Based on our research, we believe LightStream offers the best low-interest personal loans. It offers same-day funding and doesn't require a prior relationship to get its best rates. As part of our review, we looked at more than 70 lenders on 31 factors, including interest rates, loan amounts, repayment terms, credit requirements, and more.
Best Low-Interest Personal Loans for 2024
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- Best Overall: LightStream
- Best for Debt Consolidation: Reach Financial
- Also Good for Debt Consolidation: Discover
- Best for Low Minimum Credit Requirement: Upstart
- Best for Extra Features: SoFi
- Best for Wells Fargo Customers: Wells Fargo
- Best Credit Union: PenFed Credit Union
- Best for American Express Cardholders: American Express
- Best for Military Members: Navy Federal Credit Union
Company | APR | Credit Score est. | Loan Amount | More Details |
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Best Overall : LightStream
![LightStream](https://www.investopedia.com/thmb/0Tv5Sek45UG_AW8e8kaN16ocOa4=/fit-in/1500x1000/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Light_Stream_Loans-e56c203492c44dba97aa3f6842791277.jpg)
- APR Range: 6.99% - 25.49%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 240 months
- Also the Best Low-Interest Loan Lender for: Fast Funding
LightStream’s low advertised minimum APR is the lowest, widely available, rate currently in our database. A couple of lenders can beat it—American Express, notably, but to get that rate, you need to be a current Amex account holder, and you need an invite.
LightStream is also our choice if you’re looking for a low interest loan that funds quickly. The lender says it’ll disburse the loan the same day it’s approved, as long as all the steps (like formally accepting the offer) are done by 2:30 p.m. Eastern time.
While LightStream offers a low advertised rate, there’s no guarantee that you’ll be offered it. Along with your creditworthiness, LightStream considers your planned use for the loan when making its determination. Unfortunately, because it doesn’t offer pre-qualification, you’ll need to complete an application to find out your rate and term.
Low minimum rates
No origination fees
No late payment fees
Higher minimum loan amount
No loan pre-qualification
No co-signers or co-applicants allowed
To qualify for a vacation loan from LightStream, you must meet the following requirements:
- Minimum credit score of 680
- Be the age of majority in your state (18 in most states)
- Be a U.S. citizen or permanent resident
- Have a verifiable source of income
LightStream is a division of Truist Financial Corporation, which also owns Truist Bank.
Best for Debt Consolidation : Reach Financial
![Reach Financial logo](https://www.investopedia.com/thmb/fKhtrUmYm0ML2UC6MERpHE1WCF0=/fit-in/1500x1000/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Reach-Financial-logo-0ed905ed31104325ab94fabde91d9b7b.jpeg)
- APR Range: 5.99% - 35.99%
- Loan Amount: $3,500 - $40,000
- Loan Terms: 24 months - 60 months
Reach Financial focuses on debt consolidation and credit refinancing. It allows borrowers to consolidate their high-interest debt and potentially save money, and Reach Financial will use the loan proceeds to pay creditors directly. The application process is quick and, if approved, Reach Financial will pay your creditors as soon as the next business day.
There are a few limitations with Reach Financial, however. Since it’s geared towards debt consolidation, you can’t use the funds for other things. If you want a loan to finance a major purchase or pay for a home improvement project, you'll need to work with another lender. In addition, some borrowers will have to pay origination fees as high as 8.00%.
Quick loan disbursement
Pays creditors directly
Free monthly credit score
Origination fee can be high
Not available in all states
Loans only for consolidation or refinancing
- Not available to residents of Colorado, Connecticut, Maine, Nebraska, Nevada, New Hampshire, Oregon, Tennessee, Vermont, West Virginia, and Wyoming.
Headquartered in New York City, Reach Financial was known as Liberty Lending until July 2022. Its loans are issued by FinWise Bank, established in 2000 and headquartered in Murray, Utah.
Also Good for Debt Consolidation : Discover
![Discover Personal Loans](https://www.investopedia.com/thmb/Mxofdzmlb9qXnReYBuMZHK74_vc=/fit-in/1500x1000/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Discover_PersonalLoans_Primary_Logo_RGB-22e400594a1e4c1fbb0f412ec03c6444.jpg)
- APR Range: 7.99% - 24.99%
- Loan Amount: $2,500 - $40,000
- Loan Terms: 36 months - 84 months
Discover is another great choice for a debt consolidation loan. It offers flexible repayment terms, a decent range of loan amounts, and it will pay your creditors directly, which is convenient for you, and some risk reduction for Discover. Advertised rates are at the lower end of the spectrum, so you may realize some savings when consolidating higher interest debt.
Unfortunately, Discover doesn’t allow co-signers or co-borrowers, which means you’re on your own when it comes to evaluating creditworthiness. It does offer pre-qualification, so you can check your offer before submitting a formal application.
Discover was ranked as the third-best personal loan option for customer service in 2023 by J.D. Power.
Pays other creditors directly
No origination fees
Does not allow co-signers or co-borrowers
Late payment fee
- Must be a U.S. citizen or permanent resident
- Must be 18 or older
- Requires a minimum household income of $25,000
- Available to residents of all states and Washington, D.C.
Discover, headquartered in Riverwoods, Illinois began as a credit card company in 1985, while a subsidiary of Sears, Roebuck & Company.
Best for Low Minimum Credit Requirement : Upstart
![Upstart logo](https://www.investopedia.com/thmb/vHgD28kSI1ICOT0gnILI_zRcBEs=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/upstart-f229ab62838d4a88a95cde6a6f74bc49.png)
- APR Range: 7.80% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 36 months - 60 months
Upstart doesn't have the lowest rates of all the lenders we evaluated, but it’s among the lowest. Where it stands out is with its low minimum credit score requirement.
Upstart will evaluate your application according to several factors, including your income and debt-to-income ratio, but you can qualify with a credit score as low as 300, according to the company—which is technically the lowest credit score possible. Upstart will also consider borrowers without enough credit to generate a traditional credit score. With Upstart's AI platform, the company claims it's able to provide rates that are 36% lower than the rates of lenders that use a traditional scoring model.
Upstart will disburse your loan funds as soon as the next business day, and it has a broad range of loan amounts available.
The downside of Upstart is that it doesn't allow co-signers or joint applicants. You’ll need to qualify for the loan entirely on your own, but since Upstart is so forgiving of borrower credit, that may be easier than with many other lenders.
Next-day funding
Low income and credit requirements
Relatively low rates for bad-credit loans
Doesn't allow co-signers or joint applications
Limited loan term options
Potentially high origination fees
- Must be at least 18 years old
- Must have a valid Social Security number and mailing address
- Requires an income of $12,000 or higher
- Requires a minimum 300 credit score
- Must have a U.S. bank account
Upstart (UPST) is a publicly held company that uses artificial intelligence to connect borrowers with potential lenders including hundreds of banks and credit unions. It is headquartered in San Mateo, California.
Best for Extra Features : SoFi
![SoFi](https://www.investopedia.com/thmb/DOO6NyvAoRAbX7lX8b7z7O9JqoI=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/sofi-d3a06fcea0664f459ca369be9d67f0ba.png)
- APR Range: 8.99% - 29.49%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
SoFi has a robust number of benefits and borrower protections for its members. When you take out a personal loan and become a SoFi member, you're automatically eligible for perks like free access to live financial planners, and even in-person experiences.
SoFi offers higher loan maximums than most, allowing borrowers to take out up to $100,000. And you can get your money quickly; In 2022, about 82% of people who signed their loan agreement before 7 p.m. ET were funded the same day, according to SoFi.
SoFi requires you to borrow at least $5,000, which is a higher minimum than many other lenders require. And you'll typically need very good to excellent credit to qualify for a loan. According to the company's annual report, the weighted average of scores for approved borrowers was 754.
No late fees
Quick loan disbursement
Added benefits and borrower protections
High loan minimum
Very good to excellent credit required
Only allows co-borrowers; no co-signers
Charges an origination fee
- Must be the age of majority in your state
- Available to residents of all states and Washington, D.C.
- Must be earning income (or have a formal job offer starting within 90 days)
- Available to U.S. citizens, permanent residents, or non-permanent alien residents
- Must borrow at least $5,000 (a higher minimum applies in some states)
SoFi is headquartered in San Francisco and also has offices in Healdsburg, California, and New York City. In addition to personal loans, it offers online checking and savings accounts, investment options, and more.
Best for Wells Fargo Customers : Wells Fargo
![Wells Fargo Logo](https://www.investopedia.com/thmb/SpcjQ_DSdMDifzt6rTxEr3FUhFY=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Wells_Fargo-e5027d3338434079a998d01691b5c6d9.jpg)
- APR Range: 7.49% - 23.24%
- Loan Amount: $3,000 - $100,000
- Loan Terms: 12 months - 84 months
Wells Fargo’s advertised minimum APR is among the lowest in your database of personal loan lenders. Unfortunately, the bank’s loans aren’t available to everyone. Applicants must have been Wells Fargo account holders for at least 12 months.
If that’s you, you’ll have access to personal loans up to $100,000 and repayment terms as long as 84 months. There are no origination fees, but there is a late payment fee.
Wells Fargo has taken some knocks from regulators the past several years, but when it comes to personal loans, it still earns a better than average customer satisfaction rating from J.D. Power.
Lower interest rates
Wide range of loan amounts and terms
No origination fees
Must be a Wells Fargo customer to apply
No co-signers or co-borrowers
Late payment fee
Wells Fargo’s requirements for personal loan applicants include:
- Being a Wells Fargo customer for at least 12 months
- Supplying contact, employment, and income information
Founded in 1852, San Francisco-based Wells Fargo is the third-largest bank in the U.S. as of Dec. 31, 2023, based on total assets of $1.73 trillion.
Best Credit Union : PenFed Credit Union
![PenFed Credit Union](https://www.investopedia.com/thmb/kOE4NaJpLEtqdBE-0D8l4PaeAQA=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/penfed-2e2d3e6cceca42e695361d98ad185799.png)
- APR Range: 8.99% - 17.99%
- Loan Amount: $600 - $50,000
- Loan Terms: 12 months - 60 months
Credit unions are known for having good rates on loans, and PenFed Credit Union is no exception. PenFed also offers more flexible loans than your average lender: Whereas some lenders have minimums of $2,000 or more, PenFed allows you to borrow as little as $600.
PenFed also allows borrowers to apply with a co-signer, so you can add a trusted friend or relative to your application to improve your odds of qualifying for a loan with a low rate.
However, PenFed's maximum loan term is just five years, which is shorter than other lenders offer. And as a credit union, PenFed requires borrowers to join while completing their loan application. To become a member, you must open a savings account with at least $5.
Wide range of loan amounts
No origination fees
Allows co-signers
Doesn’t pay off creditors directly
Limited term options
Must open a PenFed savings account to join
- Generally requires good to excellent credit
- Must provide a Social Security number or individual taxpayer identification number
- Must provide a copy of a driver's license or other government-issued ID
- Available to residents of all 50 states and Washington, D.C.
- If approved, you must join the credit union by keeping at least $5 in a savings account.
PenFed is short for Pentagon Federal Credit Union, established in 1935. It is headquartered in McLean, Virginia.
Best for American Express Cardholders : American Express
![Amex](https://www.investopedia.com/thmb/FLjna9C664UDUoqd8aE4UFw6oWY=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/American_Express-4876c7d0db694256968485f3085dfa78.jpg)
- APR Range: 5.91% - 19.97%
- Loan Amount: $3,500 - $40,000
- Loan Terms: 12 months - 60 months
If you already have an American Express credit card, you might have noticed an advertisement for a pre-approved loan offer recently. If you actually are in the market for a personal loan, it’s a good option to consider. You won’t find rates much lower than this, and the only way you can apply is through this pre-approved offer. If you didn’t get one, there’s no way for you to get this loan.
You can use these loan funds for a wide range of purposes, including paying off other debt—with one big exception. Just like Discover with its credit cards, you can’t use an Amex personal loan to pay off other Amex credit cards.
Quick loan decision
Among the lowest possible rates
Final APR won’t be any higher than in your offer
Can’t change payment due date
Can’t use funds to pay off Amex credit cards
Only open to Amex cardholders with loan offers
- Must have received a pre-qualified offer
- Must be a current American Express cardholder
- Available to residents of all states and Washington, D.C.
American Express began as a freight forwarding company in 1850 and introduced its travelers cheque in 1891. Its headquarters are in New York.
Best for Military Members : Navy Federal Credit Union
![Navy Federal Credit Union logo](https://www.investopedia.com/thmb/OZ91Nkuc7hxOKt7Pnw-qYBkQX_s=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/navy-federal-credit-union-2cf8ae64daa040dc85d84da392c99c93.jpg)
- APR Range: 8.99% - 18.00%
- Loan Amount: $250 - $50,000
- Loan Terms: 6 months - 180 months
Navy Federal Credit Union is exclusively for military service members, veterans, and their loved ones. If you're eligible, you can take advantage of the credit union's competitive rates, broad loan options, and lack of added fees.
Besides basic personal loans with maximum loan terms of 60 months, Navy Federal Credit Union has other options, such as secured loans and home improvement loans, with longer terms.
You must be a member of the credit union to qualify for a loan. And Navy Federal Credit Union doesn't have a loan pre-qualification option—you’ll need to submit a complete loan application from the get-go.
No origination fees
Wide range of loan options
Same-day funding available
No pre-qualification option
Must be a qualifying credit union member
- Available to residents of all states and Washington, D.C.
- Only available to current customers of Navy Federal Credit Union
- Credit union membership limited to people affiliated with the military
Navy Federal opened its doors in 1933 and is headquartered in Merrifield, Virginia.
Compare the Best Low-Interest Personal Loans for 2024
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The Bottom Line
LightStream is our choice as the best overall low interest rate lender. Its rates are not the lowest in our database, but they still are competitive with quick funding and don't require a prior relationship.
If you have an American Express credit card, it’s worth checking your account or calling the company to see if you’re pre-approved for a personal loan, as it offers low rates on loans and quick loan disbursements. But its best offer is limited to cardholders who receive a pre-approved offer. If your credit is less-than-stellar, other options like PenFed that allow you to apply with a co-signer may be a good option.
Whichever option you choose, make sure you take some time to get ready before you apply for a personal loan. This can help speed up your application so you can zero in on the best low-interest personal loans for your situation.
Guide to Choosing the Best Personal Loan
Loans and terms vary by lender, so it's wise to shop around and compare offers from several companies. The following guide will help you research and evaluate your options.
If a low advertised rate isn't your sole consideration, see our selections for the 10 best personal loans, which features lenders and loans for most every need.
What’s a Low Interest Rate on a Personal Loan?
When considering your loan options, the annual percentage rate (APR) is one of the most significant factors. To put quotes into perspective, compare lenders' rates to the national average. As of November 2023—the latest available data as of the Fed's March 7, 2024, Consumer Credit report—the average rate for a personal loan with a 24-month repayment term was 12.35%.
If you have less-than-perfect credit, you may qualify for a loan with a higher rate. That rate may still be advantageous if you're using it to consolidate high-interest credit card debt.
Every lender weighs these factors differently, too, which is why it’s important to shop around with as many lenders as you can.
Comparing Personal Loans
There are several factors to consider besides the lender's APR, including:
- Loan fees
- Customer reviews of the lender
- What level of credit the lender requires
- Available loan amounts and term lengths
- Perks and benefits
- Whether the lender lets you use collateral or a co-signer if you have poor credit
Researcher Insight
For this collection of low-interest loans, we’ve highlighted the lenders with the lowest advertised rates. However, according to our monthly research on average personal loan interest rates, even the best-qualified borrowers are unlikely to get those rates. That’s because those advertised rates are often for shorter terms and smaller amounts. The amount you borrow and the time you plan to pay it off may not match the terms the lender used in its advertised loan offers. And that means the rate you are offered may not match the advertised rate. - Sana Siddiqui, Research Analyst, Investopedia
Shorter Repayment Terms Can Save You Money
Based on data from 18 lenders, the average personal loan interest rate is 23.88% for terms of about 48 months. However, the Fed reports that 24-month personal loans have an average rate of 12.35%.
If you can afford the higher monthly payments that come with a shorter term, it could save you a lot of money. The chart below shows the potential savings of a 24-month term as opposed to a 48-month term on a $10,000 personal loan:
$10,000 Personal Loan | |||
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Loan Term | APR* | Monthly Payment | Total Interest Paid |
24 months | 12.35% | $472.37 | $1,336.90 |
48 months | 23.88% | $325.36 | $5,617.05 |
Average APR by Credit Score
Loan Cost Is the Top Consideration When Shopping for a Loan
In Investopedia's 2023 Personal Loan Borrower Survey, when we asked respondents to rank loan features on a scale from most important to least important, almost half of borrowers (48%) ranked the cost of the loan as the most important factor
Keep an Eye on the Fed's Target Federal Funds Rate
The Fed held rates steady at its most recent meeting March 19-20—the fifth consecutive meeting at which it has done so. From March 2022 through July 2023, the Fed increased its target rate range 11 times, from near zero to 5.25–5.50%. Before that rate-hiking campaign, the average APR for a 24-month personal loan from commercial banks was 9.38%. That number has risen along with the Fed's rate hikes to 12.35%.
Fed members indicated that they expect to cut rates later this year, but until that happens, lending rates are unlikely to get any lower. Because personal loans typically are fixed-rate products, the rate you get when you take out your loan is the rate you'll have for the duration of that loan. Lending rates typically will rise or fall along with what the Fed does, so if you expect to have a longer repayment term, it might be a good idea to wait until later this year or next year to get a personal loan. The Fed is scheduled to meet again April 30–May 1.
Advantages and Disadvantages of Low-Interest Personal Loans
A low-interest personal loan is appealing because it's an inexpensive form of debt. You can finance a major purchase or consolidate debt at a low rate. However, not everyone is eligible for a low-interest loan, and there's potentially challenging terms of these types of loans. Let's look at the pros and the cons.
Often leads to substantial cost savings over time
May encourage quicker loan payoff since more of each payment goes towards principal
May stimulate the economy, creating jobs
Often come with stricter eligibility requirements
May come with more stringent application process
May incentivize taking out too many loans
May come with shorter loan terms
Pros of Low-Interest Personal Loans
The obvious primary advantage of low-interest personal loans is the potential for substantial cost savings over the life of the loan. With lower interest rates, borrowers pay less in interest expense. Lower interest also makes the monthly payments more manageable.
By extension, low-interest personal loans may make it easier to pay off the debt over time as a larger portion of each payment is going towards the principal balance as opposed to paying for interest.
Thinking broadly, low-interest loans are more likely to encourage economic activity. When borrowing costs are reduced, businesses and consumers are more inclined to invest and spend, meaning the economy is more likely to grow. This economic stimulation can have wide-ranging benefits including job creation.
Lastly, low-interest loans promote increased access to credit. If you're able to stay on top of making your low-interest loan payments, you can build your credit, quality for bigger loans in the future, and ultimately end up with high credit.
Cons of Low-Interest Personal Loans
While low-interest personal loans come with a bunch of advantages, there are also some surprising downsides to be aware of. One significant drawback is these types of loans may be difficult to get. Lenders offering low-interest rates often impose stringent requirements, especially regarding creditworthiness. Individuals with bad credit scores may find it challenging if not impossible to get low-interest loans.
Another potential downside to low-interest loans is the potentially shorter repayment terms. Banks want to minimize the risk they take on loans; they may be willing to offer very low interest rates, but only if the borrower pays the loan off in a relatively shorter time. For example, a 15-year mortgage often has a lower interest rate compared to a 30-year mortgage. Borrowers may have to choose between having a low rate but shorter payoff period, or vice versa.
When thinking about the economy, low-interest rates may not be the best for the economy. When interest rates are low, it may be cheaper and easier for people to get loans. This means it may be easier for people to fall into financial troubles by taking out too much debt, regardless of how low the interest rate. Be diligent on your spending, and try not to be lured into taking unnecessary debt even if it is low-interest.
How to Qualify For and Apply For a Personal Loan
Personal loans are relatively easy to apply for and in many cases, you can complete the entire process online by following these steps:
- Review your credit: Check your credit reports so you can fix any errors that you find. It’s also a good idea to look up your credit score so you know which type of lenders might be more likely to approve you. You wouldn’t want to apply with a lender that only offers personal loans to people with excellent credit if your own credit score still needs some work, for example.
- Gather documentation: It’s also a good idea to gather up some financial documents that lenders may ask for, such as your recent tax returns, pay stubs, and bank statements. If you have this ready in advance, it’ll speed up your loan application.
- Shop around: Next, get pre-qualified with as many personal loan lenders as you can. This will give you a good baseline for what each lender can offer you, individually, versus the advertised loan rates.
- Fill out the application: Finally, when you’re ready to make a decision, choose the best lender and complete your loan application. Generally, you’ll need to hand over copies of the financial documents you rounded up earlier.
Your lender will make a decision, and if you’re approved, it’ll send you a final loan agreement to sign. Once you sign, the lender will issue your loan funds, and you’ll begin repaying the loan according to schedule.
Should You Apply For a Low-Interest Personal Loan?
Before applying for a loan, think about why you want to take one out. Although some personal loans can have relatively low rates, they are still a form of debt, and you should only use them when you really need the funds.
Alternatives to Low Interest Personal Loans
A personal loan may not be the best choice in every situation. In some instances, these alternatives may be a better option:
- Savings: If the intended use of a personal loan isn't for an emergency, you may be better off delaying the purchase or project until you can save the money yourself. By using your savings, you avoid paying any interest or fees.
- Balance transfers: If you want to consolidate high-interest credit card debt, completing a balance transfer to a card with an introductory 0% APR will give you time to pay off debt without paying interest.
- Debt counseling: A personal loan doesn't solve the root causes of your debt. If you're having trouble staying on top of your debt, meeting with a counselor from a nonprofit credit counseling agency can help you develop a budget and a debt repayment plan.
Why You Should Trust Us
Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a low-income loan company. We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has helped millions of readers around the world become more educated with personal finances.
Frequently Asked Questions
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Can You Get a Zero Percent Interest Rate on a Personal Loan?
Zero percent interest rate offers are generally more common with credit cards. Even then, it’s typically only for a limited amount of time, after which the normal interest rate kicks in. True zero-interest personal loans often hide other ways to upcharge you, such as with higher price tags.
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Can You Negotiate for a Lower Interest Rate on Your Personal Loan?
Many lenders offer personal loan interest rates on a take-it-or-leave-it basis. But that doesn’t mean you can’t try to negotiate a lower interest rate on your personal loan, especially if you already have an account relationship with the lender.
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How Do You Check Potential Loan Rates?
You can check your potential personal loan rates by getting pre-qualified with a lender. This means the lender will do a soft credit check, which won’t impact your credit score. In return, it’ll be able to tell you your potential loan rates.
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Are Interest Rates on Personal Loans Fixed?
It depends. Most personal loans offer fixed rates, but it may be possible to find some personal loans—such as from SoFi—with variable interest rates. In general, it’s a safer bet to take loans with fixed rates because you can predict the exact monthly payments and overall payment amount from the start. With variable rates, your overall APR—and your monthly payments—are subject to change.
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How Do Lenders Set Personal Loan Rates?
Formulas for determining rates vary by lender, but lenders generally look at the following factors:
- Applicant's creditworthiness
- Whether the applicant has a co-signer
- Applicant's income
- Desired loan amount and loan term
- Intended loan use
In general, the best rates are given to borrowers with excellent credit that opt for shorter loan terms, such as 12 to 36 months.
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How Can You Get a Low-Interest Personal Loan With Good Credit but No Job?
You can get a low-interest personal loan if you're unemployed if you have another source of income, such as investments or alimony, or if you add a co-signer or joint applicant to your application.
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Can I Apply for a Low-Interest Personal Loan Online?
Yes, many lenders offer the convenience of applying for low-interest personal loans online. Online applications streamline the process, allowing borrowers to submit documents electronically. Because these types of lenders don't have the overhead expenses of running a physical location, they may be more likely to charge lower interest rates.
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Companies We Researched
We researched and reviewed 70 lenders to find the best low-interest personal loan lenders you see above on this list. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision:
Achieve, Affinity Federal Credit Union, Alliant Credit Union, American Express, Avant, Axos Bank, Bankers Healthcare Group, Best Egg, Bethpage Federal Credit Union, Blue Federal Credit Union, Boatloan.com, Boeing Employees' Credit Union, CapexMD, Citibank, Connexus Credit Union, Discover, Dividend Finance, ENT Credit Union, Fig Loans, First Tech Federal Credit Union, Future Family, GoodLeap, Greenstate Credit Union, Happy Money, Hiway Credit Union, Lake Michigan Credit Union, Laurel Road, LendingClub, LendingPoint, LendingUSA, Liberty Federal Credit Union, LightStream, Lyon Financial, Mariner, Money Key, Mountain America Credit Union, NASA Federal Credit Union, Navy Federal Credit Union, Netcredit, Old National Bank, OneMain Financial, OppLoans, Patelco Credit Union, PenFed, Personify Financial, PNC Bank, Prosper, Reach Financial, Regions, Reprise, Rocket Loans, Santander, Service Federal Credit Union, SoFi, Southeast Financial, Summit Credit Union, SunPower, TD Bank, Teachers Federal Credit Union, Trident Funding, Truist, U.S. Bank, Universal Credit, Upgrade, Upstart, USAA, Vantage Recreational Finance, Wells Fargo.
How We Pick the Best Low-Interest Loans
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.
Guide to Low-Interest Personal Loans
Learn more about personal loans:
- What Is a Personal Loan?
- How Do Personal Loans Work?
- When Are Personal Loans a Good Idea?
- How to Get a Personal Loan
- How to Apply for a Personal Loan
- How to Use a Personal Loan
- Where to Get a Personal Loan
- Personal Loans Vs. Credit Cards
- Alternatives to Personal Loans
- Personal Loan Calculator
- Personal Loans Methodology
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