Several banks generally have low-interest rates on their loans. But the best bank with the lowest rates on average is Barclays. It offers a rate of 5.74% on its personal loan to borrowers. Other notable banks like PNC and American Express also keep their APRs within the same range.
Best Banks with Low Interest Rates
When a bank advertises low interest rates, it does not mean you automatically qualify for the lowest APR. However, on average, you'll get lower rates for personal loans than in other institutions. Here are some banks with the best interest rates.
American Express
- APR: 6.91% - 19.97%
- Loan amount: $3,500 - $40,000
- Repayment Terms: One to three years
- Charges late fees up to $39
- Loan approval decision on the same day
- No prepayment penalty or origination fees
Discover
- APR: 5.99% - 24.99%
- Loan amount: $2,500 - $35,000
- Repayment Terms: Three to seven years
- Good credit scores needed
- Late fee of $39
- No early payoff penalty or origination fees
PNC Bank
- APR: 5.99% - 28.74%
- Loan amount: $1,000 - $35,000
- Repayment Term: Typically up to five years
- Late fee of $40 or 10% of the monthly payment sum, if higher
- Discount of 0.25% on APR for borrowers who sign up for autopay
Marcus
- APR: 6.99% -24.99%
- Loan amount: $3,500 - $40,000
- Repayment Term: Three to six months
- Good credit scores needed
- No late fees or origination fees
TD Bank
- APR: 6.99% - 18.99%
- Loan amount: $2,000 - $25,000
- Repayment Term: One to five years
- Good credit score required (700+)
- Late fees of $10 or 5% of the monthly payment, if lesser
Other Places to Get Personal Loans with Low Interest Rates
Besides traditional banks, below is a list of brokers that partner with lenders providing personal loans with low APRs.
WeLoans - Get up to $5,000 with Affordable Interest Rates
CocoLoan - Apply for Fast Loans even with a Bad Credit
US Installment Loans - Enjoy Low Interest Installment Loans Online