Average Personal Loan Rates: October 11, 2022
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Average personal loan rates for borrowers with poor ratings (
Average personal loan rates
We’ve compiled a database of 28 personal loan products and averaged their current interest rates so you can see the current personal loan climate. The better your credit score, the more likely you are to qualify for a lower interest rate.
The lowest rate of the companies we track is LightStream Personal Loan, which has a minimum APR of 5.24%. The highest rate of the companies we track is NetCredit Personal Loanswhich has a maximum APR of 99.99%.
The actual interest rate you can get depends on your credit rating and other aspects of your financial situation. Check your interest rates with any lenders you’re interested in to see what you’re eligible for.
Compare personal loan rates
Average personal loan rates by credit rating
These rates are based on data from 170 borrowers who applied for loans and received interest.
Average Loan Amount and Term by Credit Rating
These loan amounts and tenors are based on data from 170 borrowers who applied for loans and received interest.
Percentage of Borrowers by Loan Purpose
These credit purposes are based on data from approximately 178 borrowers who applied for credit and received interest. A borrower used loan funds to pay taxes this week.
frequently asked Questions
Credit unions and online lenders have some differences, but the general concept is the same; Both institutes offer you money at a fixed interest rate, which is repaid over an agreed term.
If you qualify for a personal loan from a credit union, you’ll likely get a better interest rate than you would from an online lender because the credit union’s APR ranges are smaller. While online lenders generally have a seamless online and mobile personal lending experience, sometimes credit unions don’t have access to the same technology.
You can use a personal loan for many purposes, although the list varies by lender. Some common options are:
Every available reason is not listed here and you should contact your individual lender to ask what options they offer.
Your total cost depends on the amount you borrow, the APR your lender gives you, how long it takes you to repay the loan, and any associated fees.
The higher the loan amount and the APR, the more your loan will cost. With a longer term, you spread your payments over a longer period of time. This means you make smaller monthly payments but pay more interest overall.