Grace Enfield, Content Writer
@grace_enfield
A typical interest rate for a personal loan is between 4% and 36%. The exact interest rate you get for a personal loan will depend on a number of factors, such as your income, existing debt, employment status and credit score, among others. Below you can see the average personal loan interest rate for each credit rating based on the latest WalletHub data.
Average Personal Loan Interest Rate by Credit Rating
- Excellent: 12.14%
- Good: 16.14%
- Fair: 22.02%
- Bad: 27.70%
If you’re interested in getting a personal loan, check out WalletHub’s picks for the best personal loans. Additionally, some lenders let you pre-qualify to estimate your potential rates before you officially apply. To pre-qualify with multiple lenders at once, check out the free pre-qualification tool on WalletHub.
People also ask
What is a good interest rate on a personal loan?
A good interest rate on a personal loan is around 5.99%. The average APR for a two-year personal loan from a bank is 12.17%, according to the latest Federal Reserve data, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt, and other financial factors.
The best way to get a decent interest rate on a...
read full answer by Adam McCann, Financial WriterWhat is the easiest bank to get a personal loan from?
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify. You do need to be a member of the military community, though.
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer...
read full answer by Adam McCann, Financial WriterWhich bank has the lowest interest rate on personal loans?
The major bank with the lowest interest rate for a personal loan is Barclays, which advertises APRs of 4.99% - 20.99%. Other notable banks with low personal loan rates include PNC (APRs of 8.14% - 24.99%) and American Express (APRs of 6.9% - 19.97%). Also, you may find similarly low rates to some smaller banks across the country that offer personal loans.
Banks with the Lowest Interest Rates for Personal Loans
read full answer by Adam McCann, Financial WriterDid we answer your question?
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