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Average personal loan rates for borrowers with poor scores (
Average Personal Loan Rates
We’ve compiled a database of 28 personal loan products and averaged their current rates so you can see the current personal loan climate. The better your credit score, the more likely you are to qualify for a lower rate.
The lowest rate of the companies we track is LightStream Personal Loan, which has a minimum APR of 5.24%. The highest rate of the companies we track is NetCredit Personal Loans, which has a maximum APR of 99.99%.
The actual rate you can get is based on your creditworthiness and other aspects of your financial situation. Check your rates with the lenders you are interested in to see what you qualify for.
Compare personal loan rates
Average personal loan rates by credit score
These rates are based on data from 170 borrowers who applied for loans and received rates.
Average loan amount and term length by credit score
These loan amounts and terms are based on data from 170 borrowers who applied for loans and received rates.
Percentage of Borrowers by Lending Purpose
These lending goals are based on data from approximately 178 borrowers who applied for loans and received rates. A borrower used the loan funds to pay his taxes this week.
Frequently Asked Questions
Credit unions and online lenders have some differences, but the general concept is the same; both institutions will offer you money at a fixed interest rate, to be repaid over an agreed term.
If you qualify for a personal loan from a credit union, you’ll likely get a better rate than with an online lender because credit union APR ranges are smaller. While online lenders generally have a seamless online and mobile personal loan experience, credit unions sometimes don’t have access to the same technology.
You can use a personal loan for many purposes, although the list differs depending on the lender. Some common options include:
Not all available reasons are listed here, and you should contact your individual lender to ask what choices they offer.
Your total cost will depend on the amount you borrow, the APR your lender gives you, the time it takes you to repay the loan, and any associated fees.
The higher the loan amount and APR, the more your loan will cost. With a longer term, you will spread your payments over more time. This means you’ll make lower monthly payments, but pay more interest.