Average Personal Loan Rates: November 8, 2022

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Borrowers with excellent credit scores have seen rates dip this week. If you have a fair or poor score, you may also get a lower rate.

While some personal loan rates have fallen over the past week, they are trending higher overall. The Federal Reserve has raised the federal funds rate five times by 2022 in an attempt to tame falling inflation. Those higher rates ripple through the economy, resulting in higher borrowing costs for everything from mortgages and credit cards to auto and personal loans.

You can get a personal loan for many reasons. Lately, most borrowers have been using it for debt consolidation. Other popular uses for money include finance home improvement projectspay medical bills, and cover general household expenses.

Average personal loan rates

We have compiled a database of 28 personal loan products and averaged their rates so you know the landscape now. The higher your credit score, the more likely you will qualify for a better rate. The price is the same as last week.

The lowest rate of our company’s song is from Start, which has a minimum APR of 5.60%. The highest rate of NetCredit Personal Loanswhich has a maximum April of 99.99%.

The actual rate you will receive depends on your creditworthiness and other aspects of your financial situation. Check your rates with your lender to see what you qualify for.

Average personal loan rates by credit score

These rates are based on data from 148 borrowers who applied for loans and received rates.

Average loan amount and term length by credit score

The loan amount and term length are based on data from 148 borrowers who applied for loans and received rates.

Percentage of borrowers by loan purpose

This loan objective is based on data from 157 borrowers who applied for loans and received rates. A borrower uses loan funds to pay for vacation expenses this week.

Personal Loan Company Insider

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APL

5.99% to 21.49% with AutoPay (Rates as of 10/25/2022. Rates vary based on the purpose of the loan.)

costs

4.5/5

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costs

4.25/5

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APL

7.99% – 23.43% (with all discounts)

costs

4.25/5

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Frequently asked questions

Yes, your credit score has a direct impact on your rate. In general, the higher your credit score, the better rate you will get.

Different lenders require different minimum credit scores for borrowers to qualify for a personal loan. Some lenders have no minimums, while others offer low rates only to borrowers with good credit history.

You can use a personal loan for any purpose you can think of, although it depends on the lender. Some common uses include:

Every available reason is not listed here, and you should contact your individual lender to inquire about the options they offer.

Personal loans are not right for every situation, or every person. Sometimes it can be difficult to qualify, with strict credit score requirements. Personal loans can also carry high interest rates, which means there are better options.

For larger purchases that don’t fit within the credit limit, a personal loan may be the right choice. It is worth calculating the interest you will pay, and carefully consider options such as secured loans to reduce interest rates.

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