Compare current personal loan rates to find the best deal for your borrowing needs.
Current Personal Loan Rates
Federal Reserve G.19 consumer credit release (commercial bank interest rates, not offers; lenders set their own rates).
| Measure | Rate |
|---|---|
| Personal loans, 24-month, 2021 average | 9.38% |
| Personal loans, 24-month, 2022 average | 9.87% |
| Personal loans, 24-month, 2023 average | 11.87% |
| Personal loans, 24-month, 2024 average | 12.27% |
| Personal loans, 24-month, 2025 average | 11.50% |
| Personal loans, 24-month, Q2 2026 | 11.86% |
| Personal loans, 24-month, August 2026 | 11.90% |
Lenders set rates by credit score, income, loan amount and term and do not publish one schedule, so this page does not list rate ranges by credit tier or lender type. A higher score generally gets a lower rate. Compare prequalified offers (a soft credit pull) from a credit union, a bank and an online lender.
Monthly Payment Calculator
$10,000 Personal Loan
| Rate | 36 Months | 48 Months | 60 Months |
|---|---|---|---|
| 8% | $313 | $244 | $203 |
| 12% | $332 | $263 | $222 |
| 16% | $352 | $282 | $243 |
| 20% | $372 | $303 | $265 |
| 24% | $393 | $324 | $287 |
$20,000 Personal Loan
| Rate | 36 Months | 48 Months | 60 Months |
|---|---|---|---|
| 8% | $626 | $488 | $406 |
| 12% | $664 | $527 | $445 |
| 16% | $703 | $565 | $486 |
| 20% | $743 | $606 | $529 |
| 24% | $786 | $648 | $574 |
$30,000 Personal Loan
| Rate | 36 Months | 48 Months | 60 Months |
|---|---|---|---|
| 8% | $940 | $732 | $608 |
| 12% | $997 | $790 | $667 |
| 16% | $1,055 | $847 | $729 |
| 20% | $1,115 | $908 | $794 |
Total Interest Cost Comparison
$15,000 loan, 48-month term, illustrative rates (not quotes):
| Credit Level | Rate | Monthly | Total Interest |
|---|---|---|---|
| Excellent | 8% | $366 | $2,578 |
| Good | 12% | $395 | $3,960 |
| Fair | 17% | $433 | $5,775 |
| Poor | 24% | $486 | $8,319 |
Difference: Poor credit costs $5,741 more than excellent credit
Common Personal Loan Uses & Rates
| Use | Typical Rate Impact | Notes |
|---|---|---|
| Debt consolidation | Standard rates | Most common use |
| Home improvement | Standard rates | May be tax-deductible* |
| Medical expenses | Standard rates | Compare to payment plans |
| Major purchase | Standard rates | May get better auto/specific rates |
| Wedding | Standard rates | Budget first |
| Moving expenses | Standard rates | — |
| Emergency | Often higher | Build emergency fund instead |
*Consult tax advisor
Personal Loan vs Alternatives
| Option | Rate | Pros | Cons |
|---|---|---|---|
| Personal loan | G.19 average 11.90% (24-month, Aug. 2026) | Unsecured, fixed payments | Higher rates than secured |
| Credit card | G.19 average 22.36% on accounts assessed interest (Aug. 2026) | Flexibility | High interest, tempting to overspend |
| HELOC | Prime (7.00% as of Oct. 13, 2026) plus or minus a margin | Lower rate | Home at risk |
| 401(k) loan | Set by your plan | Interest is paid to your own account | Risk to retirement savings |
| 0% APR card | 0% for the offer’s intro period | No interest if paid in time | Risk of deferred interest |
Strategies for Better Rates
| Strategy | Potential Savings |
|---|---|
| Improve credit score | A higher score generally gets a lower rate |
| Add co-signer | Access to better rates |
| Shop multiple lenders | Find best offer |
| Check credit union | Often lowest rates |
| Choose shorter term | Slightly lower rate |
| Borrow less | Stay in better rate tier |
| Autopay discount | Some lenders offer one; ask |
Rate Factors Explained
| Factor | Impact | You Control? |
|---|---|---|
| Credit score | Major | Yes |
| Income | Moderate | Somewhat |
| Debt-to-income | Moderate | Yes |
| Loan amount | Minor | Yes |
| Loan term | Minor | Yes |
| Lender type | Moderate | Yes |
| Employment stability | Minor | Somewhat |
Fees to Watch
| Fee | Typical Amount | Impact |
|---|---|---|
| Origination fee | Set by lender, often a percentage of the loan | Increases effective rate |
| Late payment | Set by lender | Avoid at all costs |
| Prepayment penalty | Rare | Check before signing |
| Application fee | Usually $0 | Avoid lenders that charge |
APR vs Interest Rate
On a 3-year, $10,000 loan, a 10% interest rate with a 5% origination fee has an APR of approximately 13.6%.
Always compare APR, not just interest rate.
Prequalification Process
| Step | What Happens |
|---|---|
| Soft credit check | No impact to score |
| Basic info | Name, income, loan purpose |
| Rate estimate | Personalized offers |
| No obligation | Shop freely |
Documents for Final Approval
- Government ID
- Proof of income (pay stubs, tax returns)
- Bank statements
- Proof of address
- Employment verification
Personal Loan Rate Trends
The Federal Reserve’s G.19 shows the average 24-month personal loan rate at commercial banks rose from 9.38% in 2021 to 12.27% in 2024, then eased to 11.50% in 2025; the August 2026 reading was 11.90%. See the table above for the yearly figures.
When to Get a Personal Loan
Good Reasons
- Consolidate high-interest debt
- Finance necessary expense
- Major home repair
- Medical emergency (if no better option)
Think Twice
- Discretionary spending
- Vacation you can’t afford
- When you could save instead
- If you’ll just re-accumulate debt
Related: Best Personal Loans | Personal Loan Calculator | Debt Consolidation
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy