When you’re looking for a personal loan, the interest rate plays a key role in determining how much you’ll pay over the life of the loan. In 2024, several lenders are offering some of the most competitive rates available. Here’s a look at the top 5 personal loan providers with the best interest rates in 2024.
1. SoFi
SoFi offers some of the most affordable personal loan rates, starting as low as 5.99% APR for eligible borrowers. With a wide selection of loan amounts and repayment options, SoFi provides flexibility for many financial needs. Plus, they offer valuable benefits like unemployment protection, making it an excellent choice for borrowers looking for security during unexpected life events.
2. LightStream
LightStream, a branch of SunTrust Bank, starts its personal loan APRs at 6.99%. Known for its quick approval and same-day funding for qualified applicants, LightStream offers loans ranging from $5,000 to $100,000. With various loan terms, borrowers can select the most suitable repayment option for their budget.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs delivers competitive rates, beginning at 6.99% APR. This lender stands out for its no-fee approach, which helps borrowers avoid extra charges. Loan terms range from 36 to 72 months, providing ample flexibility for repayment. Marcus offers loans from $3,500 to $40,000, catering to various borrowing needs.
4. Discover Personal Loans
Discover offers personal loans starting at 6.99% APR, and like many other top lenders, it does not charge any origination fees or penalties for early repayment. This transparent approach helps borrowers avoid hidden fees. Loan amounts range from $2,500 to $35,000, and repayment terms span 36 to 84 months, giving borrowers the freedom to choose what works best for them. Discover also offers a 30-day money-back guarantee if you change your mind.
5. Upstart
Upstart stands out by using artificial intelligence to assess creditworthiness, enabling them to offer loans to people with less-than-perfect credit. Starting rates are as low as 6.18% APR, and loan amounts range from $1,000 to $50,000, with repayment terms from 36 to 60 months. This makes Upstart an appealing option for borrowers with unconventional credit histories.
In conclusion, these five lenders offer some of the most competitive personal loan rates in 2024. Whether you need a small loan for a personal project or a larger amount for a significant expense, these lenders provide a range of loan amounts and repayment options to help meet your needs. Be sure to shop around and compare rates to find the best loan for you.