Average personal loan rates for 3-year loans have fallen, while 5-year loans have risen since last week.
Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.
During the week ending May 12, 2024:
- Average personal loan rates* on 3-year loans were at 14.43%, down from 15.10% last week and up from 14.16% a year ago.
- Average personal loan rates* on 5-year loans were at 18.87%, up from 18.85% last week and from 17.61% a year ago.
Personal loan historic rate trends
The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. The chart shows average weekly rates for the last year.
Personal loans are a popular way to consolidate and pay off credit card debt and other loans. Whether it makes sense to take out a personal loan often depends on what rate you can qualify for, so it makes sense to request rates from multiple lenders.
Current personal loan interest rates by credit score
Rates on personal loans vary considerably by credit score and loan term. The chart above shows borrowers with fair to poor credit tend to be offered higher rates.
In April 2024, average prequalified rates selected by borrowers were:
- 13.64% for borrowers with credit scores of 780 or above choosing a 3-year loan
- 31.47% for borrowers with credit scores below 600 choosing a 5-year loan
All lenders who offer personal loans through the Credible marketplace offer fixed-rate loans. Keep in mind that all lenders use different methods to evaluate borrowers, so it’s a good idea to request personal loan rates from multiple lenders and compare your options.
You can compare rates from all of the lenders below without affecting your credit score.
Credible rating
Fixed (APR)
6.99% - 25.49%
Loan Amounts
$5000 to $100000
Min. Credit Score
700
Credible rating
Fixed (APR)
7.80% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
620
Credible rating
Fixed (APR)
-
Loan Amounts
$2500 to $40000
Min. Credit Score
660
Credible rating
Fixed (APR)
8.49% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
600
Credible rating
Fixed (APR)
8.98% - 35.99%
Loan Amounts
$1000 to $40000
Min. Credit Score
660
Credible rating
Fixed (APR)
8.99% - 29.99%
Loan Amounts
$5000 to $100000
Min. Credit Score
Does not disclose
Credible rating
Fixed (APR)
8.99% - 35.99%
Loan Amounts
$2000 to $50000
Min. Credit Score
600
Credible rating
Fixed (APR)
9.95% - 35.99%
Loan Amounts
$2000 to $35000
Min. Credit Score
550
Credible rating
Fixed (APR)
-
Loan Amounts
$5000 to $35000
Min. Credit Score
700
Credible rating
Fixed (APR)
11.69% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
560
Credible rating
Fixed (APR)
11.72% - 17.99%
Loan Amounts
$3000 to $40000
Min. Credit Score
640
Credible rating
Fixed (APR)
-
Loan Amounts
$20000 to $200000
Min. Credit Score
660
Credible rating
Fixed (APR)
14.30% - 35.99%
Loan Amounts
$3500 to $40000
Min. Credit Score
640
Credible rating
Fixed (APR)
18.00% - 35.99%
Loan Amounts
$1500 to $20000
Min. Credit Score
540
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Where are interest rates headed?
The federal funds rate currently sits at 5.25% to 5.50%, the highest it's been since 2001. Despite Fed members anticipating three rate cuts by the end of the year at the March 2024 meeting of the Federal Open Market Committee (FOMC) — suggesting at the time a target range of 4.50% to 4.75% — board members at the Fed's May meeting decided to hold rates steady. Three Fed officials have also in recent comments supported keeping interest rates high for longer until inflation cools.
This puts the trajectory of rates in question for borrowers who are burdened by high interest costs and those interested in getting a loan. Adding to this, demand for personal loans has increased and is likely to increase further, according to a 2024 survey of senior loan officers, while lending standards have tightened. And debt levels and delinquency rates are on the rise, according to the New York Fed's Quarterly Report on Household Debt and Credit.
This all suggests that, over the next few months, personal loan borrowers are unlikely to see their effective rates drop. We should get more insight, however, once the Bureau of Labor Statistics releases May 2024 consumer price index data in June.
See other personal loan rates:
- Credit card consolidation loan interest rates
- Debt consolidation loan interest rates
- Home improvement loan interest rates
- Bad credit personal loan interest rates
About Credible
Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score.
The Credible marketplace provides an unrivaled customer experience, as reflected by over 3,700 positive Trustpilot reviews and a TrustScore of 4.7/5.