Borrowers with good credit seeking personal loans during the past seven days prequalified for average rates that were lower for 3-year fixed-rate loans and higher for 5-year fixed-rate loans compared to the previous seven days.
For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between Jan. 17 and Jan. 23:
- Rates on 3-year fixed-rate loans averaged %, down from % americashpaydayloan.com/payday-loans-or the seven days before and % a year ago.
- Rates on 5-year fixed-rate loans averaged %, up from % the previous seven days and down from % a year ago.
Personal loans have become a popular way to consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical bills, take care of a major purchase or fund home improvement projects.
Rates for a 3-year fixed-rate personal loan are trending downward again after previously edging upward. Meanwhile, 5-year rates ticked up, but only by 0.30%. Borrowers can take advantage of the most interest savings over the life of their loan with a 3-year personal loan right now.
Whether a personal loan is right for you often depends on multiple factors, including what rate you can qualify forparing multiple lenders and their rates could help ensure you get the best possible personal loan for your needs.