Average personal loan rates for this week: January 17, 2023
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The average gross personal loan rate this week was 21.04%, up 1 basis point from last week. Rates have increased over the past several months.
The average high rate is 10.09%, which is a shade lower than last week. Peak rates have been increasing as the Federal Reserve has been raising federal funds rates in an effort to slow inflation, which is driving up consumer borrowing costs across the board.
Borrowers use personal loans for many types of expenses, including medical bills and home improvement projects. The majority of borrowers use the money to debt consolidation. Contact your lender to ensure that they allow the purpose of the loan requested.
Featured personal loan companies from the inside
5.99% to 23.99% with auto payment (Prices as of 01/03/2023. Rates vary depending on the purpose of the loan.)
7.99% – 23.43% (with automatic payment discounted)
Average rates for personal loans
We have collected 28 databases Personal loan products and averaging their rates to help you understand the current landscape. You are more likely to get a lower rate with a better credit score. Prices are a little lower than last week, but generally high.
The lowest rate for the companies we track is from American Express, which has a minimum annual percentage rate of 5.91%. highest rate of NetCredit Personal Loanswhich has a maximum APR of 155%.
Prices shown above are not guaranteed. The price you will get depends on your creditworthiness and other aspects of your financial situation. You can see the rates you will get by applying with each lender you are interested in.
Average rates for personal loans by credit score
These rates are based on data from 146 borrowers who applied for loans and received rates.
Average loan amount and term length by credit score
Loan amounts and terms are based on data from 146 borrowers who applied for loans and received rates.
The percentage of borrowers according to the purpose of the loan
These loan purposes are based on data from 156 borrowers who applied for loans and received rates. A borrower used the loan money to pay taxes this week.
Frequently Asked Questions
Many lenders do not publicly list their minimum credit score requirements but they may give you a general sense of your approval chances when you give them your financial information. If you have The score is very low To qualify, take steps to improve it by reviewing your credit report and lowering your credit utilization ratio (the percentage of credit limit you’re currently using).
While personal loans can be a solid option for getting money quickly, there may be cheaper methods available to you:
- Ask friends or family. While you may feel uncomfortable asking friends or family for a loan, you may be able to work out a deal with lower payments than through an official lender.
- Get salary in advance. Some banks will allow you to receive your paycheck two days in advance, and you can use apps that allow you to get a portion of the money you’ve already earned in the pay period. You can also request an advance on a paycheck from your employer. However, getting a salary advance isn’t free – it’s often charged from your earnings when you receive it.
- Apply for a credit card. You might also consider a Credit card instead of a personal loan. This can be especially useful if your credit is not in the best condition and you qualify for a lower APR with a credit card than with a personal loan lender.
- Seek help from a local nonprofit or charitable organization. Many local organizations have programs designed to provide short-term assistance to those in need. You can find a list of some near you here.
- Part-time work in the gig economy. You can earn money on your own time with gig businesses like rideshare apps and food delivery apps. These add-ons may enable you to earn enough to reduce the need for a loan.
Depending on the lender, you may be able to get your money back once you apply. Often the lender will send the money relatively quickly after the application is approved, but there is usually no guarantee of the speed of the approval process.