Personal loan rates rise slightly

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The latest interest rate trends for personal loans from the Credible Marketplace, updated weekly. (iStock)

Well-qualified borrowers seeking personal loans during the week of February 15, 2021 prequalified at slightly higher rates than a week ago, on average.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender, during the week of February 1:

  • Rates on 3-year fixed rate loans averaged 11.31%, down from 11.13% the previous week and 10.11% a year ago. Over the past year, 3-year personal loan rates bottomed out the week of March 30, 2020, when they averaged 9.56%.
  • Rates on 5-year fixed rate loans averaged 14.44%, down from 14.36% the previous week and 13.22% a year ago. 5-year personal loan rates hit a 12-month low at 11.85% during the week of May 4, 2020.

Weekly Personal Loan Rate Trends

If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates will not affect your credit score.

Current personal loan rates by credit score

If you qualify for a personal loan, the interest rate you may be offered may depend on factors such as your credit score, the type of loan you are seeking (fixed or variable rate), and the loan repayment term. .

The table above shows that a good credit rating can help you get a lower rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has their own method of evaluating borrowers, it’s a good idea to ask for student loan refinance rates from multiple lenders so you can compare your options.

You can use Credible to compare personal loan rates from multiple private lenders at once without affecting your credit score.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unparalleled customer experience, as evidenced by over 3,700 positive reviews on Trustpilot and a TrustScore of 4.7/5.

About Judith J. George

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