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Best Low-Interest Personal Loans for June 2022 – CNET

If you’re looking for a personal loan, locking in a low rate can help you save money in interest charges. The Fed has already raised interest rates twice this year, and more hikes are expected. This means the cost of borrowing money is likely to go up — so applying for a low-interest loan now could help you save hundreds or even thousands.

We’ve evaluated major lenders and highlighted the best options below. We’ll update this list regularly as terms change and new loan products are released. Note that all of the starting annual percentage rates, or APRs, that are listed are based on a high credit score of 800 or above. 

Keep scrolling for answers to frequently asked questions about personal loans and a list of all lenders we reviewed. 

Wells Fargo

  • APR: 5.74% to 20.99%
  • Loan amount: $3,000 to $100,000
  • Loan terms: 12 to 84 months
  • Time to receive funds: As soon as 1 business day 
  • Prequalification: Yes
  • Origination fee: None
  • Co-signer/joint applicant option: No

This big national lender offers the most flexible loan amounts and terms on our list, making it a great choice if you’re looking for loan terms that are rather short, say one year, or a little longer than average, like seven years. The amounts are also flexible, allowing you to borrow as little as $3,000 or a maximum of $100,000. 

Its APRs are extremely reasonable, and they offer additional discounts of 0.25 % or 0.50% for customers who have certain Wells Fargo checking accounts. Wells Fargo may also charge fees for rejected payments, as well as significant late fees. 

Your credit score also plays a role in how much you’re approved to borrow, and at what rate. While Wells Fargo does not disclose credit score requirements, its website does note that you’re more likely to be approved with a credit score of 700. It also indicates that those with scores in the mid- to high 600s may be approved at higher rates.

Happy Money

  • APR: 5.99% to 24.99%
  • Loan amount: $5,000 to $40,000
  • Loan terms: 24 to 60 months
  • Time to receive funds: 2 to 5 days
  • Prequalification: Yes
  • Origination fee: 0% to 5%
  • Co-signer/joint applicant option: No

Happy Money’s Payoff Loan is specifically targeted toward borrowers who seek to pay off credit card debt. Boasting a minimum required credit score of 550, it’s one of the best options if you have a low credit score and want to exchange your high-interest debt for a lower interest loan. 

To determine your APR, Happy Money will also consider your debt-to-income ratio (how much monthly debt you pay versus your monthly income), age of credit history, number of credit accounts and your credit utilization (how much credit you have access to versus how much you have used). Though Happy Money doesn’t charge late or prepayment fees, it does charge an origination fee of up to 5%. Happy Money does not offer loans in Massachusetts or Nevada.