Cheapest Personal Loans — Lowest Interest Rates (2026)

Personal loan lenders offering the lowest APRs for borrowers with good to excellent credit. Compared by rate, fees, and total cost of borrowing.

Written by Harvey Brooks, Senior Financial Editor

TL;DR Quick summary

SoFi (5.99-23.43% APR, zero fees) and LightStream (6.49-25.49% APR, zero fees) offer the cheapest personal loans for good credit. For fair credit, Prosper and Best Egg balance rates with accessibility. Always calculate total cost (APR + fees) — a lower rate with 6% origination fee may cost more than a higher rate with no fees.

Key Takeaways

Total loan cost = interest + origination fee + any other charges
Zero-fee lenders (SoFi, LightStream) often have the lowest total cost
Origination fees of 1-8% are common and add to your effective rate
Longer terms mean lower payments but higher total interest paid
Autopay discounts (0.25-0.50%) are available from most lenders

If you have good to excellent credit (680+), you can qualify for personal loans with APRs as low as 5.99-8.99%. The difference between a 7% and 15% APR on a $20,000 loan over 5 years is over $4,500 in interest. We identified the lenders offering the lowest rates, factoring in origination fees and any discounts for autopay or existing customers. Here are the cheapest personal loan options for 2026.

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SoFi

4.2/5

From Free/mo BBB: A+ Free Consultation

SoFi is a publicly traded fintech platform (NASDAQ: SOFI) offering personal loans, student loan refinancing, banking, investing, and credit cards — all in one app with no hidden fees.

All-in-one financial platform: lending, banking, investing, insurance, and credit card in one app

No late fees and no prepayment penalties on any loan product

Unemployment protection pauses loan payments for up to 12 months if you lose your job

Read Full Review Visit SoFi

LendingTree

4.5/5

From Free/mo BBB: A+ Free Consultation

LendingTree is a leading online lending marketplace where borrowers compare offers from multiple lenders in one place. Founded 1996, publicly traded (NASDAQ: TREE), BBB A+ rated.

Compare multiple lender offers with one application — saves time and effort

Soft credit pull for initial comparison — no impact on credit score

Covers all major loan types: personal, mortgage, auto, business, student

Read Full Review Visit LendingTree

Upgrade

4.8/5

From Free/mo BBB: A+ Free Consultation

Upgrade, Inc. is a personal lending provider based in San Francisco, California. Rated 4.8/5 with 10,556 Google reviews, reflecting exceptional customer satisfaction.

Highly rated by customers (4.8/5 on Google)

Well-established with 10,556+ customer reviews

Google-verified business

Read Full Review Visit Upgrade

Affirm

3.5/5

From Free/mo BBB:

Buy now, pay later at checkout. Split purchases into 4 biweekly payments (0% APR) or 6-60 monthly payments. No late fees, no hidden charges. Publicly traded (NASDAQ: AFRM).

Absolutely no late fees or hidden charges

0% APR available on many purchases

Founded by PayPal co-founder

Read Full Review Visit Affirm

Avant

4.5/5

From Free/mo BBB: A Free Consultation

Avant is a credit repair provider based in Chicago, Illinois. Rated 4.5/5 with 3,471 Google reviews, reflecting excellent customer satisfaction.

Highly rated by customers (4.5/5 on Google)

Well-established with 3,471+ customer reviews

Google-verified business

Read Full Review Visit Avant

Frequently Asked Questions

Which personal loan has the lowest interest rate?

SoFi and LightStream consistently offer the lowest rates (starting around 6-7% APR) for borrowers with excellent credit (740+). They also charge zero origination fees, making the total cost even lower. Credit unions can sometimes beat these rates for existing members.

How do I get the cheapest personal loan?

Improve your credit score before applying (740+ gets the best rates). Prequalify with 3-5 lenders to compare offers. Choose the shortest term you can afford. Enroll in autopay for a rate discount. Avoid lenders that charge origination fees if possible.

Is it cheaper to borrow from a bank or online lender?

Online lenders typically offer more competitive rates due to lower overhead. However, credit unions where you're an existing member may offer the best rates of all. Traditional banks tend to have higher rates but may offer relationship discounts for existing customers.

Harvey Brooks

Senior Financial Editor

Harvey Brooks is a consumer finance writer specializing in credit repair, personal lending, and debt management. With over a decade covering the industry, he makes financial literacy accessible to everyday Americans. About our editorial team.

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