What is the average personal loan rate right now?
Summary
The closest thing to an official average is the Federal Reserve's rate on 24-month personal loans at commercial banks, published in its G.19 consumer credit release. The September 8, 2026 release puts it at 11.86% for May 2026. It covers banks only, and it averages each bank's most common rate, so it says nothing about the spread between the best and worst offers.
How the Fed builds the number
According to the G.19 footnotes, the personal-loan rate is a simple unweighted average of each commercial bank's most common rate, charged during the first calendar week of the middle month of each quarter. The rates are APRs as Regulation Z defines them.
That quarterly schedule explains the gaps. The release comes out around the fifth business day of every month, but the personal-loan line gets a new value only after the February, May, August, and November surveys, and the other months show "n.a." The September release still shows May.
The series has moved within a few points over recent years: 9.38% for 2021, 9.87% for 2022, 11.87% for 2023, 12.27% for 2024, and 11.50% for 2025. For comparison, the same table puts credit card plans at 22.15% for May 2026 on accounts that were charged interest.
What lenders publish
| Lender | Published APR | Fee |
|---|---|---|
| Discover | 6.99% to 24.99% | None |
| Upgrade | 7.74% to 35.99% | 1.85% to 9.99%, deducted from proceeds |
| Avant | 9.95% to 35.99% | Administration fee up to 9.99%, deducted from proceeds |
The Fed's 11.86% sits inside every one of these ranges, above every floor and well below every ceiling. LightStream's quoted rates assume AutoPay; paying by invoice adds 0.50 percentage points.
At 11.86%, $10,000 over 36 months works out to $331.47 a month and $11,933.09 in total. At Discover's ceiling of 24.99%, the same loan runs $397.55 a month and $14,311.63 in total.
Sources
- Federal Reserve, federalreserve.gov/releases/g19/current
- Discover, discover.com/personal-loans
- Upgrade, upgrade.com/personal-loans
- Avant, avant.com/personal-loans
- LightStream, lightstream.com/rates
Written by Kaz (pen name). Figures are copied from providers' published pricing pages on the dates shown. We have not used these products. Corrections: contact form.