![]() Rates on 3-year personal loans averaged 22.35%, up from 20.98% in April.Today’s personal loan interest rates may differ for borrowers with lower credit scores. ![]() The chart above presents average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to choose a personal loan lender. Here are the most recent trends in personal loan interest rates from the Credible marketplace, updated weekly. If you’re thinking about borrowing, lets you easily compare personal loan rates in minutes. Comparing multiple lenders and rates could help ensure you get the best possible personal loan for you. When determining if a personal loan is right for you, you’ll need to consider several factors, including what rate you can qualify for. Both loan terms offer interest rates that are much lower than higher-cost borrowing options such as credit cards. Still, borrowers can take advantage of interest savings with a 3- or 5-year personal loan right now. However, interest rates for both loan terms remain significantly higher than they were this time last year. Rates for 3-year loans rose 0.25 percentage points, while rates for 5-year loans slid down nearly half a percentage point. Personal loan interest rates fell over the last seven days for 5-year loans. You can also use personal loans for a variety of other reasons, including covering medical bills and big purchases or funding home improvement projects. Personal loans can be a great option for consolidating and paying off debt.
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