Average personal loan rates can help you estimate costs for debt consolidation or other financial goals. The average rate is 12.19% for a $5,000 loan with a 700 FICO score and three-year term, but rates vary based on credit score, loan amount, term, and lender type.
Bankrate surveys the 10 largest banks for personal loan rates, with the lowest at 6.24% and the highest at nearly 36%. Online lenders may offer lower rates for excellent credit borrowers with short terms.
Credit unions offer lower average rates than banks and online lenders, with an average rate of 12.06% for commercial banks and 10.72% at credit unions for a three-year term. Credit unions may have lower maximum rates too.
If you have excellent credit, you could qualify for rates lower than the average. By tracking minimum rates and staying informed, you can secure the lowest possible rate for your personal loan needs.
Personal loan rates can fluctuate, so it’s crucial to monitor them regularly and maintain a strong credit score to ensure you qualify for the lowest rates available. Act quickly when you find a favorable rate that aligns with your financial goals.

Read more at Yahoo Finance: What is the average personal loan rate for January 2026?