Best Low-Interest Personal Loans of April 2024

Discover is a well-known bank and credit card company that also offers some of the best low-interest personal loans, with rates ranging from 7.99% to 24.99% APR, making it our top pick for low interest personal loans. 

Unlike many lenders, Discover doesn’t charge origination fees or prepayment penalties, which means all of your loan funds will end up in your pocket. But late fees of $39 will apply if you miss a payment. Discover also has a unique free FICO monthly credit score report for its customers.

Discover’s personal loans have fixed interest rates, so your monthly payment stays the same. Discover has one of the lowest minimum APRs on our list, 7.99%, and a competitive maximum APR of 24.99%, but your exact rate will depend on your credit profile. Loan amounts vary from $2,500 to $40,000, and repayment terms run from three to seven years. Discover doesn’t advertise any rate discounts. You can manage and repay your loan on the mobile app.

LightStream, a division of Truist Bank, has competitive APRs (6.99% to 25.49% with a 0.50% AutoPay discount) and an easy online application process. If you have excellent credit, you won’t find a lower rate anywhere else: LightStream’s “Rate Beat Program” promises to beat any competitor’s rate by 0.1 percentage points if you meet certain requirements.

LightStream delivers competitive interest rates on personal loans, generally being lower than many competing lenders. The specific interest rate you qualify for will depend on your credit report, loan amount and loan term and to get the best rates, you’ll need to have excellent credit and set up AutoPay.

LightStream has a Rate Beat Program that promises to beat any competitor’s rate by 0.1 percentage point if you meet certain requirements. The loan amounts available through LightStream start at $5,000 and go up to $100,000. Terms can be as short as two years or as long as 12 years depending on what type of loan you take out.

SoFi is an online lender best known for its excellent customer service and user-friendly online platform. It offers unemployment protection and career coaching services to borrowers, which can add a layer of reassurance if you can’t make your payments for reasons beyond your control. It also offers referral bonuses and travel incentives to round out its membership benefits. Its lowest rate, 8.99% APR, is the highest on the list, but its top rate, 26.31% APR, is more competitive.

While SoFi’s minimum interest rate, 8.99% APR, is the highest of any lender we recommend, even with multiple discounts factored in, SoFi does offer many attractive features for borrowers including loan deferral and job assistance if you lose your job, plus a super fast application and approval process. 

You may be eligible for a 0.25% autopay discount if you have your loan payments automatically deducted from your bank account. You can also qualify for an additional 0.25% direct deposit discount if you have a SoFi checking or savings account that receives at least $1,000 in monthly direct deposits. If you use Direct Pay to use your loan to pay creditors directly, you’ll qualify for another 0.25% discount and if you have more than one SoFi loan you can qualify for a minimum 0.175% discount there.

Loan amounts for SoFi personal loans range from $5,000 to $100,000, and repayment terms are between two and seven years. You can check your potential interest rate on SoFi’s website without affecting your credit score.

While many lenders set their minimum loan amounts at $1,000, Pentagon Federal Credit Union (PenFed), the second-largest credit union in the country, has loan amounts starting at just $600. 

You don’t need to be a PenFed member to apply for a loan. If you are approved, PenFed will automatically create a membership in the form of a savings account funded with $5, so you’ll be eligible for all the benefits of membership such as member discounts and financial assistance programs. PenFed membership is open to any U.S. citizen or permanent resident — not just military members.

Interest rates for PenFed personal loans start at a competitive 7.99% with a maximum of 17.99% APR, the lowest maximum on the list. Loan amounts vary from $600 to $50,000 with terms from 12 to 60 months. PenFed doesn’t advertise any discounts for autopay or paying from a PenFed checking account.

Upstart uses artificial intelligence to evaluate your creditworthiness and decide if you qualify for a low-interest personal loan. According to its site, 87% of its loan approvals are fully automated, helping you get a lightning-fast decision. What’s more, you only need a credit score of 300 to qualify.

Upstart’s APRs, ranging from 6.4% to 35.99% APR as of this writing, are both the lowest and highest APRs on our list, so your actual rate may vary widely.

Upstart has the widest range of interest rates of any of our recommended lenders, 6.4% to 35.99% APR, with some rates being higher or lower than the competition depending on your credit profile. It can be a good low-interest personal loan option if you have a low credit score, as Upstart uses your education and employment in addition to your financial background to determine your personal loan eligibility. Its minimum credit score requirement is 300.

Upstart loan amounts generally go from $1,000 to $50,000, but minimums vary by state. You can get a loan term of three or five years. Upstart does not offer interest rate discounts or matching offers, but it does provide soft credit checks for rate estimates.

U.S. Bank accepts lower credit scores and grants higher loan limits to existing U.S. Bank customers, so you have more options as a customer. Its personal loans don’t have origination fees or prepayment penalties. And because they’re unsecured personal loans, no collateral is ever required.

Loans range from $1,000 to $50,000 for customers (up to $25,000 for non-customers) with repayment terms of 12 to 84 months (12 to 60 months for non-customers) and 8.24% to 24.99% APR.

U.S. Bank’s interest rates range from 8.24% to 24.99% APR, middle-of-the-range on this list. You’ll get the best rates with a loan of $10,000 or higher combined with a credit score of 800 and automatic payments (which offer a 0.50% discount).

If you’re a current U.S. Bank customer, you need a minimum credit score of 660 to be eligible for a personal loan. Terms range from one year to seven years, and amounts go from $1,000 to $50,000.

If you’re not a current U.S. Bank customer, you need a credit score of 720 or higher to qualify. The maximum loan you can take out is $25,000, and terms range from one to five years.

Upgrade is a lending marketplace known for offering both unsecured and secured loans (backed by collateral like a car or boat) to customers. Loans range from $1,000 to $50,000 with APRs ranging from a high 8.49% to 35.99% and repayment terms ranging from two to seven years. 

Upgrade provides several discounts, including for autopay and direct repayment to debtors. The platform’s straightforward online application process, quick funding (often within one business day) and educational resources make it a convenient personal loan option.

Upgrade’s minimum APR, 8.25%, is the second highest on our list. To get that rate, you’ll need to sign up for automatic payments and have all or part of your funds paid directly to creditors. It also has a welcome bonus for new customers, where you’re paid $200 when you open a Rewards Checking Plus account with your loan application and have at least $1,000 in direct deposits within 45 days of opening. For the lowest interest rates, in addition to signing up for discounts, choose a secured loan option.

Many personal loan lenders operate online. But Wells Fargo has physical branches nationwide where you can talk to someone face-to-face if you need help. With decent rates of 7.49% to 23.24% (with a 0.25% relationship discount included) and generous payback terms of one to seven years, it’s a solid option if you like dealing with a traditional bank for your personal loan.

Wells Fargo gives a rate discount of 0.25% to 0.50% if you enroll in automatic payments from a Wells Fargo checking account. Loan amounts vary from $3,000 to $100,000, and loan terms vary. With a loan under $5,000, loan terms are one to three years, and larger loans qualify for terms from from one to seven years. Only current customers of 12 months or more can get a Wells Fargo personal loan, so you’ll need to open a bank account and wait a bit if you don’t have one already.