for loan management, the lender compensates for the lack of convenience by providing extensive customer support.
Borrowers have access to extensive online resources and can contact customer support seven days a week from 9 a.m. to 7 p.m. Eastern time.
Eligibility: Marcus will not reveal the minimum credit score required, but applicants should have a minimum score of 660. Those with higher scores are eligible for lower interest rates and better terms.
In addition, while Marcus does not disclose an income requirement, the platform does require applicants to have a sufficient income to cover loan repayment.
Marcus, unlike some other personal loan providers, does not allow co-signers or co-applicants.
Personal loans from Marcus can be used for debt consolidation, home improvement, moving and relocation, special events, and travel and vacations.
Borrowers cannot use Marcus personal loans to refinance existing student loans, but the platform does support other types of debt consolidation, including a consolidation calculator and direct payment to third-party lenders.
Turnaround time: An applicant’s loan may be approved in less than 24 hours, which is faster than some lenders but not the fastest we encountered.
After a loan is approved, funds typically arrive in the borrower’s account one to four days after bank account verification.
However, funding times vary depending on the financial institution and the date the loan was approved.