Personal loan rates compared: October 2026
If you're shopping for a personal loan, you've probably noticed the same thing every borrower notices: every bank advertises a different number, and none of them make it easy to compare.
So we did the comparison for you — the same borrower, the same loan, run through every personal-loan lender in our directory, ranked by what actually matters: the true total cost.
The test
- Loan amount: $30,000
- Term: 60 months
- Credit score: 720 (good credit)
- Lenders: the 5 personal-loan lenders in our 16-bank directory (30 loan products total) that offer a 60-month term
- Rates used: each lender's published starting APR, checked against the lender's own website on October 22, 2026 — not personalized offers. Starting APRs assume excellent credit and include the autopay or relationship discounts each lender advertises.
- Ranking method: true total cost (monthly payment x term + fees), not headline APR
The result
PenFed Credit Union came in cheapest at $585.44/month.
- Total paid over 60 months: $35,126.40
- Total interest: $5,126.40
- Effective rate: 6.39% APR (PenFed's published example rate, with AutoPay)
The full ranking (same loan, same borrower)
- PenFed Credit Union — 6.39% APR — $585.44/month — $35,126.40 total
- Wells Fargo — 6.74% APR — $590.36/month — $35,421.60 total
- Discover — 6.99% APR — $593.89/month — $35,633.40 total
- SoFi — 6.99% APR — $593.89/month — $35,633.40 total
- Citibank — 10.24% APR — $640.96/month — $38,457.60 total
The gap between the cheapest and the most expensive offer on the identical $30,000 loan: $55.52 every month, $3,331.20 over the life of the loan. That is why comparing matters.
An honest note about this ranking
In October 2026 we re-checked every rate on this site against each lender's own published pages. Three things changed:
- Two lenders we used to list are gone from this comparison because they no longer take new borrowers for these loans: Marcus by Goldman Sachs (its personal loans ended in 2022) and LightStream (no longer accepting applications). A comparison is only useful if you can actually apply.
- American Express is not ranked at all: it does not publish its personal-loan APRs (it lends to preapproved card members only) and offers no 60-month term, so there is no published figure to rank. Every figure in the ranking above is the lender's own published starting APR.
- Wells Fargo's lowest APR is for existing customers and includes a relationship discount; PenFed's is a published example rate with AutoPay. Starting APRs are floors, not promises — your offer depends on your credit profile.
Why "lowest APR" isn't always the cheapest loan
Our ranking uses true total cost instead of headline APR for a reason. Two traps catch borrowers constantly:
- Origination fees. A loan at 9% APR with a 5% origination fee can cost more than a loan at 10% with no fee. The fee comes out of your proceeds (or gets added to the balance) — either way, you pay it.
- The monthly payment illusion. Lenders love quoting the monthly payment because a longer term makes any rate look affordable. Total cost is the only honest comparison.
5 checks before you sign any personal loan
- Compare total cost, not just APR. Multiply the monthly payment by the term and add every fee. Lowest total wins.
- Ask about the origination fee. It's the most commonly overlooked cost — typically 1-8% of the loan.
- Check for prepayment penalties. You want the right to pay it off early without a fee.
- Fixed vs. variable. For personal loans, fixed is almost always the safer choice — your payment can't move.
- "Published" vs. "personalized." Published rates (like the ones we track) show what's on offer this month. Your actual rate depends on your credit, income, and debt. Treat published rates as the starting point for comparison, not a promise.
Run your own numbers
Don't take our word for it — run your own profile:
- One-click compare: enter your amount, term, and credit score once, and it ranks every bank in our directory by true total cost.
- Per-bank calculators: pick any bank by name and see exactly what your loan costs at their published rate.
A note on our numbers
Rates shown are published starting APRs checked on October 22, 2026 against each lender's own website — not personalized offers. Banks update rates regularly, and your actual offer will depend on your credit profile. This article is educational, not financial advice. When we re-verify rates each month, this page's figures get refreshed too.
Frequently asked questions
Which bank had the cheapest personal loan rate in October 2026?
PenFed Credit Union, with a published example rate of 6.39% APR - $585.44 a month on a $30,000 loan over 60 months, $35,126.40 total.
Why is American Express not in the personal loan ranking?
American Express does not publish its personal-loan APRs (it lends to preapproved card members only) and offers no 60-month term, so there is no published figure to rank.
What happened to Marcus and LightStream?
Both are gone from the comparison because they no longer take new borrowers for these loans: Marcus by Goldman Sachs ended its personal loans in 2022, and LightStream is no longer accepting applications.
How big was the gap between cheapest and most expensive?
$55.52 every month - $3,331.20 over the life of the identical $30,000, 60-month loan.
Are these starting APRs what I will actually pay?
No. They are published starting APRs that assume excellent credit and include advertised autopay or relationship discounts. Your offer depends on your credit profile.