Edited by Samuel MountjoyHow Much Could You Save With a Low APR Personal Loan?
Edited by Samuel Mountjoy
Quick Answer
- Consumers may be missing out on lower personal loan rates by not shopping around.
- Experian data from May 2026 shows the lowest available APR was as much as 1.1 percentage points below the median offer, which could save hundreds in interest.
- Even when borrowers choose higher-APR loans for reasons like lender familiarity, faster funding or preferred terms, reviewing multiple offers can help avoid leaving money on the table.
Perhaps due to rising prices in every direction, U.S. consumers are in the midst of a refinancing boom. According to Experian data, personal loan originations grew by 16% in 2025—likely a byproduct of near record-high APRs on credit card balances and declining rates on fixed-rate personal loans. As long as rates remain low and consumers can maintain good credit, personal loans could become even more popular among consumers in need in 2026.
Some personal loan borrowers may not be receiving the best rate available, however. Based on a recent sample of personal loan offers, the lowest APR loan offered on a 36-month loan was as much as 1.1 percentage points lower than the median (or typical) loan offer, and as much as 2.5 percentage points lower than the highest-rate offer.
While these differences may not sound huge, they can have a big impact on the total interest a borrower pays for a personal loan. For someone with a good FICO® ScoreΘ borrowing $15,000 to be repaid over 36 months, a 2.5 percentage point APR reduction could save them nearly $650 in total interest.
As we'll review in this analysis, borrowers choose particular personal loan offers for numerous reasons. Still, shopping around for the best offer is a key way to reduce total loan costs and not leave money on the table.
Difference Between Lowest, Median and Max APRs on 36-Month Personal Loans
Those with good credit scores generally receive lower-rate loan offers than those with lower credit scores. Nonetheless, the difference between the highest-rate personal loan offer and the lowest was as much as 2.5 percentage points in 2026.
| FICO® Score | 36-Month Term (Percentage Point Difference) | 60-Month Term (Percentage Point Difference) |
|---|---|---|
| Fair (580-669) | 1.77 | 1.78 |
| Good (670-739) | 1.85 | 1.77 |
| Very good (740-799) | 2.01 | 1.88 |
| Exceptional (800-850) | 2.5 | 2.39 |
Source: Experian Marketplace, May 2026
Although a borrower would seem to have no reason to choose a loan with a higher APR, some obviously do. Reasons some consumers go with a loan with a higher rate may include: prior positive experience with a particular lender, receiving a larger loan amount than requested but with a higher APR, getting a faster loan disbursement, or feeling more comfortable with a specific loan's term or monthly payment.
While the Experian Marketplace matches consumers with personal loans best suited to their credit profile, the decision of what loan to apply for is ultimately in their court. By considering loan costs and other factors, consumers can ensure they're applying for the best possible loan.
Looking beyond the loan with the lowest monthly payment can lead to saving hundreds of dollars, if not more, in loan interest. Comparing the average lowest-rate personal loan offer to the average highest-rate personal loan offer across the more than 26 million offers made in May 2026 in Experian's loan marketplace shows a difference of 2.5 percentage points. For a $15,000 loan, that translates into a savings of more than $1,100 in interest repayments.
Comparison by Term and APR, $15,000 Personal Loan
| Lowest APR | Max APR | Difference | |
|---|---|---|---|
| APR | 11.77% | 14.27% | 2.5 percentage points |
| Monthly payment | $497 | $515 | $18 |
| Total interest cost | $2,876 | $3,527 | $651 |
| Lowest APR | Max APR | Difference | |
|---|---|---|---|
| APR | 12.54% | 14.93% | 2.49 percentage points |
| Monthly payment | $338 | $356 | $18 |
| Total interest cost | $5,266 | $6,378 | $1,112 |
Source: Experian Marketplace
Broadly, loan-shoppers can be sorted into two categories:
- Borrowers who want to prioritize low monthly payments: This is where loan applicants are likely to choose one with a longer repayment term. The most competitive 60-month personal loan has monthly payments of $338 for a $15,000 loan. That's more than $150 less than the most competitive shorter-term loan.
- Borrowers who want rock-bottom APRs: These loan-seekers will likely lean toward choosing the shorter-term offer. Typically, longer-term loans have higher APRs than shorter-term loans. A personal loan shopper choosing the lowest APR of 11.77% bests a longer-term personal loan APR by more than 3 percentage points in some cases.
There are many personal loan options, however, and the cost impact gets even more noticeable as you zoom out to look at the entire range of loans a borrower might consider. For instance, a borrower could save $177 per month with a low-rate longer-term loan instead of a higher-rate short-term loan. Alternatively, a borrower could save $3,502 in total interest costs by going with a low-rate short-term loan versus a higher-rate long-term loan.
Borrowers With Higher FICO® Scores Stand to Save More
Generally, better credit scores help consumers in two ways when applying for a personal loan. Aside from the obvious benefit of being able to borrow at lower interest rates, those with better credit also have more choice in the marketplace. A would-be borrower with a good or better FICO® Score who receives multiple offers typically receives dozens, per Experian Marketplace data.
Typical Monthly Payment Differences by FICO,[object Object], Score Score
| FICO® Score | Median APR | Min. APR | Difference (Percentage Points) | Interest Savings |
|---|---|---|---|---|
| Poor (300-579) | 25.82% | 25.54% | 0.28 | $80 |
| Fair (580-669) | 25.51% | 24.65% | 0.86 | $246 |
| Good (670-739) | 19.00% | 18.18% | 0.82 | $223 |
| Very good (740-799) | 14.40% | 13.51% | 0.89 | $233 |
| Exceptional (800-850) | 12.87% | 11.77% | 0.90 | $295 |
| FICO® Score | Median APR | Min. APR | Difference (Percentage Points) | Interest Savings |
|---|---|---|---|---|
| Poor (300-579) | 24.26% | 24.04% | 0.22 | $115 |
| Fair (580-669) | 24.83% | 23.97% | 0.86 | $452 |
| Good (670-739) | 18.83% | 18.03% | 0.80 | $393 |
| Very good (740-799) | 14.45% | 13.68% | 0.77 | $360 |
| Exceptional (800-850) | 13.44% | 12.54% | 0.90 | $425 |
Source: Experian Marketplace, May 2026
Most consumers, if they ask for and receive one personal loan offer, will soon also receive more personal loan offers from several lenders, often with varying terms, loan limits and APRs. But rarely are the sets of loan offers that two consumers receive the same. Even though credit scores tell lenders a lot about a would-be borrower's creditworthiness, lenders may also consider factors such as income and debt-to-income ratio and alter their loan offers accordingly.
Compare personal loan rates
Find APRs from 5.96% to 35.99% and flexible terms of 12 to 120 months. Loan amounts range from $1,000 up to $250,000, with funding available the same day or up to 3 days.
Offers from our partners
Est. APR6.70 - 35.99%
Loan amount$1,000 - $50,000
Est. monthly payment$31 - $1,806
Term36 - 60 mo
Est. APR6.99 - 35.99%
Loan amount$2,000 - $50,000
Est. monthly payment$62 - $1,806
Term36 - 60 mo
Est. APR5.96 - 35.99%
Loan amount$1,000 - $60,000
Est. monthly payment$44 - $2,168
Term24 - 60 mo
Est. APR6.99 - 35.49%
Loan amount$5,000 - $100,000
Est. monthly payment$224 - $3,237
Term24 - 84 mo
Est. APR7.74 - 35.99%
Loan amount$1,000 - $75,000
Est. monthly payment$31 - $2,709
Term36 - 60 mo
Est. APR8.99 - 35.99%
Loan amount$2,000 - $50,000
Est. monthly payment$91 - $1,702
Term24 - 72 mo
Est. APR7.95 - 29.99%
Loan amount$5,000 - $50,000
Est. monthly payment$226 - $1,617
Term24 - 60 mo
Est. APR13.37 - 35.99%
Loan amount$1,000 - $15,000
Est. monthly payment$89 - $542
Term12 - 60 mo
Est. APR7.99 - 35.99%
Loan amount$3,500 - $40,000
Est. monthly payment$158 - $1,445
Term24 - 60 mo
Est. APR7.99 - 35.99%
Loan amount$2,000 - $30,000
Est. monthly payment$90 - $1,187
Term24 - 48 mo
Est. APR6.25 - 35.99%
Loan amount$15,000 - $50,000
Est. monthly payment$667 - $1,806
Term24 - 60 mo
Est. APR9.95 - 35.99%
Loan amount$2,000 - $35,000
Est. monthly payment$92 - $1,264
Term24 - 60 mo
Est. APR7.39 - 28.70%
Loan amount$20,000 - $250,000
Est. monthly payment$621 - $6,352
Term36 - 120 mo
Est. APR10.59 - 26.76%
Loan amount$5,000 - $50,000
Est. monthly payment$232 - $1,520
Term24 - 60 mo
Est. APR9.99 - 35.99%
Loan amount$1,000 - $35,000
Est. monthly payment$32 - $1,264
Term36 - 60 mo
Est. APR11.69 - 35.99%
Loan amount$1,000 - $50,000
Est. monthly payment$33 - $1,806
Term36 - 60 mo
Est. APR11.99 - 35.99%
Loan amount$1,500 - $30,000
Est. monthly payment$50 - $1,084
Term36 - 60 mo
View all of our Best Personal Loans for 2026 to see what you’re likely to qualify for, and the rates and terms you might get.
The Bottom Line
As you can see from the data above, a good or great FICO® Score won't necessarily mean many personal loan offers will be made: High outstanding loan balances, income levels insufficient to repay the loan and prior borrowing activity may all be reasons consumers applying for a loan won't receive multiple loan offers.
Like other loan products, such as credit cards and mortgages, consumers can save hundreds if not thousands of dollars in interest payments if they do a bit more comparison shopping. The Experian personal loan comparison platform makes that comparison easier. Because applicants may see offers from multiple lenders in one place, they can evaluate APR, monthly payment, repayment term, funding speed and loan amount side by side before applying.
Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.
FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
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About the author
Chris Horymski
Chris Horymski leads Experian Consumer Service’s data research for Ask Experian, where he publishes insights and analysis on consumer debt and credit. Chris is a veteran data and personal finance journalist and previously wrote the Money Lab column for Consumer Reports and headed research at SmartMoney Magazine.
Read more from Chris