Average personal loan rates: October 4, 2022

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Average personal loan rates for borrowers with good credit scores (between 660 and 719) and poor credit scores (below 620) have increased by more than 10% over the past two weeks, while rates have increased for borrowers with excellent credit scores (720 and above). ) and fair scores (620-659) slightly decreased. Personal loans can be used for a variety of purposes, such as covering the cost of a medical bill or Home Improvement Financing.

Compare personal loan rates

Average personal loan rates

We collected 28 databases Personal Loan Products And calculate their current average rates so you can see the current climate for personal loans. The better your credit score, the more likely you are to qualify for a lower rate.

The lowest rate for the companies we track is LightStream Personal Loan, which has a minimum annual percentage rate of 5.24%. The highest rate of companies we track is NetCredit Personal Loanswhich has a maximum annual percentage rate of 99.99%.

The actual price you can get depends on your creditworthiness and other aspects of your financial situation. Check your rates with any of the lenders you are interested in to see what you qualify for.

Average personal loan rates by credit score

These rates are based on data from about 137 borrowers who applied for loans and received rates.

Average loan amount and term length by credit score

Loan amounts and durations are based on data from approximately 172 borrowers who applied for loans and received rates.

The percentage of borrowers according to the purpose of the loan

These loan purposes are based on data from approximately 162 borrowers who applied for loans and received rates.

Distinguished personal loan companies from within

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April

5.24% to 19.99% with automatic payment (Rates as of 10/03/2022. Rates vary depending on the purpose of the loan.)

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4.5 / 5

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4.25 / 5

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April

7.99% – 23.43% (with all discounts)

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4.25 / 5

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Frequently Asked Questions

To choose the best personal loan, consider the factors that are most important to you. Many borrowers just want the lowest interest rate. But it’s also important to consider any fees, the minimum credit score required, and access to the lender’s customer service.

You should also take a look at the different types of lenders. Some people may feel comfortable with an online lender, while others may prefer a credit union or bank. You will also need to make sure that you can get a term that suits you and that the purpose of your loan is permitted by the lender of your choice.

You can use a personal loan for several purposes, although the list changes depending on the lender. Some common options include:

Not every available reason is listed here, and you should reach out to your individual lender to ask about the options they offer.

Depending on the lender, you may be able to get your money back as soon as you apply. The lender often sends the money out relatively quickly after the application is approved, but there is usually no guarantee of the speed of the approval process.

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