📊 Good Personal Loan Rate —
What Is a Good Interest Rate
for a Personal Loan?
Good rates vary by credit score. See what counts as a good rate for your score — then check if you can get it free from 300+ competing lenders with no hard pull.
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Home › What Is a Good Interest Rate for a Personal Loan
Last updated: · Reviewed by Money247 Editorial Team
✅ Quick Answer — What Is a Good Personal Loan Rate?
A good rate depends entirely on your credit score. 720+ score: 7%–15% APR is good. 670–719: 15%–20% is good. 580–669: 20%–29% is good. 500–579: 29%–36% is good. Any rate above 36% APR warrants shopping around at Money247.com — soft check only, 300+ lenders competing for your application.
Good Personal Loan Rates by Credit Score — 2026
720+ Excellent
7%–15%
✓ Excellent rate range
670–719 Good
15%–20%
✓ Good rate range
580–669 Fair
20%–29%
✓ Fair rate range
500–579 Bad Credit
29%–36%
✓ Expected rate — shop around
Is Your Rate Good? — Compare Against These Benchmarks
720+ ExcellentUnder 15%10%–12%Over 20%
670–719 GoodUnder 20%17%–19%Over 25%
580–669 FairUnder 25%22%–26%Over 32%
500–579 Bad ✓Under 36%29%–34%Over 36%
Payday Loans ✗Never good300%–400%Always too high
4 Ways to Get a Lower Rate
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Let 300+ lenders compete at once. The single most effective rate-reduction strategy. Money247.com sends your application to 300+ lenders simultaneously — they compete to win your business by offering lower rates. One soft check, zero score impact.
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Improve your score before applying. Moving from 580 to 620 can drop your rate by 5% to 8% APR — saving hundreds on a $10,000 loan. The fastest way: pay down credit card balances below 30% utilization. Can raise your score 20 to 50 points within one billing cycle.
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List every income source. Higher income means lower risk means lower rate. Every additional income source — gig work, benefits, rental income — can push you into a lower rate tier.
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Choose a shorter repayment term. A 12-month term typically carries a lower APR than a 36-month term. The monthly payment is higher but the rate and total cost are lower.
Frequently Asked Questions
What is a good interest rate for a personal loan?+
A good rate depends on your credit score. For 720+ excellent credit a good rate is 7% to 15% APR. For 670-719 good credit it is 15% to 20%. For 580-669 fair credit it is 20% to 29%. For 500-579 bad credit it is 29% to 36%. Any rate above 36% APR for any score level should prompt you to shop for a better offer at Money247.com — soft check only.
Is 36% APR too high for a personal loan?+
36% APR is the maximum most reputable online lenders charge and is the typical rate for bad credit borrowers with scores of 500 to 579. While higher than good credit rates it is dramatically better than payday loans at 300% to 400% APR. If you are currently paying above 36% APR it is worth checking your refinance options at Money247.com — soft check only, zero score impact.
How can I get a lower personal loan rate?+
Let 300+ lenders compete at Money247.com — one soft check, zero score impact. Improve your credit score by paying down card balances. List every income source. Choose a shorter repayment term. Lender competition through Money247.com is the single most effective rate reduction strategy available to any borrower.
Will checking my rate affect my credit score?+
No. Checking your rate at Money247.com uses only a soft credit inquiry which does NOT affect your credit score.
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Disclaimer: Money247.com is a loan matching service, not a direct lender. Rate ranges are estimates based on current market data. Your actual rate depends on your specific credit profile.
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