What is the average personal loan rate for ?

The current average personal loan rate across the U.S. is 12.21%, according to data from Bankrate's Monitor as of September 2, 2026. This rate is based on a $5,000 loan amount, a three-year repayment term, and a credit score of 700. However, the rate borrowers receive varies based on several factors such as credit score, loan term, loan amount, and chosen lender.

Credit unions generally offer the lowest overall borrowing costs, with a national average of 10.72% and a federal rate cap of 18%. Online fintech lenders also provide competitive rates starting at 6.20%, with maximum rates potentially reaching 36%. Commercial banks have an average rate of 12.06%, but they require a high credit score and solid work history for approval.

To minimize borrowing costs, it is essential to track average personal loan rates and compare them against rock-bottom options. Shop around and compare rates with multiple lenders to ensure you secure the best deal for your financial goals, such as consolidating credit card debt or financing home renovations.