Personal Loans Compared: APRs, Fees and Terms (October 2026)

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Quick answer

• Compare personal loans on APR (annual percentage rate: the yearly cost including interest and certain fees such as origination fees), not just the interest rate (CFPB).
• Check the maximum APR, not only the starting rate. Your rate depends on the lender’s review of your credit, income and the term you choose.
• Check whether an origination fee is taken out of the money you receive, and whether there are late fees or prepayment penalties.
• For context: the average APR on 24-month personal loans at commercial banks was 11.90% in the Federal Reserve’s G.19 release for August 2026 (released October 7, 2026, preliminary). This is a benchmark, not an offer.
• Approval, rate and loan amount are decided by the lender and are never guaranteed.

Lenders compared

Listed in alphabetical order; not a ranking. Data from each lender’s public website, accessed October 19, 2026. Rates change often; confirm on the lender’s site.

SoFi fee note: SoFi’s personal loan page says “no origination fees required.” Its APR footnote says the APR “reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.” Its rates page says the rates shown “reflect only term options without an origination fee” and that your rate depends on “whether you choose an origination fee option” (sofi.com, accessed 10/19/26). Read together, SoFi describes the origination fee as an option, not a requirement. Confirm the fee in your offer.

LightStream payment example (lightstream.com, captured 10/19/2026, 3:41 PM ET): “Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62.”

LightStream credit check: its FAQ says “The LightStream loan application process pulls a hard inquiry from TransUnion or Equifax” (https://www.lightstream.com/faq, 10/19/2026).

Lender rates pages: LightStream rates · SoFi personal loan rates · Upgrade personal loans

State availability: check availability in your state on each lender’s site. SoFi refers to SoFi.com/eligibility for state restrictions (10/19/26). LightStream says it serves “customers across all 50 states” and that in Florida a documentary stamp tax “will be added to your loan amount” (10/19/2026). Upgrade says “Certain loan offers may not be available in all states” (10/19/2026).

How to compare personal loan offers

1. Look at APR, not just the rate. The CFPB explains that APR is “a measure of the interest rate plus the additional fees charged with the loan,” so it is a broader measure of cost than the interest rate alone.
2. Look at the full range. Lenders reserve their lowest rates for their most creditworthy applicants (SoFi says so; LightStream says “Lowest rates require excellent credit,” 10/19/2026). Plan around a rate you might actually get.
3. Check fees. An origination fee deducted from proceeds means you receive less than you borrow.
4. Check the term. A longer term can lower the monthly payment but raise total interest.
5. Check soft vs. hard pulls. Some lenders show rates after a soft credit check; a full application usually brings a hard inquiry.

Drawbacks to weigh

• A personal loan adds a fixed monthly payment for the full term.
• Fees and a higher APR can make borrowing cost more than expected.
• If you are consolidating debt, a new loan can raise your total cost if the term is longer.

How we research and compare products

This page is general information, not financial advice. Moneysilk is not a lender and does not make credit decisions.