A 36% APR is not good for credit cards, mortgages, student loans, or auto loans, as it’s far higher than what most borrowers should expect to pay and what most lenders will even offer. A 36% APR is high for personal loans, too, but it’s still fair for people with bad credit. You shouldn’t settle for a rate this high if you can help it, though.
36% Is a Good APR For:
Personal loans for bad credit
A 36% APR is reasonable for personal loans only if you have bad credit. It’s far from the lowest rate you can get with a higher credit score. Personal loan APRs tend to range from around 4% to 36%.
36% Is NOT a Good APR For:
A 36% APR is not good for credit cards. The average credit card APR is 20.16%.
A 36% APR is very expensive for a mortgage. The average 30-year fixed mortgage rate is around 3%.
A 36% APR is not good for student loans. The rates on federal student loans tend to be around 3% to 5%. Private student loans’ rates range from 1% to 12%.
A 36% APR is not good for auto loans. APRs on auto loans tend to range from around 4% to 10%, depending on whether you buy new or used.
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