Grace Enfield, Content Writer
@grace_enfield
Yes, 12% is a good personal loan rate because it is below the market average. Applicants with a credit score of 660 to 850 could qualify for a personal loan with a 12% APR if they choose the right lender and have enough income to afford the loan.
Best Personal Loans with Rates as Low as 12%
| Company | APR Range | Loan Amounts | Repayment Periods |
| 8.99% - 23.99% | $2,000 - $50,000 | 36 - 60 months | |
| 7.44% - 25.79% | $5,000 - $100,000 | 24 - 144 months | |
| 7.99% - 24.99% | $2,500 - $40,000 | 36, 48, 60, 72 or 84 months | |
| 6.6% - 35.99% | $1,000 - $75,000 | 36 months or 60 months |
Some lenders allow you to pre-qualify to estimate your approval odds and potential rates before you officially apply for a loan. To pre-qualify with multiple lenders at once, check out the free pre-qualification tool on WalletHub.
Upstart Disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 19.60% and a 6.90% origination fee of $690, for an APR of 23.22%. In this example, the borrower will receive $9310 and will make 60 monthly payments of $264. APR is calculated based on 5-year rates offered in March 2025. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
People also ask
How do you lower the interest rate on a personal loan?
The best way to lower the interest rate on a personal loan is by refinancing the loan with another lender. When you refinance, you use a new loan or line of credit with a lower interest rate to pay off the old loan, so you owe the old balance to the new lender. And since interest won’t be accumulating as quickly, you should be able to pay off the new loan sooner, assuming your monthly...
read full answer by Adam McCann, Financial WriterWhich bank has the lowest interest rate on personal loans?
The major bank with the lowest interest rate for a personal loan is Barclays, which advertises APRs of 4.99% - 20.99%. Other notable banks with low personal loan rates include PNC (APRs of 8.14% - 24.99%) and American Express (APRs of 6.9% - 19.97%). Also, you may find similarly low rates to some smaller banks across the country that offer personal loans.
Banks with the Lowest Interest Rates for Personal Loans
read full answer by Adam McCann, Financial WriterWhat is the difference between APR and interest rate on a personal loan?
The difference between APR and interest rate on a personal loan is that the APR includes fees while the interest rate does not. Both the interest rate and the APR measure the cost of borrowing over a year's time, and both are expressed as a percentage rate. While these terms are fundamentally different, they are often used interchangeably and can be equal in cases where the loan has no fees.
One situation where the...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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