Average Personal Loan Rates: Oct. 18, 2022

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The average overall personal loan rate is up about 5 basis points from last week, and the lowest rate we track is up about 36 basis points. You can take out a personal loan for a variety of purposes such as: B. to cover the cost of a doctor’s bill or to finance a home improvement project.

Average personal loan rates

We’ve compiled a database of 28 personal loan products and averaged their current rates so you know the current landscape. The higher your credit score, the more likely you are to qualify for a better interest rate.

The lowest rate of the companies we track is Upstart, which has an APR of at least 5.60%. The highest rate of the companies we track is NetCredit Personal Loans with a maximum annual interest rate of 99.99%.

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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 179 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 193 borrowers who applied for credit and received interest. A borrower used loan funds to pay taxes this week.

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frequently asked Questions

Different lenders require different minimum loan values ​​for borrowers to qualify for a personal loan. Some lenders have no minimums at all, while others only offer low interest rates to borrowers with excellent credit histories.

With most lenders, you can use a personal loan for almost any purpose you can think of, although it depends on the company. Some common uses are:

Every available reason is not listed here and you should contact your individual lender to ask what options they offer.

Personal loans are not suitable for every situation or for every person. It can sometimes be difficult to qualify for them due to strict creditworthiness requirements. Personal loans can also come with high interest rates, which could mean there are better options.

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For larger purchases that don’t fit within a credit limit, a personal loan might be the right option. It pays to calculate the interest you will have to pay and carefully consider options like a secured loan to lower the interest rate.

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