Here are the most recent trends in personal loan interest rates from the Credible marketplace, updated weekly. 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. Today’s personal loan interest rates may differ for borrowers with lower credit scores.Rates on 5-year personal loans averaged 23.21%, up from 22.20% in April.
All Credible marketplace lenders offer fixed-rate loans at competitive rates. It’s a good idea to request personal loan rates from multiple lenders to compare your options since lenders use different methods to evaluate borrowers. In May, the average prequalified rate selected by borrowers was: 29.92% for borrowers with credit scores below 600 choosing a 5-year loan
As shown in the chart above, a good credit score can lead to a lower interest rate. Today’s personal loan rates tend to be higher on loans with fixed interest rates and longer repayment terms. A multitude of factors influence the interest rate a lender may offer you on a personal loan. Luckily, you can boost your chances of getting a lower interest rate by taking a few steps. Here are some strategies to help you qualify for a lower interest rate.