Best personal loans with low interest rates of November 2023

In addition to offering competitive annual percentage rates (APRs), SoFi provides several rate discounts that could help you lower your rate even further. These include discounts for autopay (0.25%), for borrowers who already have a SoFi account (0.125%) and for those who use their loan to consolidate debt and allow SoFi to pay their creditors directly (0.25%).

With SoFi, you can borrow $5,000 to $100,000 with repayment terms ranging from two to seven years.

• Interest rates: 8.99% to 25.81%.
• Loan amounts: $5,000 to $100,000.
• Repayment terms: 2 to 7 years.
• Rate discounts: Autopay (0.25%), existing account holder (0.125%) and direct creditor payment (0.25%).
• Fees: None.
• Min. credit score: 680.
• Accepts co-signers: No (but can apply with a joint applicant).

With Upgrade, borrowers have access to free credit score monitoring and personalized recommendations, which can be helpful if you’re looking to build your credit.

Upgrade personal loans range from $1,000 to $50,000 and come with terms from two to seven years.

• Interest rates: 8.49% to 35.99%.
• Loan amounts: $1,000 up to $50,000.
• Repayment terms: 2 to 7 years.
• Rate discounts: Autopay (amount not disclosed).
• Fees: Origination fee (1.85% to 8.99%), late payment fee ($10) and returned payment fee ($10).
• Accepts co-signers: No (but can apply with a joint applicant).

If you have thin credit — meaning too little of a credit history to generate a credit score — Upstart could be a good option. While the lender has a minimum credit score requirement of 300, it also works with borrowers with little to no credit. In addition to your credit, Upstart will consider other factors as well, such as your education and employment, to determine your creditworthiness.

With Upstart, you can borrow $1,000 to $50,000 with a three- or five-year term.

• Interest rates: 5.2% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 3 or 5 years.
• Rate discounts: None.
• Fees: Origination fee (0% to 10%), late fee (5% of past-due amount or $15, whichever is greater) and returned payment fee ($15).
• Accepts co-signers: No.

While many lenders have a minimum borrowing amount of $1,000 or more, you can borrow as little as $600 up to $50,000 with PenFed. Repayment terms range from one to five years.

Keep in mind that while you don’t have to be a PenFed member to apply, you’ll have to join the credit union if you are approved and want to accept the loan.

• Interest rates: 7.99% to 17.99%.
• Loan amounts: $600 to $50,000.
• Repayment terms: 1 to 5 years.
• Rate discounts: None.
• Fees: Late fee ($29) and returned payment fee ($30).
• Accepts co-signers: No (but can apply with a joint applicant).

If you apply for a personal loan with Prosper and are approved, you could get your funds within one business day of signing your loan documents. Speedy disbursement combined with the lender’s quick rate estimation tool can make Prosper a good option if you’re on a tight timeline.

Prosper loans range from $2,000 to $50,000 and come with terms from two to five years.

• Interest rates: 6.99% to 35.99%.
• Loan amounts: $2,000 to $50,000.
• Repayment terms: 2 to 5 years.
• Rate discounts: None.
• Fees: Origination fee (1% to 5%), check payment fee (5% of your payment amount or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15).
• Accepts co-signers: No (but can apply with a joint applicant).

If you need to borrow a large amount, LightStream could be a good option. Its loans range from $5,000 to $100,000 and come with terms from two to seven years (up to 12 years for some types of loans).

Additionally, if you’ve already been approved for a personal loan with another lender, you could get another 0.1% off your rate through LightStream’s Rate Beat Program. You can also take advantage of a 0.5% rate discount if you sign up for autopay — a higher discount than the typical 0.25% provided by other lenders.

• Interest rates: 7.99% to 25.99%.
• Loan amounts: $5,000 to $100,000.
• Repayment terms: 2 to 7 years (up to 12 years for some types of loans).
• Rate discounts: Autopay (0.5%), Rate Beat Program (0.1%).
• Fees: None.
• Accepts co-signers: No (but can apply with a joint applicant).

While U.S. Bank’s minimum credit score requirement is 660, this is on the higher end of what’s considered fair credit. A fair credit score is usually specified as falling between 580 and 669. Also keep in mind that if you aren’t a current U.S. Bank customer, you might need a higher credit score than 660 to get approved. Because of this, U.S. Bank is likely better suited to borrowers with good credit.

Existing U.S. Bank customers can borrow $1,000 to $50,000 with terms from one to seven years. Non-U.S. Bank customers, on the other hand, can only borrow a maximum of $25,000 with terms up to five years.

• Interest rates: 8.24% to 24.99%.
• Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
• Repayment terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
• Rate discounts: Autopay (0.50%).
• Fees: No origination fee or prepayment penalty.
• Accepts co-signers: No (but can apply with a joint applicant).

While most Avant customers have a credit score between 600 and 700, you could qualify for a personal loan with a credit score as low as 580. This could make Avant a great option if you have less-than-stellar credit.

With Avant, you can borrow $2,000 to $35,000 with a repayment term from one to five years.

• Interest rates: 9.95% to 35.99%.
• Loan amounts: $2,000 and $35,000.
• Repayment terms: 1 to 5 years.
• Rate discounts: None.
• Fees: Origination fee (4.75%), late fee ($25) and insufficient funds fee ($15).
• Accepts co-signers: No.