How the Federal Reserve impacts personal loans
The Federal Reserve just lowered interest rates for the first time in four years.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
About the author
Pippin Wilbers is a Bankrate editor. He joined the personal loans team in 2024, though he's also contributed work on the auto loans, credit cards, student loans and small business loan verticals. Pippin is passionate about demystifying complex topics, such as car financing or finding the best personal loan, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
Pippin stays on top of industry news sources, such as TransUnion and Experian. Working with reporters Hanneh Bareham and Denny Ceizyk, he analyzes industry data and trends and asks: "What does this mean for borrowers?"
Pippin lives in Denver. Before joining Bankrate, he brought vital news to his community as a small-town newspaper reporter. In his spare time, he enjoys foraging for mushrooms, reading, and dabbling in amateur entomology.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
The Federal Reserve just lowered interest rates for the first time in four years.
PenFed offers low APRs and fast funding on personal loans from $600 to $35,000, and it doesn’t charge origination fees or a prepayment penalty.
Avant offers fast funding and flexible payment options. Additionally, you don’t need stellar credit to qualify for a personal loan with this lender.
American Express offers personal loans to card members who qualify.
MPOWER is best for international students who don't have a U.S. co-signer.
Credible is a comparison site that lets you get prequalified with multiple lenders.
Nelnet — formerly U-fi From Nelnet — specializes in private student loans with low interest rates.
SoFi is an online lender that offers student loan refinancing, parent loans and private student loans for undergraduates and graduates.
PNC offers competitive interest rates and a co-signer release.