Personal loan interest rates remain unchanged from last week as of Wednesday, February 23, at 10.28%. The national average for personal loan interest rates remained the same throughout February at 10.28%. This rate has not changed since it increased slightly to 10.27% at the end of 2021.

Bankrate conducts a weekly survey of personal lenders and monitors interest rates week after week to track any changes. The average personal loan rate remained stable throughout December 2021, dropping from 10.27% to 10.28% in the first two weeks of 2022.

Comparison of the best personal loan rates

While personal loan interest rates have remained stable on average, different lenders offer different rates and overall experiences. Below are rates for some of the best personal lenders of 2022. These lenders performed well in the 2022 Bankrate Awards, each winning a superlative category.

Lender APR Amount of the loan Minimum credit score Discount rate superlative
LightStream 4.98% $5,000 to $100,000 700 Ideal for home improvement and debt consolidation
Marcus of Goldman Sachs 6.99% $3,500 to $40,000 660 best online lender
TD Bank 6.99% $2,000 to $50,000 660 The best of a bank
Reached 8.94% $1,000 to $50,000 Any Ideal for borrowers with bad credit
best egg 5.99% $2,000 to $50,000 640 Ideal for borrowers with fair credit
Figure 5.75% $5,000 to $50,000 670 Ideal for borrowers with good credit
Axos 6.49% $5,000 to $50,000 720 Ideal for borrowers with excellent credit

Personal loan rate by credit score

The interest rates you qualify for depend on the overall health of your credit. Below are the average interest rates for borrowers, ranging from excellent to bad credit, based on data from Bankrate.

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%
Just (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, potential borrowers should keep a few things in mind to help them get the best rates and the best personal lender for their situation:

  • Compare interest rates and fees: You may want to compare the APR range of a few lenders, but you may not be able to 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 for more specific pricing. You also need to factor in any fees 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 information and learn the exact rates you qualify for. Knowing your exact quote from a lender will help you decide if it’s best 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 right lender for you depends on the purpose of your loan and your specific needs. Personal loans have a wide range of purposes, from consolidating debt to financing large purchases such as weddings and vacations. How you plan to use your loan will affect 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 different 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 range of loan amounts.

How to get a lower personal loan rate

You can use some strategies to improve your chances of finding a better loan rate:

  • Sign up for automatic payment: Some lenders offer a discount on interest rates to borrowers who use automatic payment.
  • 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 repay the loan in a shorter time, your interest rate will likely be lower.
  • 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 improve your credit score 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’re more likely to qualify for lower rates.

Comparison of the best personal loan rates

While personal loan interest rates have remained stable on average, different lenders offer different rates and overall experiences. Below are rates for some of the best personal lenders of 2022. These lenders performed well in the 2022 Bankrate Awards, each winning a superlative category.

Lender APR Amount of the loan Minimum credit score Discount rate superlative
LightStream 4.98% $5,000 to $100,000 700 Ideal for home improvement and debt consolidation
Marcus of Goldman Sachs 6.99% $3,500 to $40,000 660 best online lender
TD Bank 6.99% $2,000 to $50,000 660 The best of a bank
Reached 8.94% $1,000 to $50,000 Any Ideal for borrowers with bad credit
best egg 5.99% $2,000 to $50,000 640 Ideal for borrowers with fair credit
Figure 5.75% $5,000 to $50,000 670 Ideal for borrowers with good credit
Axos 6.49% $5,000 to $50,000 720 Ideal for borrowers with excellent credit

Personal loan rate by credit score

The interest rates you qualify for depend on the overall health of your credit. Below are the average interest rates for borrowers, ranging from excellent to bad credit, based on data from Bankrate.

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%
Just (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 lender:

  • Compare interest rates and fees: You may want to compare the APR range of a few lenders, but you may not be able to 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 for more specific pricing. You also need to factor in any fees that will affect the overall cost of your loan.
  • Prequalify if possible: Many lenders offer a prequalification option. This usually creates a soft credit check, so it won’t affect your credit score if you prequalify with a few lenders to see what your rate and loan details would be. Prequalification will help you compare interest rates more accurately when shopping.
  • Consider the purpose of your loan: Every lender is different, and the right lender for you depends on the purpose of your loan and your specific needs. Personal loans have a wide range of purposes, from consolidating debt to financing large purchases such as weddings and vacations. How you plan to use your loan will affect 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 different 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 range of loan amounts.

How to get a lower personal loan rate

You can use some strategies to improve your chances of finding a better loan rate:

  • Sign up for automatic payment: Some lenders offer a discount on interest rates to borrowers who use automatic payment.
  • 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 repay the loan in a shorter time, your interest rate will likely be lower.
  • 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 improve your credit score 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’re more likely to qualify for lower rates.