Hey there! Want to learn more about personal loan rates? Well, they’re kind of like the weather – they can change pretty often! Basically, each lender sets their own rates based on what’s happening in the financial world. But what you’re actually offered can vary depending on stuff like your credit score and how long you need to pay back the loan.
So, let’s break it down. Right now, the average rate for a three-year personal loan is about 14.64%, and for a five-year loan, it’s around 21.26%. That’s a tad higher than last month, but hey, that’s just how things go sometimes.
If you’re eyeing a three-year loan, you might be looking at around $344.89 a month for every $10,000 you borrow, while a five-year loan could mean roughly $272.00 per month for the same amount.
Now, speaking of credit scores – they’re like your loan superhero! The better your score, the sweeter your rate. Check out this handy table to see how it all lines up.
- If your credit score is less than 599, you might be looking at rates around 33.07% for a three-year fixed loan and 31.39% for a five-year fixed loan.
- But hey, if your score is over 780, you could be looking at rates as low as 12.49% for a three-year loan and 18.30% for a five-year one.
Just remember, these rates are based on info as of April 13th, 2024, so things might have changed a bit by the time you’re reading this. Keep that credit score shining, and happy borrowing!