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Check out the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.
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Personal loan interest rates are up this week for both 3- and 5-year fixed-rate loans.
Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.
During the week of Oct. 3, 2022:
- Rates on 3-year personal loans averaged 12.09%, up from 11.59% last week and up from 11.61% a year ago. Rates hit a record low of 10.30%, set on February 7, 2022.
- Rates on 5-year personal loans averaged 15.63%, down from 15.86% last week and up from 14.23% a year ago. Rates hit a record low of 12.55%, set on March 28, 2022.
Personal loan historic rate trends
The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. The chart shows average weekly rates for the last year.
Personal loans are a popular way to consolidate and pay off credit card debt and other loans. Whether it makes sense to take out a personal loan often depends on what rate you can qualify for, so it makes sense to request rates from multiple lenders.
Compare personal loan rates from top lenders
Loans for paying off credit cards, debt consolidation, home improvement and more.
Checking rates won’t affect your credit
Current personal loan interest rates by credit score
Rates on personal loans vary considerably by credit score and loan term. The chart above shows borrowers with fair to poor credit tend to be offered higher rates.
In June 2021, average prequalified rates selected by borrowers were:
- 9.28% for borrowers with credit scores of 780 or above choosing a 3-year loan
- 31.74% for borrowers with credit scores below 600 choosing a 3-year loan
All lenders who offer personal loans through the Credible marketplace offer fixed-rate loans. Keep in mind that all lenders use different methods to evaluate borrowers, so it’s a good idea to request personal loan rates from multiple lenders and compare your options.
See other personal loan rates:
- Credit card consolidation loan interest rates
- Debt consolidation loan interest rates
- Home improvement loan interest rates
- Bad credit personal loan interest rates
Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score.
The Credible marketplace provides an unrivaled customer experience, as reflected by over 3,700 positive Trustpilot reviews and a TrustScore of 4.7/5.