Best Low-Interest Rate Personal Loans of 2024

Enter your ZIP code to get started


Free. Simple. Secure.

Banner image
Reviewed byAlvin Yam, CFP
fact checked icon
fact checked icon
Reviewed byAlvin Yam, CFP
Edited byRae Osborn
fact checked icon

Updated: May 10, 2024

Advertising & Editorial Disclosure

Based on MoneyGeek’s analysis, First Tech stands out as the best overall lender for low-interest rate personal loans. Discover is the best option for those looking to consolidate debt. U.S. Bank is ideal for borrowers seeking small loans, while Truist is preferable for same-day funding.

According to the Federal Reserve, the average interest rate for a 24-month personal loan stands at 12.49% as of February 2024. To get the lowest interest rate, you often need to maintain a strong credit profile and shop around for lenders. MoneyGeek compared lenders based on factors like interest rates and loan terms, among others, to gather the best low-interest options for your specific needs.


    Best Overall Low-Interest Rate Personal Loan

  • First Tech

    • 99MG Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech Federal Credit Union is our best overall choice for low-interest rate personal loans, boasting a MoneyGeek score of 99 out of 100. It is federally insured by the National Credit Union Administration (NCUA). First Tech offers APRs ranging from 8.94% to 18% for personal loans between $500 and $50,000. There are no origination fees or prepayment penalties. Plus, borrowers can defer their first loan payment for up to 45 days. However, membership is required to apply for a First Tech personal loan.


    • Borrow as little as $500
    • No origination or prepayment fees
    • Option to defer first payment up to 45 days


    • Requires membership to apply
    • Maximum loan amount caps at $50,000
    • Limited details on qualification requirements
    First Tech

    Runner-Up Best Low-Interest Rate Personal Loan

  • PenFed

    • 97MG Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    As the runner-up lender for the best low-interest rate personal loans, PenFed Credit Union earned a MoneyGeek score of 97 out of 100. Federally insured by the NCUA, PenFed provides personal loans up to $50,000 with annual percentage rates ranging from 7.99% to 17.99%. PenFed doesn’t impose origination or prepayment fees and accepts joint applications. However, it charges a $29 late fee and a $30 fee for returned loan payments, checks or ACH transactions.


    • No origination fees or prepayment penalties
    • Allows joint applications
    • Does soft credit checks


    • $50,000 borrowing limit
    • Charges a $29 late fee
    • $30 fee for returned loan payment, check or ACH

    Best Low-Interest Personal Loan for Debt Consolidation

  • Discover

    • 93MG Score
    • 7.99% to 24.99%APR Range
    • 660Minimum Credit Score
    • Up to $40,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms

    For debt consolidation, Discover provides the best low-interest rate personal loans, earning a MoneyGeek score of 93 out of 100. Those looking to consolidate credit card debt can borrow up to $40,000, with APRs ranging from 7.99% to 24.99% and repayment terms between 36 and 84 months. Discover doesn’t charge origination fees or prepayment penalties. It also offers to pay creditors directly. That said, this lender charges a $39 fee for late payments and doesn’t accept co-signers or co-borrowers.


    • No origination or prepayment fees
    • Next-day funding is available
    • Option to pay creditors directly


    • Low maximum loan amount of $40,000
    • Charges a $39 late fee
    • No co-signers or co-borrowers

    Best Low-Interest Personal Loan for Small Loans

  • U.S. Bank

    • 91MG Score
    • 8.74% to 24.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms

    U.S. Bank is our top choice for the best low-interest rate personal loan for small amounts, receiving a MoneyGeek score of 91 out of 100. It offers personal loans as low as $1,000 and reaching up to $50,000, with APRs varying between 8.74% and 24.99%. Non-customers have a borrowing limit of up to $25,000. U.S. Bank provides a rate discount for automatic payments. It also doesn’t impose origination fees or prepayment penalties.


    • No origination fees or prepayment penalties
    • Has a rate discount for automatic payments
    • Option to prequalify with a soft credit check


    • $25,000 maximum loan amount for non-customers
    • Maximum repayment terms of 60 months for non-customers
    • Unclear loan eligibility requirements
    U.S. Bank

    Best Low-Interest Personal Loan for Same-Day Funding

  • Truist

    • 96MG Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    With a MoneyGeek score of 96 out of 100, Truist provides the best low-interest rate personal loans for same-day funding. It provides personal loans starting at $3,500, featuring an APR range of 8.74% to 17.39%. There are no origination fees, and Truist offers loan payment relief options for those facing financial hardships. Additionally, same-day funding is available, provided the loan approval happens on a business banking day.


    • Doesn’t charge origination fees
    • Offers loan payment relief options
    • Same-day funding available


    • No option to prequalify for loans
    • Limited information available on website

How to Choose the Best Low-Interest Rate Personal Loan for You

If your main goal is to secure the lowest possible interest rate, make sure to keep an eye out for the following factors when shopping around for personal loan lenders:

Interest Rates

Getting the lowest interest rate is key to reducing the overall cost of your loan. Be careful and compare APRs — different lenders might have varying interest rates that depend on the intended use of your loan.

Repayment Terms

Choosing the right repayment term can influence the interest rate you're offered. Shorter terms often come with lower rates, so consider your ability to make higher monthly payments against the potential savings on interest.

Loan Amounts

The amount you wish to borrow can affect your interest rate, as lenders may offer lower rates for larger loans or vice versa. Determine the exact loan amount you need and compare how different lenders' rates vary with loan size to find the best rate. In general, don’t take on more debt than you truly need.

Additional Fees

Extra charges, like origination or late fees, increase your loan's effective interest rate. To ensure you're truly getting the lowest rate, look for lenders who minimize or do not charge these additional personal loan fees.

Rate Discounts

Some lenders offer rate discounts for setting up automatic payments or for being an existing customer. These discounts can make a significant difference in your interest rate, so identify lenders who offer these benefits to maximize your savings.

Customer Service

Exceptional customer service might not directly lower your interest rate, but it can play a critical role in avoiding costly mistakes or delays. A lender that offers clear guidance and support can help you maintain a good standing, potentially qualifying you for lower rates in the future.

Calculate Your Monthly Payment

Use our personal loan calculator to get a ballpark figure of how much you’ll pay each month based on your loan amount, repayment term, and interest rate. You can also adjust these numbers to see how different interest rates and loan terms can affect your monthly payments.


FAQ: Low-Interest Rate Personal Loans

We compiled answers to some of the most frequently asked questions about personal loans with low interest rates to help you navigate the complexities of choosing an option that best fits your needs.

What determines my eligibility for a low-interest rate personal loan?
How can I improve my credit score to get a lower interest rate?
Can securing the loan with collateral lower my interest rate?
Does the loan purpose affect the interest rate?
What is the difference between fixed and variable interest rates?
Can I negotiate a lower interest rate?
Can I refinance my personal loan to get a lower interest rate later?
What effect do co-signers have on interest rates for debt consolidation loans?
What are the benefits of prequalifying for a personal loan?
Shield Insurance

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. Learn more about our editorial policies and expert editorial team.