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The average overall interest rate for personal loans is 21.32%, up 98 basis points from a week ago.
You can use a personal loan to pay for anything from a wedding to home renovations, dental work, and even income taxes. However, most borrowers use them to consolidate debt. That purpose is so popular that some lenders, including Happy Money and Reach Financial, specialize in debt consolidation loans.
Average Overall Personal Loan Rates
We've put together a database of 28 personal loan products and averaged their rates to help you get a handle on the current landscape of loans for all purposes. You're more likely to get a lower rate with a better credit score.
| This week's rates | Last week's rates | |
| Average overall rate | 21.32% | 20.34% |
| Average low rate | 10.53% | 10.53% |
| Average high rate | 32.12% | 30.16% |
| Highest rate | 155.00% | 99.99% |
| Lowest rate | 4.60% | 4.60% |
The lowest rate of the companies we track is from Upstart, which has a minimum APR of 4.60%. The highest rate is from NetCredit, which has a maximum APR of 155.00%.
All borrowers aren't necessarily qualified for the rates above. The rates you'll get depend on your credit score and other aspects of your financial situation.
Compare Personal Loan Rates
Next Step: See if you're prequalified for a loan without affecting your credit score.
Average Personal Loan Rates by Credit Score
These rates are based on data from borrowers who applied for loans and received rates on loans for all purposes.
Credit score | This week's average APR | Average APR from 2 weeks ago | Minimum APR | Maximum APR |
Excellent (720+) | 18.73% | 17.98% | 7.98% | 35.99% |
Good (660-719) | 24.87% | 28.83% | 9.99% | 292.20% |
Fair (620-659) | 41.69% | 49.33% | 14.19% | 249.00% |
Poor (<620) | 120.14% | 139.41% | 25.64% | 229.00% |
See Insider's picks for the best personal loans and best debt consolidation loans »
Percentage of Borrowers by Loan Purpose
These loan purposes are based on data from 159 borrowers who applied for personal loans and received rates.
| Loan purpose | Percent |
| Debt consolidation | 40.58% |
| Other | 13.77% |
| Auto | 7.97% |
| Home improvement | 6.52% |
| Medical dental | 4.35% |
| Household expenses | 4.35% |
| Credit card refinance | 3.62% |
| Vacation | 3.62% |
| Student loan refinance | 2.90% |
| Student loan | 2.90% |
| Large purchases | 2.17% |
| Business | 1.45% |
| Boat | 1.45% |
| Moving relocation | 1.45% |
| Special occasion | 1.45% |
| Taxes | 0.72% |
| Wedding | 0.72% |
Average Debt Consolidation Rates
We've put together these average rates from our database of 25 debt-consolidation loan products for this past week:
| The latest APRs | |
| Average overall rate | 18.51% |
| Average low rate | 9.39% |
| Best rate | 5.99% |
Debt Consolidation Rates by Credit Score
A higher credit score generally means you'll receive a lower rate — but not always.
| Credit | Score range | Average APR |
| Excellent | 720+ | 16.00% |
| Good | 660-719 | 17.93% |
| Fair | 620-659 | 22.29% |
The average rates (APRs), terms, and loan amounts were provided by Even Financial sourced through Fiona.com. This information is based on aggregated, anonymized offer data from Fiona's lender marketplace of financial services providers as of August 8. The data presented in this table applies only to lenders with APRs below 30%, and is not specific to any individual lender or consumer.
Personal Loan Interest Rate FAQs
Borrowers on average are getting interest of around 21% on personal loans. The rates you get will depend on the term of the loan, your credit score, and other aspects of your financial situation.
Upstart currently has the lowest interest rate on a personal loan at 4.60%. However, personal loan interest rates vary widely, with some borrowers paying as much as 155%. Rates are determined based a broad range of factors including the borrower's creditworthiness and the term of the loan.
The interest rate your bank will offer your for a personal loan will depend on your credit score, debt-to-income ration, income, and other aspects of your financial situation. If you receive a lower offer from another lender, it is sometimes possible to negotiate the rate with your bank.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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