This Week's Personal Loan Rates: July 22, 2025—Rates Move Down
Rates on personal loans declined last week, giving qualified borrowers a chance to secure a decent interest rate and finance a project, purchase or even unexpected bills.
From July 14 to July 19, the average fixed rate on a three-year personal loan was 13.24% for borrowers with a credit score of at least 720 who prequalified on Credible.com's personal loan marketplace. The rate was 13.72% the previous week, according to Credible.com. The average rate on a five-year personal loan rose 0.25 percentage point last week to 19.46% from 19.21%.
Keep in mind that well-qualified borrowers may be offered rates well below average. The rate you'll actually receive depends on several factors, like your credit profile and the loan terms you choose.
These rates are accurate as of July 19, 2025, and based on the three-year fixed rate.
Related: Best Personal Loans
Personal loan rates fluctuate frequently, and each lender determines and sets different rates. While your rate isn't guaranteed until you sign your loan agreement, you can get an idea of average lender rates below.
The table below compares personal loan rates for three- and five-year terms to help you understand rate trends. Lenders typically consider your loan term and credit history to determine your interest rate.
Your credit score plays a major role in the interest rate a lender offers for a personal loan. Lenders use your credit profile and other factors to evaluate your risk as a borrower. In general, the higher your credit score, the lower the interest rate you'll receive.
The table below compares average personal loan interest rates by credit score, showing how much your score can affect your rate and how much you could save over time.
We recommend using these steps to compare and get the best personal loan rates: Prequalify. Prequalifying can allow you to understand the rates you might be offered before officially applying. Although the loan terms shown aren't guaranteed because prequalification is not an offer of credit, you can use these offers to compare lenders. Compare your offers. We recommend prequalifying with multiple lenders so you can compare offers side by side. Interest rates, loan amounts, repayment terms and potential fees will help you understand the cost of borrowing from each lender, but be sure to consider other attributes as well. Some lenders charge fees such as prepayment penalties, and others offer loan deferment if you have trouble making payments. Apply. After you choose your lender, submit an application. Have any required documentation ready to share, including bank statements, W-2s and employer information.
Related: 5 Personal Loan Requirements To Know Before Applying
We recommend you get a personal loan only when it's necessary. If you're considering a personal loan, these steps can help you understand if it's the right choice: Identify why you need funds. Before taking out a personal loan, understand how you would use the funds. Some common personal loan uses include home improvement, debt consolidation and covering emergency expenses. It's best to avoid using personal loans for nonessential expenses that you could potentially save up for, like vacations and holiday gifts. Determine how much financing you need. Once you identify why you need the funds, calculate how much you need to cover your costs. This amount will typically inform you of the loan amount you need or if you can use an alternative. Consider personal loan alternatives. If you only need to borrow a small amount of money, such as under $2,000, consider alternative options such as a payday alternative loan (PAL) or a buy now, pay later service. Find a lender that fits your needs. If you can't find an alternative that fits your needs, find a personal loan lender that provides sufficient financing.
Pro Tip
In some cases, getting a personal loan may not be the best decision. For example, we don't recommend a personal loan if you can't afford the monthly payments or if you can wait to save up the money you need.
You can find a personal loan online or in person, depending on the institution. With varying lenders offering personal loans, you can find one that works best for you. Lenders offering personal loans include: Banks: Best for in-person banking and opening a personal loan with your current bank.
Best for in-person banking and opening a personal loan with your current bank. Online lenders: Best for flexible qualification requirements and an online-only experience.
Best for flexible qualification requirements and an online-only experience. Credit unions: Best for those who meet a nearby credit union's eligibility requirements or are current members. Frequently Asked Questions (FAQs)
While borrowers with strong credit typically get more favorable interest rates, lenders also rely on current market conditions to set interest rates. If you have good credit but your annual percentage rate (APR) is high, it may mean interest rates are generally high. That said, it can also mean your income isn't high enough to qualify for lower rates or your debt-to-income ratio (DTI) is too high.
You can typically repay a personal loan early. However, some lenders charge a prepayment penalty as a percentage of your loan or a flat fee. If you want to pay off your loan early, confirm with your lender whether it charges a fee.
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