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Compare personal loan rates for February 2022

Compare Your Personal Loan Rates

See if you pre-qualify for a personal loan in minutes. It's free and will not affect your credit score.

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One Main Financial Personal Loans
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OneMain Financial

Loan term 2 to 5 years
Loan amount $1,000 - $20,000
APR 18.00 - 35.99%
Upgrade Personal Loans
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Loan term 2 to 7 years
Loan amount $1,500 - $50,000
APR 6.95 - 35.97%

CompareOffers.com's guide to choosing the best personal loan

What is a personal loan?

Personal loans are unsecured short-term loans typically repaid in monthly installments over a specific term. You can use the funds for almost any purpose, such as paying off other debt, financing home improvement or paying for that big life vent, like a wedding or adoption. Personal loans are a great option for consolidating your credit card debt with a lower interest rate.

Personal loans are typically not backed by collateral such as a car or house. You can get a personal loan from banks, credit unions, online lenders and peer-to-peer lenders. Lenders will look at your income, credit score, credit report and debt-to-income ratio.

What are the interest rates on personal loans?

Depending on your credit score, personal loan interest rates can range from 2.49 percent to 36 percent. Borrowers with better credit scores typically get the lowest interest rates and higher loan amounts.

Reasons to get a personal loan

Most lenders allow you to use your personal loan for just about any purpose. It's best to make a positive impact on your financial health with your personal loan, by paying off high interest debt or adding value to your home with renovations.

What are the benefits of personal loans?

There are several benefits to getting a personal loan, including:

How to get a personal loan

  1. Determine how much you need to borrow: Before applying for a personal loan, it is important to determine how much you need to borrow. This will help you determine which loan products are available to you and will allow you to compare offers from different lenders.
  2. Shop around and compare offers: Once you have an idea of how much you need to borrow, you can start shopping around and comparing offers from different lenders. This will allow you to find the loan product that is the most cost-effective and that best meets your needs.
  3. Check your credit score: Before applying for a personal loan, it is a good idea to check your credit score and review your credit report. This will help you understand your creditworthiness and can give you an idea of what interest rates you may be able to qualify for.
  4. Gather the necessary documentation: Most lenders will require you to provide certain documentation when you apply for a personal loan, such as proof of income and identification. It is important to gather this documentation in advance, to make the application process go smoothly.
  5. Submit your application: Once you have gathered all of the necessary documentation, you can submit your loan application to the lender. This typically involves filling out an online application form or providing the information in person at a bank or other financial institution.
  6. Wait for the lender to review your application: After you have submitted your loan application, the lender will review your information and make a decision on whether to approve your loan. This process can take several days or even weeks, depending on the lender and the complexity of your application.
  7. Review and accept the loan terms: If your loan application is approved, the lender will provide you with the loan terms, including the interest rate, monthly payment, and loan duration. It is important to carefully review these terms before accepting the loan, to make sure that you understand the terms and that the loan is affordable for you.

What is an unsecured loan?

An unsecured loan is a type of loan that is not backed by collateral. This means that the borrower does not have to pledge any assets, such as a car or a house, in order to obtain the loan. Instead, the borrower's creditworthiness and ability to repay the loan are used as the primary factors in determining whether the loan will be approved.

Unsecured loans can be used for a variety of purposes, including consolidating credit card debt, paying for unexpected expenses, or funding a small business. They are often easier to obtain than secured loans, as they do not require the borrower to put up any collateral. However, because they are riskier for lenders, they typically have higher interest rates than secured loans.

What is an APR?

APR, or annual percentage rate, is the annualized cost of borrowing money, including certain fees and other costs associated with the loan. It is expressed as a percentage of the loan amount and is typically higher than the interest rate, as it takes into account additional costs such as points, origination fees, and private mortgage insurance.

The APR is designed to provide a more comprehensive and accurate picture of the total cost of borrowing money, as it includes all of the fees and other costs associated with the loan. It is important to compare the APR of different loan offers when shopping for a mortgage or other type of loan, as it can help you determine which loan will be the most cost-effective.

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