What Is A Reasonable Interest Rate For A Personal Loan

Considering that the average borrower qualifies for average loan interest rates between 10 percent and 28 percent any rate.

What is a reasonable interest rate for a personal loan. This calculator only applies to loans with fixed or simple interest next add the minimum and the maximum that you are willing to pay each month then click calculate. If you have excellent credit a good personal loan rate is usually below 8. The average annual percentage rate on a two year personal loan from a commercial bank was 9 5 in the second quarter of 2020 according to federal reserve data.

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. In may 2019 the average interest rate on a 24 month. Personal loan interest rates range from about 4 to 36 with an average of about 12 according to u s.

What is an average personal loan interest rate. Personal loan interest rates today in the past average personal loan interest rates have ranged from 10 all the way up to a whopping 28. Personal loans for fair credit can have interest rates as high.

While the average rate isn t too high some personal loan lenders offer loans with annual percentage rates of up to 36. 5 2020 the average personal loan interest rate is 11 88 percent. Average personal loan interest rates by lender interest rates on unsecured personal loans typically range between 5 and 36.

Getting a low apr will save you. Average interest rates on personal loans for consumers with fair or good credit tend to range from 6 to 36 according to credit reporting company experian with the most creditworthy borrowers. If your credit score is on the low end you ll pay more.

Generally a good interest rate for a personal loan is one that s lower than the national average which is 9 41 according to the most recently available experian data.