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Best Low-Interest Personal Loans June 2023

Low-interest personal loans come with a lower annual percentage rate (APR) than the average rate offered by lenders. These loans usually have more affordable monthly payments and help save money over the life of the loan. They can be found at banks, credit unions, and online lenders. By comparing interest rates and terms, you can find a loan that meets your financial needs and has the most favorable terms. Remember that eligibility for a low-interest personal loan may depend on your credit score, income, and other factors.

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The Best Low-Interest Personal Loans

LightStream Division of SunTrust Bank
  • APR: 7.49 - 24.49%
  • Loan Term: 24 - 84* months
  • Min Credit Score: 660
View details
Key facts
  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹

Read LightStream Review »

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Best Egg Hassle-free. Fixed rates
  • APR: 8.99-35.99%
  • Loan Term: 36-60 months
  • Min Credit Score: 600
View details
Key facts
  • Soft credit pull for pre-approval.
  • Funding of approved loans in as little as one business day.
  • Application takes just a few minutes.

Read Best Egg Review »

“Best Egg Disclaimer: *Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate.You need a minimum 700 FICO®score and a minimum individual annual income of $100,000 to qualify for our lowest APR.To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.We may also ask to see your driver’s license or other identifying documents. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57 to a total amount of $10,564.2.”

Upgrade Check Your Rate in Minutes
  • APR: 5.94-35.97%
  • Loan Term: 24-72 months
  • Min Credit Score: 560
View details
Key facts
  • Quick and seamless application allows you to check rates in minutes.
  • Discover if you qualify without harming your credit score.
  • Offers fast funds in 1-4 business days

Read Upgrade Review »

Upgrade Disclaimer: “Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total in $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.  “Fast Funding Disclaimer: “Accept your loan offer and your funds will be sent electronically to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days.”

5K Funds Fast & easy online application
  • APR: 5.99-35.99%
  • Loan Term: 3-72 months
  • Min Credit Score: 300
View details
Key facts
  • 5K Funds makes it easy to get rates and start comparing terms from multiple lenders.
  • 5K Funds has an extensive network of reputable lenders.
  • Borrowers have the freedom to use a personal loan in a number of ways.

Read 5K Funds Review »

5kFunds.com (the “website”) is not an offer or solicitation to lend. The website only provides a service and is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions. The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $1,000 and $35,000 but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. If you have any questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers. By submitting your request, you acknowledge, agree, and authorize that (a) your information may be sent to lenders and/or third-party partners on your behalf, and (b) such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax to evaluate your creditworthiness. Loan products have a 3 months minimum repayment term. Loan example: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2

Avant Personal Loans for You
  • APR: 9.95-35.99%
  • Loan Term: 24-60 months
  • Min Credit Score: 580
View details
Key facts
  • Flexible repayment options
  • Great for customers with bad credit score
  • Safe and secure

Read Avant Review »

Loan amounts range from $2,000 to $35,000. APR ranges from 9.95% to 35.99%. Loan lengths range from 24 to 60 months. Administration fee up to 4.75%. ** Loan Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33, the total amount paid will be $8,291.88.* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. The approval process may take longer if additional documents are requested. Approval and loan terms will vary based on credit determination and state law. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with Avant. Based on the responses from 5,854 customers in a survey of 115,957 newly funded customers, conducted from June 1, 2017 – March 1, 2018, 94.64% of customers stated that they were either extremely satisfied or satisfied with Avant. Avant of Washington, LLC DBA Avant is a wholly-owned and operated subsidiary of Avant, LLC Nationwide Multistate Licensing System #1440089. Small Loan Company License #SLC-1457409.

LendingClub A Leading P2P Marketplace
  • APR: 8.05-35.89%
  • Loan Term: 36-60 months
  • Min Credit Score: 600
View details
Key facts
  • One of the largest P2P lending partners & investing companies
  • 15-day grace period for late fees
  • Apply in just minutes and receive competitive offers

Read LendingClub Review »

Disclaimer: A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of [PARNTER LEGAL NAME] and is not responsible for the products and services provided by [PARNTER NICKNAME]. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

SoFi Low Rates. No Fees are Required.
  • APR: 8.99-23.43%
  • Loan Term: 24-84 months
  • Min Credit Score: 680
View details
Key facts
  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever

Read SoFi Review »

Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

What is a Low-Interest-Rate Personal Loan?

A low-interest-rate personal loan can vary depending on the lender and the borrower’s financial situation. Generally, a personal loan with an APR below 10% can be considered a low-interest-rate loan. However, some lenders may offer even lower rates to borrowers with excellent credit scores and low debt-to-income ratios.

To qualify for a low-interest-rate personal loan, lenders typically require borrowers to have a good credit score, usually 670 or higher. Borrowers with a credit score of 740 or higher may be eligible for even lower rates. In addition to credit score, lenders also consider factors such as income, employment history, and debt-to-income ratio when determining a borrower’s eligibility for a low-interest-rate personal loan.

Banks, credit unions, and online lenders offer low-interest-rate personal loans, so it’s important to shop around and compare rates and terms from multiple lenders to find the best loan for your needs. When comparing loans, review the interest rate, repayment terms, fees, and any prepayment penalties to make an informed decision.

The average personal loan interest rate

The average interest rate for personal loans is between 10.16%-13.5%. The interest rates for personal loans depend on the borrower’s credit score, the amount of money they borrow, and the length of time they borrow.

How can I get a low rate personal loan?

Getting a low-interest personal loan is possible if you have good credit and a stable income. Here are the steps you can take to increase your chances of getting approved for a low-interest personal loan:

  1. Check your credit score: Lenders typically require a credit score of at least 660 to qualify for a low-interest personal loan.
  2. Shop around: Compare rates from different lenders to find the best deal. Consider both traditional banks and online lenders.
  3. Consider a secured loan: If you have collateral, such as a car or savings account, you may get a lower interest rate with a secured loan.
  4. Apply for pre-approval: Many lenders offer pre-approval, which allows you to see what rates and terms you qualify for without impacting your credit score.
  5. Choose the best offer: Once you’ve received multiple offers, compare the rates and terms to choose the one that fits your needs and budget.
  6. By following these steps, you can increase your chances of getting a low-interest personal loan and save money on interest charges over the life of your loan.

Read more: How Interest Rates Are Determined?

Pros and Cons of Low-Interest Personal Loans

When finding the right loan, you want to ensure you’re getting the best deal possible. Cheap personal loans, also known as low-APR loans, offer a way to borrow money while paying less interest charges. Before applying for low-rate loans, here are some pros and cons.

Pros of Low-interest Personal Loans:

  • Offers access to more affordable debt
  • Fewer interest charges over the life of your loan
  • Quick funding within a matter of a few business days
  • Can help you build credit if you make all your payments on time

Cons of Low-interest Personal Loans:

  • Reduces flexibility in your monthly budget
  • You could be sued if you default
  • Causes a small temporary dip in credit score when you apply
  • Diverts money that you could use elsewhere, like building an emergency fund

Calculate the best rates for your needs

This calculator will help you to find the most affordable rates for your needs. It calculates the monthly payment, total interest, and total amount paid.

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