Our experts answer readers’ questions about personal loans and write unbiased product reviews (here’s how we rate personal loans). In some cases we receive a commission from our affiliates; however, our opinions are our own.

Interest rates on personal loans depend largely on the borrower: rates for the best personal loans tend to be around 6%, and currently, people with good to excellent credit may qualify for an even better deal.

We monitor lender rates daily to help you feel confident before applying for a loan. Here are the leading personal loan rates for Monday, November 20.

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Leading personal loan rates

Interest rates on personal loans vary depending on the lender and the credit profile of the loan applicant, but many lenders are now advertising high rates for the right borrower. Here are the lenders currently offering the lowest rates:

About personal loans

Personal loans are a flexible way to borrow money because they can be used for most needs: consolidating debt, financing home projects, and even paying taxes. Their attractiveness comes from their availability and ease of approval (especially if your credit score is good or excellent). However, they are not always the cheapest option and your rate will depend on your credit and the lender you choose.

Consolidation loans

The best consolidation loans are a good option for turning multiple loans into one loan, organizing your paperwork, and (hopefully) improving your APR or lowering your payments. You can use these loans to consolidate different types of consumer debt, such as credit card debt, into one monthly payment. However, debt consolidation can lengthen the term of your loan and mean you end up paying more over time. Many personal loans allow debt consolidation, but not all – so make sure you know how to do it.

Emergency loans

The best emergency loans can be used to get money quickly when you need it. To make this happen, these loans typically require a lower credit score than other options and provide fast financing to get your money in your hands faster. A wide range of emergency loans are available: some lenders offer a few hundred dollars in relief, while others will lend hundreds of thousands for larger-scale crises.

Personal loans for bad credit

The best personal loans for bad credit will typically have a higher APR than loans for people with higher credit scores, simply because lenders see your credit score as a representation of your history of borrowing money and therefore your likelihood of getting it back. In fact, the terms offered to bad credit lenders can be so unfavorable that it’s worth considering other options that are often warned against, such as credit cards for bad credit.

Personal loans with no origination fee

The best no-fee personal loans work like any other loan, except for one thing: an origination fee, which can add anywhere from 1% to 7% of the loan amount to your bill. Typically, a given lender will make this choice as part of their lending products, rather than charging a processing fee for one loan over another. That said, it may be possible to negotiate with your lender to waive the origination fee – but choosing one you already know that doesn’t charge origination fees is a safer bet.

Products in this post: Upstart Personal LoanAmerican ExpressReach Personal Loan Financial Personal Loan Prosper Personal Loan


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