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Personal Loan Rates for 2016

Compare the best personal loan interest rates

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The amount you owe each month
5.95-12.99% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • No origination fee
  • 36, 60, 84 month terms
  • 700 minimum credit score
  • $5,000 - $100,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US citizen or permanent resident
  • You are currently employed
  • At least 18 years of age
  • Min credit score of 700

Additional criteria for acceptance from the lender may apply.

Ratings

10 out of 10 rating 10
Pro Review Read Review
7 out of 10 rating 7
User Reviews 15 User Reviews

BBB Rating

A+
5.99-35.89%* fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $100 - $500 min/max origination fee
  • 36, 60 month terms
  • 600 minimum credit score
  • $1,000 - $40,000 min/max loan amount
  • 7 days funding time
  • average saving

Additional Information

  • US citizen or permanent resident
  • At least 18 years old
  • Verifiable US bank account
  • Min credit score of 600

Additional criteria for acceptance from the lender may apply.

Ratings

9 out of 10 rating 9
Pro Review Read Review
8 out of 10 rating 8
User Reviews 20 User Reviews

BBB Rating

A+

*The APR ranges from 5.99% to 32.99%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, you will receive $9,900 and will make 36 monthly payments of $301.Your APR will be determined based on your credit at time of application. Average APR on a 36 month loan for $10,000 was 15.18% for personal loans via Lending Club from 10/29/2014-11/29/2014. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the Lendingclub.com website. Only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. All loans are made by WebBank, a Utah-chartered industrial bank, member FDIC.

6.00-36.00% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $111 - $300 min/max origination fee
  • 6 - 72 months min/max term
  • 580 minimum credit score
  • $1,000 - $35,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US resident
  • US bank account & valid ID
  • Employed or self-employed
  • At least 18 years old
  • Min credit score of 580

Additional criteria for acceptance from the lender may apply.

Ratings

8 out of 10 rating 8
Pro Review Read Review
7 out of 10 rating 7
User Reviews 13 User Reviews
5.99-14.49% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • No origination fee
  • 24 - 84 months min/max term
  • 720 minimum credit score
  • $5,000 - $100,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US resident & bank account
  • At least 18 years old
  • Several years of credit history with multiple accounts
  • Stable and sufficient income
  • Min credit score of 720

Additional criteria for acceptance from the lender may apply.

Ratings

8 out of 10 rating 8
Pro Review Read Review
8 out of 10 rating 8
User Reviews 11 User Reviews
8.00-22.00% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $200 - $500 min/max origination fee
  • 24 - 60 months min/max term
  • 660 minimum credit score
  • $5,000 - $35,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • Must be used to payoff credit card debt
  • Min FICO score of 660
  • A debt-to-income ratio of 50% or less
  • No credit delinquencies
  • At least 3 years of credit

Additional criteria for acceptance from the lender may apply.

Ratings

7 out of 10 rating 7
Pro Review Read Review
8 out of 10 rating 8
User Reviews 12 User Reviews

BBB Rating

A+
6.67-29.99% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $100 - $600 min/max origination fee
  • 36, 60 month terms
  • 640 minimum credit score
  • $1,000 - $50,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US citizen or a permanent resident living in US
  • At least 18 years old
  • Have a US bank account
  • Have a full time job, part-time job
  • Have verifiable name, DOB and SSN

Additional criteria for acceptance from the lender may apply.

Ratings

7 out of 10 rating 7
Pro Review Read Review
9 out of 10 rating 9
User Reviews 12 User Reviews

BBB Rating

A-
6.97-27.10% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $100 - $600 min/max origination fee
  • 24 - 36 months min/max term
  • 660 minimum credit score
  • $3,000 - $25,000 min/max loan amount
  • 7 days funding time
  • average saving

Ratings

7 out of 10 rating 7
Pro Review Read Review
6 out of 10 rating 6
User Reviews 2 User Reviews

* Our comparison is a representative example of how much you could be paying for a loan. The amount available to borrow and the actual rate offered will depend on your individual circumstances.

Advertiser Disclosure

Advertiser Disclosure

In order for this comparison to remain a free service, many of the companies featured provide compensation for new customers, however this does not affect the order in which they are displayed. Calculations are based solely on user inputs and data from the companies that are displayed.

Interest rates, terms and monthly payments are estimated and generated based on user entered information and information collected from providers websites. Specific information may vary based on a number of factors including the individual's specific qualifications and the providers application criteria. We attempt to keep information up to date and as accurate as possible but information (especially interest rates) may change based on a number of factors.

The information generated is meant to give users an indication of what might be available in the industry; it does not guarantee prices or bind any provider. Please see the providers specific terms and conditions for more information before applying.

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Compare Personal Loans

Compare different unsecured personal loans from legitimate online personal loan lenders all in one place without having to do timeless research on your own. This is one of the easiest ways to find the lowest interest loan that best fits your needs. The average personal loan APR is between 15 and 16 percent but online lenders offer APRs as low as 5%. The first step is to enter in the loan amount and loan term you're looking for. For example, if I want a loan for $10,000 and I want to make payments on it for 48 months (4 years). Next you need to retrieve your credit score and enter the score, along with your state of residency. Lastly, give a general reason for the loan.

The average personal loan APR is between 15 and 16 percent but online lenders offer APRs as low as 5%.

Unsecured loans are meant for things like business, home buying, medical expenses, major purchases, vacation, etc. Once you have all these variables entered, take a look at each of the online personal loan lender rates, which come up automatically. Here you can do some research with the drop down menus on the far right of each lenders box. This will be able to tell you if you qualify for the basic requirements to receive a loan from each specific vendor, helping you find the best personal loan provider for you. If you click on find my rate, it connects you directly with the online lender and you can get started with an application. You can also navigate through the pages easily with the top category bar and find reviews, FAQs, and advice.

Find the Lowest Personal Loan Rates

Comparing personal loans saves time and aggravation by bringing together different unsecured personal loan lender information, including loan rates, APR's, and qualifications to one place allowing you to compare rates and lenders easily. The tool also automatically eliminates the lenders you do not qualify for once you have put in your specifications. Without using the tool and researching each lender separately on your own, you're looking at endless hours of research and you may miss important information.

Compare Loan Rates

Origination Fee: An origination fee is a fee charged by a lender when entering into a loan agreement to cover the cost of processing the loan. (Some lenders have no origination fee)

Fixed APR: A fixed APR is the interest rate at which you will be paying back your personal loan. This rate does not change without notice.

Total Repayment: The total repayment is the amount of the payments with interest you will have paid by the end of the duration of your loan. This number does not include upfront payments and also is not adjusted for the time value of money.

Monthly Payment: The monthly payment is simply the payment you would be making each month to eventually pay off the loan.

Each of these categories are equally important to take into consideration when looking for the best personal loan because if you're only looking at the interest rate, and choose solely on that factor, you may have a very high origination fee to pay. On the other hand, you may find something with a slightly higher interest rate but no origination fee making it worth it to choose differently. Same goes with all of the other categories.

Overall the personal loan rate calculator is a great tool for efficiency when searching for the best personal loan. It does the research for you and connects you directly with the online lender.

How to Get the Best Personal Loan Rates

Getting a loan means optimizing your credit and finding the best lender. Banks are the obvious choice; they are reputable, offer fair rates and they often offer excellent service. However, it can be difficult to get an unsecured personal loan from a big bank. They tend to be extremely selective when it comes to choosing even borrowers with excellent credit. If you don't qualify for a bank loan, online personal loan companies are an excellent alternative. Here are the steps you should take to get a loan:

  • Optimize your credit by consistently paying credit cards, cleaning up excess debt and checking your credit report for mistakes.
  • Next, choose a lender. Enter your criteria into the tool above and generate the best lender for you.
  • When you've chosen a lender read more about them. Investigate their site, read our reviews and make a hypothetical budget for their loan.
  • If you like what you see, follow the steps to apply for a loan.

How to Apply for an Online Loan

Your loan application should accurately represent your credit score and any other information that can help you get a loan. Some online lenders may heavily weigh other factors, besides your credit score, like your income and expenses. Online lenders typically have fairly seamless application process and you may be pre-approved within minutes. After preapproval, you may have to wait anywhere between a few hours and a few days to receive funds.

Comparing Online Personal Loan Rates to Traditional Bank Loans

Bank loans are often an excellent, if not unlikely, choice. Though big banks are trustworthy and often offer excellent loan products, it can be difficult to qualify for a personal loan with a bank. Online lenders can be an excellent alternative, though it is important to be sure you are dealing with a reputable lender.

Unsecured Personal Loan Rates vs. Secured Loans

An unsecured personal loan allows you to borrow money without having to put your own property up as collateral. With a secured loan, you may have to put up a house or car just in case you fail to pay off your loan. Since unsecured loans carry no risk of you losing any of your property, they tend to come with higher rates and are more difficult to qualify for.

Best Loan Rates - Personal Loan Purpose

Before choosing a lender, make sure you know what kind of loan you may actually need. Different loan companies offer different strengths and weaknesses in each category. Here are some common loan types:

  • Debt Consolidation – A debt consolidation loan allows you to take out a loan for the purpose of paying off multiple loans. This allows you to combine debts into one monthly payment, in some cases you can even save on interest overall.
  • Credit Card Consolidation – Some consolidation loans are specifically designed to help you pay off multiple credit cards.
  • Home Improvement – Some loan companies offer loan products tailored to big purchase like home improvement projects or home extensions.
  • Boat – Just like an auto loan, a boat loan allows you to finance the purchase of watercraft.
  • Business – Business or small business loans are purposed specifically for new or expanding businesses
  • Car Repair – Building good credit is all about making consistent payments. A personal loan can help repair your credit, if you make timely payments.
  • Vacation – This is a loan that helps you fund your dream get away.
  • Wedding Expenses – Weddings can be pricey. Some lenders offer loan product that can help cover that expense.
  • Moving and RelocationThis gives you the extra funds to cover relocation costs like moving companies, rented trucks or packing companies.
  • Medical Expenses – Unplanned emergencies may require some emergency money. If you don't have another option, medical expense loans can help.

Personal Loan Calculator

For budgeting and planning, it's important to calculate your need according to the type of loan you might receive. Use our personal loan calculator to see what kind of payments you'll have to make.

Personal Loan Comparison

MoneySavingPro makes shopping for a loan easy. We research the best personal loans and compile all of the information into an easy to use tool. You don't need to put in any personal information to find the best lender for you.

Simply enter your credit score, the amount you want to borrow, the length of your ideal term, the state you live in and the purpose of your loan and we instantly compare the top lenders to see what matches your criteria.

We've reviewed the industry's leading lenders to come up with your best options. We looked at fees, rates and application criteria to find our favorite companies.

After applying your filters, we generate the best companies that meet your needs and eliminate ones that don't. Then you can instantly see the deals that may be available to you. No personal information required.

Once you find an option you like you can hit the 'apply now' button to connect directly to the lender to begin your application process.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.