Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

5 Best Low Interest Personal Loans for March 2024

Review Updated
Matt Frankel, CFP®
By: Matt Frankel, CFP®

Our Loans Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The lowest interest rates are reserved for borrowers with high credit scores. If you're a highly qualified borrower, these five lenders offer some of the lowest interest rates in the industry. The advantage of a low interest rate is the amount of money you'll save over the life of a loan, money that can be redirected to other things you care about, like planning for your future.

As of Feb. 05, 2024
Lending Partner Min. Credit Score Loan Amounts Apr Range Next Steps
Award Icon 2024 Award Winner
SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
Award Icon 2024 Award Winner
Citi® Personal Loan
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 720 Loan Amounts: $2,000 - $30,000 APR Range: 10.49% to 19.49%
Award Icon 2024 Award Winner
LightStream
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: Good credit Loan Amounts: $5,000 - $100,000 APR Range: 7.49%-25.49% (w/ AutoPay)*
Achieve
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 620 Loan Amounts: $5,000 - $50,000 APR Range: 7.99% - 35.99%
Wells Fargo Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Credit Score: 660 Loan Amounts: $3,000 - $100,000 APR Range: 7.49% - 23.24%
Disclaimers

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Citi Personal Loan disclaimer:
**Rates as of
10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.

There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.

You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.

If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.

Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% 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 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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%-7%, 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.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Best For: No origination or prepayment fees required

Award Icon 2024 Award Winner
Logo for SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99%-29.99% APR (with all discounts)
Term Length
24 - 84 months

We chose SoFi as a best low interest personal loans lender because its maximum interest rate is much lower than what other lenders charge. When you also consider that SoFi doesn't require fees, you have total loan costs that are hard to beat.

  • Competitive interest rates
  • No fees or prepayment penalty
  • High maximum loan limit
  • Same-day funding available
  • High minimum loan amount
  • High minimum credit score
  • No in-person support

Best For: Flexibility and debt consolidation

Award Icon 2024 Award Winner
Logo for Citi® Personal Loan
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
720
Loan Amounts
$2,000 - $30,000
APR Range
10.49% to 19.49%
Term Length
12 - 60 months

A Citi® Personal Loan stands out for borrowers with solid credit, offering a chance to consolidate high-interest debts into a loan with a competitive low fixed rate. Benefits include flexible loan amounts (as little as $2,000), and a variety of repayment terms. Plus, with no origination fees or prepayment penalties, borrowers can save even more. Just a heads up, if you're a fan of mailed checks, be prepared for a slight wait. For its sheer value and flexibility, we think it's a star pick for best low interest loans.

  • Low loan amounts available
  • Relatively low interest rate (on the low end of the range)
  • No origination or prepayment fees
  • Good for debt consolidation
  • Long repayment term
  • Funds sent by mail can take five business days or more to arrive

Best For: High maximum loan amounts

Award Icon 2024 Award Winner
Logo for LightStream
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
Good credit
Loan Amounts
$5,000 - $100,000
APR Range
7.49%-25.49% (w/ AutoPay)*
Term Length
24-144 months (varies by loan purpose)

LightStream is a best low interest personal loan lender because it offers the lowest interest rate we've seen on a personal loan. It even promises to beat competing offers. There are no fees, and the maximum loan amount is high enough to meet most borrowers' needs ($100,000).

  • Competitive APRs
  • No fees or prepayment penalty
  • Same-day funding available
  • High maximum loan amount
  • Better APRs available
  • No pre-approval for personal loans

Best For: Debt consolidation

Logo for Achieve
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
620
Loan Amounts
$5,000 - $50,000
APR Range
7.99% - 35.99%
Term Length
24 - 60 months

We chose FreedomPlus for best low interest personal loans because well qualified applicants can get a competitive rate. We also like that it offers a special rate discount to borrowers who use the loan to pay off other debt. You can apply with a cosigner if you need to.

  • Competitive interest rates
  • Allow borrowers with poor credit to get approved
  • No prepayment fee
  • Significant variation in origination fees
  • Isn't available in all states
  • High minimum loan amount

Best For: Using a co-applicant

Wells Fargo Personal Loan

Logo for Wells Fargo Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
660
Loan Amounts
$3,000 - $100,000
APR Range
7.49% - 23.24%
Term Length
12 - 84 months

Wells Fargo makes the cut for best low interest personal loans because it offers some of the lowest rates you'll find. Rates are competitive for all qualified applicants, not just those with excellent credit. It also allows you to apply with a co-applicant (different from a cosigner), which may be helpful in getting a better interest rate. High loan limit makes Wells Fargo's loans even more versatile.

  • High lending limits
  • Consolidation funds paid directly to creditors
  • Personal loans are only offered to Wells Fargo banking customers
  • No longer offers secured loans

Reasons to get a low interest loan

There are a few reasons why getting a personal loan could be a smart idea. For example, if you have credit card debt, a personal loan could allow you to pay off your debt and consolidate several smaller balances into one fixed monthly payment. Or, if you want to do some home remodeling, pay for medical expenses, or cover pretty much any other expenses you may have, a personal loan can allow you to finance these things without having to max out credit cards.

For many borrowers, personal loan interest rates are significantly lower than they could hope to get from a credit card, and personal loans are fixed-rate instruments, so you don't have to worry about interest rates rising. Plus, it's also important to realize that the interest on a personal loan is usually fixed -- so if market rates rise significantly, your personal loan interest rate will stay the same. On the other hand, credit card interest rates are variable and can increase over time.

What APR can you qualify for?

It's important to mention that for each lender, the lower end of the advertised APR (annual percentage rate) range is generally reserved for borrowers with excellent credit history (think 760 FICO® scores or higher). Additionally, the best interest rates may only be available for borrowers with the highest credit scores. A personal loan for bad credit may be a better option if you don't have a good credit score.

The point is that you generally need a "perfect storm" of qualifications and loan terms to get the best personal loans. Just keep this in mind when evaluating the lenders.

Personal loan essentials to know

To be clear, while the interest rate is certainly an important piece of the puzzle, it's not the only thing you should consider when deciding on a personal loan. Here are a few potential factors to include in your decision-making process:

  1. Make sure the loan term results in a monthly payment that is manageable. Some lenders only offer repayment terms of up to four years, while others will let you stretch out your repayment for as long as seven years. Now, you should aim to pay your loan off in as little time as possible, but while simultaneously keeping your payments at an affordable level.
  2. These personal lenders all have different minimum and maximum loan ranges. For example, SoFi will make personal loans of as much as $100,000, but if you want to borrow less than $5,000, you'll need to look elsewhere. Other lenders might cap their loans at $30,000 or $40,000. And keep in mind that just because a certain lender offers loans of a certain amount doesn't necessarily mean that you'll qualify for the amount you want to borrow.
  3. Some lenders don't charge any fees whatsoever, while others charge origination fees when you obtain a loan. If a lender that charges an origination fee offers a lower interest rate or better terms than a no-fee lender, it can still be the better option, but fees definitely should be taken into consideration. Check out your loan's disclosures for all of the important information.
  4. Competition among personal lenders has never been higher, and as a result, some lenders offer unique perks that can also factor into the decision process. For example, one lender allows borrowers to skip a monthly payment (and add an extra payment at the end of the loan) at any point after making 12 on-time payments. Other lenders may offer an interest rate discount to existing customers.

How to choose a low-interest personal loan

The number one rule when you're choosing a personal loan is to shop around. And this doesn't just mean researching your options like you're doing right now. Smart consumers take the time to prequalify with several personal lenders to see about personal loan approval before submitting a hard inquiry and borrowing money.

Because the industry is still relatively young, different personal lenders have dramatically different underwriting processes. It isn't uncommon for one borrower to get offered a fixed rate from one lender that's 8 or 9 percentage points greater or less than the rate they get offered by another. And most personal lenders allow you to check your interest rate and loan terms without affecting your credit score, so there's really no good reason not to check a few (or all) of the potential lenders before making a decision.

Finally, it's worth checking out your local banks and credit unions -- sometimes a credit union in particular is an excellent source for a low-interest way to borrow money and many offer an interest rate discount to existing customers. And if you own a home, it may be worth looking into a home equity loan or home equity line of credit (HELOC). Since these loans are backed by collateral (your home), banks sometimes offer lower interest rates than on personal loans, especially if you have an excellent credit history. (The same reason mortgage rates tend to be lower than personal loan interest rates.)

Need a loan? Check out The Ascent's guide on how to apply for a personal loan.

Lending Partner Min. Credit Score Loan Amounts APR Range Best For
SoFi Personal Loans 680 $5,000 - $100,000 Fixed: 8.99%-29.99% APR (with all discounts) Low APR for borrowers with high income
Citi® Personal Loan 720 $2,000 - $30,000 10.49% to 19.49% Debt consolidation and long repayment terms
LightStream Good credit $5,000 - $100,000 7.49%-25.49% (w/ AutoPay)* Borrowers with good credit
Achieve 620 $5,000 - $50,000 7.99% - 35.99% Diverse offerings
Wells Fargo Personal Loan 660 $3,000 - $100,000 7.49% - 23.24% Low APR and fast funding

FAQs

  • A low interest rate for a personal loan is anything less than 10% in the current interest rate environment%. Rates in that range are usually given to borrowers with excellent credit.

  • The odds of qualifying for a low-interest loan with poor credit are very low. Typically, the higher your credit score, the lower the interest rate you will be offered. If your credit score is low, taking steps to boost it will take time but will ultimately save you money.

  • These banks offer some of the best low-interest personal loans:

    • Wells Fargo
    • TD Bank
    • U.S. Bank

Our Loans Experts