MoneyGeek’s Picks for 2022

Best Personal Loans With Low Interest Rates

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Last Updated: 6/23/2022
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Personal loans can be a useful way to pay for large expenses, consolidate debt and more. However, it’s essential to remember that these loans come with interest on the borrowed funds and that interest accumulates until your loan is paid in full. To avoid paying extensive interest fees, it’s crucial to ensure you get the best possible interest rate for your personal loan.

MoneyGeek evaluated the top personal loan companies to help you find the best personal loan with low interest rates.

Best Personal Loans With Low Interest Rates for 2022

Personal loans with interest rates below the national average are always appealing. A low-interest personal loan is one with the lowest rate a borrower is eligible for, based on their financial standing. Recent data from the Federal Reserve System shows that a 24-month personal loan carries an average APR of 9.41%. The interest rates for the personal loans ranked on this page range from 2.5% to 36%.

MoneyGeek used more than 30 data points to assess lenders and find the best one for low-interest loans. We compared factors like loan affordability and accessibility, APR ranges, disbursement time, loan amounts, credit score and income requirements, terms, fees, customer service and Better Business Bureau (BBB) ratings. As per our research, LightStream is the best lender for low-interest-rate personal loans.

MoneyGeek’s Top Pick for Low-interest Loans: LightStream

  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Runner-up: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Other Personal Loan Options for Those Who Want Low Interest Rates
  • Lender
    Minimum Credit Score
    Loan Amounts
    APR Range
    Ready To Apply?
  • Payoff




  • Upgrade




  • Truist




  • Marcus




  • Rocket Loans




Where to Start: Finding a Personal Loan With a Low Interest Rate

Expenses like home improvements, debt consolidation, vehicle financing, moving expenses, medical bills and college tuition are just some reasons people take out personal loans.

The income, employment history, debt-to-income ratio and credit score of the applicant are all crucial factors for the lender to consider when determining your eligibility for a personal loan. To choose the best personal loan with low interest rates, you must first go through the processes outlined below:


Ask Yourself the Important Questions

Before continuing with the application, you must first evaluate your current financial situation and future funding needs. Before you choose a lender and apply for a personal loan, you must ask yourself the following questions:

  • How much funds do I need?
  • How much debt do I currently have?
  • What is my credit score?
  • How much can I afford to pay each month?
  • What must the term of my loan be?
  • When will I require the loan?
  • What type of loan should I get?

Do Your Research

In the next step, you'll need to find a lender who can meet your needs for funds. Comparing multiple lenders and understanding their rates and other features will help you determine which one is the best for you. You must also think about how long the loan will last and affect your overall financial wellbeing.

Long-term loans might cost more in the long run but may benefit individuals who require smaller monthly payments. However, the length of your loan should not put your long-term financial goals at risk.

Hard credit inquiries might harm your credit score. If you can't afford a credit score decrease, opt for a lender who uses soft checks. Always do your own research to determine the best lender for your needs.



Finding the right loan may be challenging for many people, especially when comparing the various options available from different lenders. When choosing a lender, give yourself a few days to consider your options and make a decision. Your money is at stake, and you want to make the best possible decision when taking out a personal loan, which is a major financial commitment.


Read the Fine Print

When it comes to personal loans and finding the best lender, every detail can be significant. As a result, you must pay attention to every little thing, no matter how trivial it might seem. This may expose any additional or hidden costs that some lenders may charge. Evaluate all of the charges involved with the lender's loan, such as interest rate, penalties and fees.

Any collateral requirements or limits on the loan's use are further considerations. Remember to read the lender's fine print, which will include all of the lender's disclosures, terms and conditions. These seemingly insignificant details can add up to significant savings.



Submitting your application is the final step in the process. You must be prepared to submit your application and have all of the necessary information available. As part of the loan application process, you will need to provide documentation of your identity and address, as well as information about your income and debts. If the lender can be easily reached, you may also phone or visit them in person to better understand the loan and clear up any questions you may have.

Key Takeaways


Ask Yourself the Important Questions: Begin by understanding your financial situation and selecting a loan based on funding needs, affordability and urgency.


Do Your Research: Finding a lender meeting your requirements takes a lot of research. Compare multiple lenders to choose the best one.


Wait: Finding a personal loan can be challenging, so wait a day or two before making a decision.


Read the Fine Print: You need to know all the details regarding your loan and lender. The fine print can reveal a lot about both.


Apply: Apply with all the necessary information. If possible, make an appointment with the lender to discuss the loan.

Calculate Your Monthly Payment

When applying for a personal loan, you should consider how much you will pay towards its monthly costs. This way, you will know if you can easily afford the new loan, along with your living expenses and any existing debts.



+ $114.98


+ $8.33

Origination Fee Percentage


Origination Fee Fixed amount


Total monthly payment


Frequently Asked Questions: Personal Loans With Low Interest Rates

Your personal needs, as well as different credit and income considerations, will determine which lender is appropriate for you. The following answers to frequently asked questions about personal loans might help you in your search.


We reviewed over 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

In addition to finding the personal loans with the overall lowest potential interest rates, we considered several additional data points that we feel carry the most weight when choosing a personal loan lender. These factors include the available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

Read More on Personal Loans


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.