Personal Loan Interest Rates Surge for 3- and 5-Year Loans

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Personal loan interest rates are up this week with both 3- and 5-year loans jumping more than a full percentage point.

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.

During the week of March 13, 2023:

• Rates on 3-year personal loans averaged 13.10%, up significantly from 11.98% last week and up from 10.23% a year ago. Rates hit a record low of 10.80%, set on February 7, 2022.
• Rates on 5-year personal loans averaged 16.10%, up significantly from 15.01% last week and up from 12.75% a year ago. Rates hit a record low of 13.10%, set on March 28, 2022.

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

Check Your Personal Loan Rates

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 June 2021, average prequalified rates selected by borrowers were:

• 9.28% for borrowers with credit scores of 780 or above choosing a 3-year loan
• 31.74% for borrowers with credit scores below 600 choosing a 3-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.

Lender	Fixed rates	Loan amounts
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 35.99% APR	$7,500 to $50,000
Fixed APR: 7.99% - 35.99% APR Min. credit score: Does not disclose Loan amount: $7,500 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: If approved, funds sent within 24-72 hours† Fees: Origination fee Discounts: No Eligibility: Available in all states except CO, CT, HI, KS, ND, NV, VT, WV, WI, and WY Customer service: Phone Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.95% - 35.99% APR	$2,000 to $35,000**
Fixed APR: 9.95% - 35.99% APR Variable APR: N/A Min. credit score: 550 Loan amount: $2,000 to $35,000** Loan terms (years): 2, 3, 4, 5* Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except HI, VT, MA, ME, NY, WV Customer service: Phone, email Soft credit check: Yes Loan servicer: Avant Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes Min. Income: $1,200 monthly
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 15.19% APR	$10,000 to $50,000
Fixed APR: 7.99% - 15.19% APR Variable APR: N/A Min. credit score: 740 Loan amount: $5,000 to $50,000 Loan terms (years): 3 to 6 Time to fund: Next business day Fees: No prepayment penalty Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.99% - 35.99% APR	$2,000 to $50,000
Fixed APR: 8.99% - 35.99% APR Variable APR: N/A Min. credit score: 600 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 to 3 business days after successful verification Fees: Origination fee Discounts: None Eligibility: Available in all states except DC, IA, VT, and WV Customer service: Phone Soft credit check: Yes Loan servicer: Best Egg and Blue Ridge Bank Min. Income: None Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99% - 24.99% APR	$2,500 to $35,000
Fixed APR: 6.99% - 24.99% APR Min. credit score: 660 Loan amount: $2,500 to $40,000 Loan terms (years): 3, 4, 5, 6, 7 Time to fund: As soon as the next business day after acceptance Fees: Late fee Discounts: None Eligibility:  Available in all 50 states Customer service: Phone Soft credit check: Yes Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	10.5% - 29.99% APR	$5,000 to $40,000
Fixed APR: 10.5% - 29.99% APR Min. credit score: 640 Loan amount: $3,000 to $40,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 2 to 5 business days after verification Fees: Origination fee Discounts: None Eligibility: Available in all states except MA and NV Customer service: Phone, email, chat Soft credit check: Yes Min. Income: $25,000 Loan Uses: Debt consolidation and credit card consolidation
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.3% - 35.89% APR	$1,000 to $40,000
Fixed APR: 8.3% - 35.89% APR Min. credit score: 600 Loan amount: $1,000 to $40,000 Loan terms (years): 3, 5 Time to fund: Usually takes about 2 days† Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Loan servicer: LendingClub Bank Min. Income: None Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 35.99% APR	$2,000 to $36,500
Fixed APR: 7.99% - 35.99% APR Min. credit score: 600 Loan amount: $2,000 to $36,500 Loan terms (years): 2, 3, 4, 5, 6 Time to fund: As soon as the next business day Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except NV and WV Customer service: Phone, email Soft credit check: Yes Min. Income: $20,000 Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 23.99% APR	$5,000 to $100,000
Fixed APR: 5.99% - 23.99% APR Min. credit score: 700 Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7* Time to fund: As soon as the same business day Fees: None Discounts: Autopay Eligibility: Available in all states except VT Customer service: Phone, email Soft credit check: No Loan servicer: LightStream Min. Income: Does not disclose Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	18.0% - 35.99% APR	$1,500 to $20,000
Fixed APR: 18.0% - 35.99% APR Min. credit score: None Loan amount: $1,500 to $20,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 to 2 business days after approval Fees: Origination fee Discounts: None Eligibility: Must have photo I.D. issued by U.S. federal, state or local government Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.74% - 17.99% APR	$600 to $50,000 (depending on loan term)
Fixed APR: 7.74% - 17.99% APR Min. credit score: 700 Loan amount: $600 to $50,000* Loan terms (years): 1, 2, 3, 4, 5 Time to fund: 2 to 4 business days after verification Fees: None Discounts: None Eligibility: Does not disclose Customer service: Phone, email Soft credit check: No Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 35.99% APR	$3,500 to $40,000
Fixed APR: 5.99% - 35.99% APR Min. credit score: 640 Loan amount: $3,500 to $40,000 Loan terms (years): 2, 3, 4, 5 Time to fund: 90% funded within a day13 Fees: Origination Fee, $15 Late Fee, $25 NSF Fee Discounts: None Eligibility: Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories Customer service: Phone, email Soft credit check: Yes Loan servicer: Reach Financial Min. Income: $1,000 monthly Loan Uses: Debt consolidation, credit card refinancing
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.99% - 23.43% APR10	$5,000 to $100,000
Fixed APR: 8.99% - 23.43% APR10 Min. credit score: Does not disclose Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7 Time to fund: 3 business days Fees: None Discounts: Autopay Eligibility: Available in all states except MS Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Solely for personal, family, or household uses
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	11.69% - 35.93% APR7	$1,000 to $20,000
Fixed APR: 11.69% - 35.93% APR7 Min. credit score: 560 Loan amount: $1,000 to $50,000 Loan terms: 3, 5, or 7 years 8 Time to fund: Within one day, once approved9 Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases Fees: Origination fee Discounts: Autopay Eligibility: A U.S. citizen or permanent resident; not available in DC, IA Customer service: Phone, email Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.49% - 35.97% APR	$1,000 to $50,000
Fixed APR: 8.49% - 35.97% APR Min. credit score: 600 Loan amount: $1,000 to $50,000* Loan terms (years): 2 to 7 Time to fund: Within a day of clearing necessary verifications Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except Washington, DC Customer service: Email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.4% - 35.99% APR4	$1,000 to $50,0005
Fixed APR: 5.4% - 35.99% APR4 Min. credit score: 580 Loan amount: $1,000 to $50,0005 Loan terms (years): 3, 5, or 7 years4 Time to fund: As soon as 1 - 3 business days6 Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Min. Income: $12,000 Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

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.

About the author

Matt Carter

Matt Carter is an expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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