Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

When shopping for a personal loan, most borrowers make the interest rate their top priority. The lower the interest rate, the less the total cost of the loan will be. While other factors like fees and term lengths also are important when when selecting a lender, interest rates are critical in making your final choice.

The lowest interest rates on personal loan rates range from 5.91% to 7.49%

Best Low-Interest Personal Loans

• LightStream Personal Loan: Best for Maximum Loan Amounts
• American Express Personal Loan: Best for Low Minimum APR
• Reach Financial Personal Loan: Best for Debt Consolidation
• Upstart Personal Loan: Best for Low Credit Scores
• Discover Personal Loan: Best for Money-Back Guarantee
• Prosper Personal Loan: Best for Co-Signed Loan
• Wells Fargo Personal Loan: Best from a Brick-and-Mortar Lender 

The best personal loans with low interest rates have a minimum rate below 7%, which is reflected in our list of top picks. Keep in mind that you'll only qualify for loans with the lowest interest rates if you have an excellent credit score. 

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Low-Interest Loan Frequently Asked Questions

Methodology

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

See our broader ratings methodology for personal loans » 

Best Low-Interest Loan for High Maximum Loan Amount

LightStream Personal Loan

For borrowers looking to fund large expenses with a low-interest loan, LightStream offers amounts of as much as $100,000. The company offers same-day funding if the application is approved, verified, and signed before 2:30 p.m. ET. 

LightStream also has a wide range of repayment term lengths, from two to 12 years. This is great if you're looking to spread out the cost of your loan over a long period.

Watch out for: Lightstream doesn't have preapproval. Borrowers looking for low-interest loans like to shop around to compare rates. Usually, this involves getting preapproved by several different companies and comparing the offers before settling on one. LightStream doesn't offer preapprovals for its personal loans. You'll have to go through the full approval process. That includes a hard pull of your credit report, which can temporarily lower your credit score.

Read Insider's full review of Lightstream. 

Best Low-Interest Loan for Low Minimum APR

American Express Personal Loan

American Express is tied with LightStream and Reach Financial for the lowest minimum APR of any of the lenders on our list. If you have an excellent credit score and can qualify for the lowest interest rate, this could be a great lender for you. 

The company also gets you funds quickly. Borrowers will usually get their money within one to two business days after loan approval. 

Watch out for: Eligibility requirements. To get a personal loan with American Express, you need to be a card member. You need a relationship with the company outside of your personal loan, which may be an added step you prefer to avoid. 

Read Insider's full review of American Express. 

Best Low-Interest Loan for Debt Consolidation

Reach Financial Personal Loan

For borrowers looking for a low-interest personal loan for debt consolidation, Reach Financial could be a good choice.

Reach Financial has a very fast funding speed. The company pays off your creditors directly — you won't have any money go into your account — and will do so within roughly 48 hours after your loan is approved. 

The company's loan minimum is relatively low — you're able to take out a loan as small as $3,500. 

Watch out for: Limited loan purpose. You're only able to use your loan funds to consolidate or refinance debt. The other lenders on our list allow borrowers to use a personal loan for pretty much any purpose. Borrowers looking to cover other expenses will have to choose a different lender. 

Read Insider's full review of Reach Financial. 

Best Low-Interest Loan for Low Credit Scores

Upstart Personal Loan

If you're looking to get a personal loan with a lower interest rate quickly, you may want to go with Upstart. With this lender, may be able to get you your money on the day after you apply.

Upstart's minimum credit score is just 600. If you have a poor credit history, it may be easier to qualify for a loan with this lender than with some of the others on our list. Keep in mind that you'll usually be charged a higher interest rate with a lower credit score. 

Watch out for: High origination fees. Upstart's personal loans can have origination fees up to 8%. On a $5,000 loan, for example, that would work out to an origination fee of $400. 

Read Insider's full review of Upstart. 

Best Low-Interest Loan for Money-Back Guarantee

Discover Personal Loan

A key feature of Discover that separates it from other lenders is its 30-day money-back guarantee. If you decide within 30 days of getting your loan that you don't want it anymore, you may return the funds via check and won't be charged any interest. This may be helpful if you find a lender with a lower interest rate or if you end up not needing the loan amount you initially requested. 

Discover also has repayment terms ranging from three to seven years, so you have options if you want to spread out the cost of your loan. You're also able to pay off your loan early at any time without a fee. 

Watch out for: Hefty late fee. Discover charges up to $39 in late fees. If you fall behind on your payments, those fees will increase the overall cost of your loan. Some other lenders on our list don't charge any fees.

Read Insider's full review of Discover. 

Best Low-Interest Loan for Co-Signed Loan

Prosper Personal Loan

Prosper allows you to add a co-borrower to your account, a feature not all lenders offer. Enlisting a co-signer can help you get a lower interest rate on your personal loan than you would've otherwise received, or qualify for a loan that was out of reach on your own.

The company also has a low loan minimum of $2,000 and may be a good option for borrowers who only need a little bit of cash. 

Watch out for: Many eligibility requirements. You'll have to clear many obstacles to qualify for a Prosper personal loan. This includes a minimum credit score of 640, a debt-to-income ratio below 50%, and fewer than five credit bureau inquiries (excluding duplicate inquiries) within the last six months.

Read Insider's full review of Prosper. 

Best Low-Interest Loan from a Brick-and-Mortar Lender

Wells Fargo Personal Loan

Wells Fargo is one of the largest banks in the country, with roughly 4,700 locations in 36 states. Borrowers looking for a low-interest personal loan who prefer face-to-face interactions will find ample opportunities to connect with a Wells Fargo representative. States where branches aren't available are Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii.

Wells Fargo also has a high maximum loan limit of $100,000, which is perfect for borrowers who need to finance a large purchase.

Watch out for: History of controversies. Wells Fargo's recent past has been mired in scandals, including a December 2022 ruling from the Consumer Financial Protection Bureau ordering the bank to pay a $3.7 billion penalty as a result of widespread legal violations, including in the auto and mortgage loan space. Other lenders on our list don't come with the same baggage. 

Read Insider's full review of Wells Fargo. 

Other Low-Interest Loan Companies We Considered

• SoFi Personal Loan. SoFi is an excellent personal loan lender, with no fees and an unemployment protection program. However, it has a higher minimum credit score requirement than any of the lenders on our list, and its minimum rate isn't as low as the lenders we've chosen. 
• Avant Personal Loan. Avant is a great lender for borrowers with bad credit, as it recommends a credit score between 600 and 700 to qualify for a loan. However, its minimum rate is higher than all of the lenders on our list. 
• PenFed Credit Union Personal Loan. PenFed is one of our best credit unions for personal loans, with a low loan minimum of just $600. However, you need to be a member to get a loan, and its lowest rates are higher than the lenders we picked.

Low-Interest Loan Trustworthiness

We've looked at each institution's Better Business Bureau score to offer you another piece of information to pick a company that provides low-interest personal loans. The BBB measures businesses based on factors like their responsiveness to customer complaints, truthfulness in advertising, and openness about business practices. Here is each company's score:

Our top picks are rated A+ or higher by the BBB, with the exception of Wells Fargo, which has a history of problematic behavior. 

Most recently, the Consumer Financial Protection Bureau in December 2022 ordered Wells Fargo to return $2 billion to customers and pay a $1.7 billion penalty for legal violations involving auto loans, mortgages, and deposit accounts. The bank illegally charged fees and interest penalties on auto and mortgage loans. Additionally, it misapplied payments to those loans for many customers. 

If these and other legal issues with Wells Fargo in recent years make you uncomfortable, you may consider getting a personal loan from a different lender. 

Know that a high BBB score does not ensure a positive relationship with a credit card consolidation loan provider, and you should keep researching and talk to others who have used the company to get the most complete information possible.