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Borrowers with poor credit scores have seen rates get better this week. However, if you have a good or fair score, you may get a worse rate.
While some personal loan rates went down over the past week, they've been trending higher overall. The Federal Reserve has increased the federal funds rate six times in 2022 to try to tame surging inflation. Those higher rates ripple through the economy, resulting in higher borrowing costs for everything from mortgages and credit cards to auto and personal loans.
You can get a personal loan for many reasons. Lately, most borrowers have been using them for debt consolidation. Other popular uses for the money include financing a home improvement project, paying a medical bill, and covering general household expenses.
Average personal loan rates
We've compiled a database of 28 personal loan products and averaged their rates so you know the current landscape. The higher your credit score, the more likely you'll qualify for a better rate. Rates are unchanged from last week.
|This week's rates|
|Average overall rate||19.69%|
|Average low rate||9.81%|
|Average high rate||30.00%|
The lowest rate of the companies we track is from
The actual rate you'll receive depends on your creditworthiness and other aspects of your financial situation. Check your rates with any lenders you are interested in to see what you're eligible for.
Average personal loan rates by credit score
These rates are based on data from 150 borrowers who applied for loans and received rates.
This week's average APR
Average APR from 2 weeks ago
Average loan amount and term length by credit score
These loan amounts and term lengths are based on data from 150 borrowers who applied for loans and received rates.
Average requested loan amount
Average loan term length
Maximum loan term length
Percentage of borrowers by loan purpose
These loan purposes are based on data from 157 borrowers who applied for loans and received rates. One borrower used loan funds to pay for baby expenses this week.
Percentage of borrowers
Credit card refinancing
Student loan refinancing
Frequently asked questions
Is your credit score a factor in determining your personal loan rate?
Yes, your credit score has a significant impact on your rate. Generally, the higher your credit score, the better rate you'll get.
Different lenders require different minimum credit scores for borrowers to qualify for a personal loan. Some lenders have no minimum at all, while others offer low rates only to borrowers with excellent credit histories.
How can I use the money from a personal loan?
You can use a personal loan for almost any purpose you can think of, although it does depend on the lender. Some common uses include:
- Debt consolidation
- Credit card refinancing
- Home improvements
- Moving expenses
- Car repair
- Medical bills
Every reason available isn't listed here, and you should reach out to your individual lender to ask about what choices it offers.
Who should get a personal loan?
Personal loans aren't right for every situation, nor every person. It can sometimes be hard to qualify, with strict credit score requirements. Personal loans also can carry high interest rates, which could mean there are better options out there.
For larger purchases that won't fit within a credit limit, a personal loan might be the right option. It's worth calculating the interest you'll pay, and carefully considering options like a secured loan to bring down the interest rate.