what is the interest rate on personal loans

Best answer


6% to 36%

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  • What is a good interest rate for a personal loan?

  • A good interest rate on a personal loan depends on your credit score. In general, you should look for a rate below the average APR 鈥?10.3 percent to 12.5 percent for excellent credit, 13.5 …

  • How do I find out my average personal loan interest rate?

  • To do this, take a look at a lender鈥檚 annual percentage rate 鈥?a measurement that includes interest, plus fees. Some lender will give you an estimated APR when you prequalify. Average personal loan interest rates can vary depending on your credit score and other factors, but you do have some control.

  • How do personal loan interest rates work?

  • Most personal loans actually use the monthly periodic rate, arrived at by dividing the APR by 12. When applied to principal, the APR (or periodic rate) determines the additional amount you will pay to borrow the principal and pay it back over time. Personal loan interest rates are expressed as a percentage of the amount you borrow.

  • What is personal interest?

  • Personal interest is the interest paid on personal and consumer loans. The benefits and interest rates involved with a loan will vary greatly based on loan type.

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