Editor's choice: LendingClub
- Less strict eligibility requirements
- Quick turnaround time
- High Trustpilot rating
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Most personal loans come with fixed interest rates, which give you the same monthly repayments over the course of your loan. These can start just under 4% APR in some cases — though you generally need an excellent credit score of over 760 to qualify for that rate.
To find the right fixed-rate loan for you, also look at factors like requirements, available amounts and terms when comparing lenders.
Fixed-rate loans come with rates that usually range from 4% to 36% APR, and stay the same while you repay the loan. With an online lender, you can usually borrow between $1,000 and $50,000 with terms from two to five years.
The rates, terms and loan amounts you can qualify for depend on factors like your credit score, income and debts. For the absolute lowest rates and highest loan amounts, you typically need a credit score of around 760 and a debt-to-income ratio (DTI) of 20% or lower.
Comparing interest rates alone won’t necessarily help you find a loan that’s the perfect fit for your particular situation. Take these factors into account before you pick a lender.
Personal loans that come with a fixed interest rate can be suitable to help you finance a wide range of different purposes, including:
There are many different types of loans and some may be better for your individual situation than others. Compare these options.
These loans allow you to finance just about anything you want without putting up collateral.
Have an asset you could use to secure the loan? You could potentially get a lower interest rate.
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