Personal Loan Interest Rates August 2026: Current APRs by Credit Score
Rates from 6.99% to 35.99% · Updated August 2026 · Compare your rate with soft credit check
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Quick Answer
As of August 2026, personal loan interest rates range from 6.99% to 35.99% APR. The average rate is ~15.5% APR. Your specific rate depends on your credit score, income, debt-to-income ratio, and the lender. Borrowers with excellent credit (740+) get 7-10% APR. Good credit (670-739) gets 9-15%. Fair credit (640-669) gets 12-24%. Check your rate at Money Pup Loans with a soft credit pull — zero score impact.
Current Personal Loan Rates — August 2026
| Lender | Lowest APR | Highest APR | Min Credit | Origination Fee | Max Loan |
|---|---|---|---|---|---|
| 🏆 Money Pup Loans | Varies | Varies | 580+ | Varies | $50K |
| ⭐ LightStream | 6.99% | 25.49% | 680+ | 0% | $100K |
| 🤖 Upstart | 7.80% | 35.99% | 580+ | 0-8% | $50K |
| ✅ Discover | 7.99% | 24.99% | 660+ | 0% | $40K |
| 💼 SoFi | 8.99% | 29.99% | 680+ | 0% | $100K |
| 🏦 Marcus | 8.99% | 24.99% | 660+ | 0% | $40K |
| 🔓 Avant | 9.95% | 35.99% | 580+ | 0-4.75% | $35K |
| 💳 LendingPoint | 9.99% | 35.99% | 600+ | 0-6% | $36.5K |
Personal Loan Rates by Credit Score — August 2026
| Credit Score Range | Tier | Avg APR | Lowest Available | Typical Range | % of Borrowers |
|---|---|---|---|---|---|
| 740-850 | Excellent | 8.5% | 6.99% | 7-10% | 25% |
| 670-739 | Good | 12.3% | 8.99% | 9-15% | 30% |
| 640-669 | Fair | 18.7% | 12% | 12-24% | 20% |
| 580-639 | Poor | 28.5% | 18% | 18-36% | 15% |
| 300-579 | Very Poor | 34% | 28% | 28-36% | 10% |
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APR vs Interest Rate: What is the Difference?
Interest Rate
The cost of borrowing the principal amount, expressed as a percentage. For example, a 10% interest rate on a $10,000 loan means you pay $1,000 per year in interest.
APR (Annual Percentage Rate)
The total cost of borrowing, including the interest rate PLUS any fees (origination fees, application fees). APR is the true cost of the loan. Always compare APRs, not just interest rates.
Example: A $10,000 loan with a 10% interest rate and a 5% origination fee ($500) has an APR of approximately 12.5%. The APR is higher because it includes the fee. Always compare APRs to get the true cost.
7 Factors That Affect Your Personal Loan Rate
Credit score
BIGGEST FACTOR — 740+ gets 7-10%, 580 gets 18-36%
Debt-to-income ratio
DTI below 30% gets best rates. Above 43% may be denied
Loan term
Shorter terms (2-3 years) get 1-2% lower APR than longer terms (5-7 years)
Loan amount
Very small ($1K) or very large ($50K+) loans may have higher rates
Income stability
W-2 employees with 2+ years get better rates than self-employed or gig workers
Origination fee
A 5% origination fee increases effective APR by ~2.5%. Look for 0% fee lenders
Autopay discount
Setting up autopay typically saves 0.25-0.50% on your APR
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Check My Rate →Personal Loan Rate Trends in 2026
| Month | Avg APR (All Credit) | Avg APR (Excellent Credit) | Fed Funds Rate | Trend |
|---|---|---|---|---|
| Jan 2026 | 16.2% | 9.1% | 4.50% | — |
| Mar 2026 | 16.0% | 8.9% | 4.25% | ↓ 0.2% |
| May 2026 | 15.8% | 8.7% | 4.25% | ↓ 0.2% |
| July 2026 | 15.5% | 8.5% | 4.00% | ↓ 0.3% |
| Aug 2026 | 15.5% | 8.5% | 4.00% | → Stable |
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Frequently Asked Questions
What is the average personal loan interest rate in August 2026?
As of August 2026, the average personal loan interest rate is approximately 15.5% APR across all credit tiers. For borrowers with excellent credit (740+), the average is 8.5% APR. For good credit (670-739), it is 12.3%. For fair credit (640-669), it is 18.7%. For poor credit (580-639), it is 28.5%. The lowest available rate is 6.99% APR from LightStream.
→ Check your actual rate — soft credit check only, no score impact, see your exact APRWhat is a good interest rate for a personal loan?
A good personal loan interest rate is anything below 12% APR. Excellent rates are below 10% APR. The best rates (6.99-8.99%) are reserved for borrowers with 740+ credit scores and low debt-to-income ratios. If you are offered a rate above 20%, consider improving your credit score or adding a co-signer before accepting.
→ Check your actual rate — soft credit check only, no score impact, see your exact APRHow is personal loan interest calculated?
Personal loan interest is calculated using simple interest on the principal balance. The formula is: Interest = Principal × Rate × Time. For example, a $10,000 loan at 12% APR for 3 years has total interest of approximately $1,955. The APR includes both the interest rate and any origination fees, giving you the true cost of the loan.
→ Check your actual rate — soft credit check only, no score impact, see your exact APRAre personal loan rates fixed or variable?
Most personal loans have fixed interest rates, meaning your APR and monthly payment stay the same for the entire loan term. This is a major advantage over credit cards (variable rates) and HELOCs (variable rates). Some lenders offer variable-rate personal loans, but these are rare. Always confirm your rate is fixed before accepting.
→ Check your actual rate — soft credit check only, no score impact, see your exact APRDo personal loan rates differ by lender?
Yes, rates can vary by 5-15% between lenders for the same borrower. For example, a borrower with 680 credit might get 10% APR from LightStream but 18% from another lender. This is why comparing multiple lenders is critical. Using a lender marketplace lets you see rates from multiple lenders with one soft credit pull — no score impact.
→ Check your actual rate — soft credit check only, no score impact, see your exact APRWill personal loan rates go down in 2026?
Personal loan rates are influenced by the Federal Reserve benchmark rate. If the Fed cuts rates in late 2026, personal loan APRs may decrease by 0.25-0.50%. However, personal loan rates are also heavily based on your individual credit profile. Improving your credit score by 20-40 points can lower your rate more than any Fed rate cut. Focus on what you can control: your credit score and DTI ratio.
Written by
David Rodriguez
Personal Finance & Interest Rate Analyst · 14 years experience
David tracks personal loan rate trends daily and helps borrowers find the best APRs available.
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