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Rates on 3-year fixed-rate loans averaged 14.77%, up from 14.16% the previous seven days and from 10.48% a year ago. Personal loan interest rates rose over the last seven days for both 3- and 5-year loans. Rates for 3-year loans bumped up 0.61 percentage points, while rates for 5-year loans saw a jump of 0.82 percentage points. Interest rates for both loan terms remain significantly higher than they were this time last year. Still, borrowers can take advantage of interest savings with a 3- or 5-year personal loan right now.
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