Interest Rates for Personal Loans
An estimated range of interest rates on personal loans for consumers with fair to good credit is currently between 6% and 36%.
What is considered a high interest rate?
A loan that is considered high risk will have a higher interest rate. Consumer loans typically use an APR, which does not use compound interest. The APY is the interest rate that is earned at a bank or credit union from a savings account or certificate of deposit (CD).
What is a good interest rate for an unsecured loan?
Interest rates on unsecured personal loans typically range between 5% and 36%. Banks and credit unions will offer competitive rates, but some of the lowest you can find are from online lenders, especially those that cater to creditworthy borrowers.
What does APR mean on a loan?
Annual Percentage Rate
What is the interest rate on a personal loan?
Personal loan interest rates
The interest rate for a personal loan depends mostly on your credit score. Personal loan rates currently range from 6 percent to 36 percent, depending on your credit score.