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Personal loan rates depend a lot on the borrower: The rates for the best personal loans tend to be around 6%, and right now, people with good or excellent credit may be eligible for an even better deal.
We monitor rates from lenders daily to help you feel confident before you apply for a loan. Here are the leading rates for personal loans on Thursday, December 14.
Leading Personal Loan Rates
Personal loan rates vary depending on the lender and on the credit profile of the person applying to borrow money, but many lenders are advertising strong rates right now for the right borrower. Here are the lenders offering the lowest rates today:
- Reach Financial Personal Loan — Lowest rate: 5.99%
- Upstart Personal Loan — Lowest rate: 6.40%
- Prosper Personal Loan — Lowest rate: 6.99%
About Personal Loans
Personal loans are a flexible way to borrow money, because they can be used for most needs: to consolidate debt, to finance home projects — even to pay taxes. Their appeal is in their availability, and the ease of being approved (especially with a good or excellent credit score). They are not always the cheapest option, though, and your rate will depend on your credit and the lender you choose.
Debt Consolidation Loans
The best debt consolidation loans are good options to turn multiple loans into a single loan, to clean up your record-keeping and (hopefully) improve your APR or lower your payments. You can use these loans to consolidate different types of consumer debt, like credit card debt, into a single monthly payment. However, consolidating your debt may extend your loan term and mean you ultimately pay more over time. Many personal loans allow debt consolidation, but not all of them — so be sure you know going in.
Emergency Loans
The best emergency loans can be used to get money quickly, when you need it. To make that happen, these loans tend to require lower credit credit scores than other options, and provide quick funding to get money in your hands sooner. There is a huge range available in emergency loans: Some lenders offer a few hundred dollars to tide you over, while others will lend you 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 with borrowing money, and therefore, their likelihood of getting theirs back. In fact, terms offered to lenders with bad credit can be so unfavorable that you may also want to consider other options that are often cautioned against, like credit cards for bad credit.
Personal Loans With No Origination Fee
The best personal loans with no origination fee operate like any other loan, minus one thing: The upfront fee that can add 1% to 7% of your loan amount onto your bill. Typically, a given lender will make this choice across its loan products, rather than charging an origination fee for one loan and not another. That said, it may be possible to negotiate a waived origination fee with your lender — but choosing one you already know doesn't charge origination fees is a safer bet.
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