Are personal loan rates low right now?

But if your credit score isn't among the best in the crop, expect to pay more.

Personal loan

interest rates as low as 5.74% APR. When submitting a loan application, you may be asked to provide additional documents that allow us to verify your income, assets, and financial situation. The best personal loan rates generally go to borrowers with excellent credit, high and stable incomes, little existing debt, and a credit history that shows consistent on-time payments for credit cards and other loans.

A personal loan can be a great way to pay off a large home renovation project and increase the equity of your home. The impact of COVID-19 has left millions of Americans without a reliable source of income, and many may be seeking personal loans to cover emergency expenses. While this is considered a less-than-stellar score, you may be able to qualify for a personal loan with an average APR of just 17.8 percent. Upstart borrowers cannot use personal loans to finance illegal activities or purchase illegal weapons, firearms or drugs.

When determining personal loan rates, some online and alternative lenders also look at a potential borrower's occupation and education to assess income potential. Borrowers are also prohibited from using LightStream loan funds to refinance an existing LightStream loan. Here's a look at the best interest rates for personal loans from lenders, banks and online credit unions. Loans for education-related expenses may take up to three additional business days after the loan is accepted.

When you start looking for a personal loan, it can be helpful to compare several different offers to find the best interest rate and repayment terms for your needs. This means that the loan funds will be deposited into your bank account and you will have to pay your other lenders individually. Some lenders allow borrowers to refinance a personal loan you have with them, while others refinance a loan from another lender. To do this, you provide information about your credit, income and employment, as well as how much you want to borrow and why, and the lender will tell you the potential loan amount, rate and repayment term you could get.

The lowest rates in this credit band usually go to borrowers who have low debts and high incomes, and a credit history showing that the accounts are up to date.