Average Personal Loan Rates This Week: November 29, 2022 |  Rates increase slightly

Average Personal Loan Rates This Week: November 29, 2022 | Rates increase slightly

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The overall average personal loan rate this week rose slightly. It is at 19.99%, an increase of seven basis points from last week.

Personal loan rates keep going up. The Federal Reserve raised the federal funds rate six times in 2022 to combat high inflation. Higher base rates ultimately increase borrowing costs for consumers on everything from personal loans and credit cards to mortgages and auto financing.

You can get a personal loan for many reasons. A majority of borrowers use them for debt consolidation. Other common uses for the money include financing a home improvement project, paying a medical bill, and covering general household expenses.

Current personal loan rates

Average Personal Loan Rates

We’ve compiled a database of 28 personal loan products and averaged their rates so you know the current landscape. The higher your credit score, the more likely you are to qualify for a better rate. Rates have increased slightly from last week and are generally high.

The lowest rate of the companies we track are tied with Lightstream, Wells Fargo, American Express, Reach and have minimum APRs of 5.99%. The highest rate comes from NetCredit Personal Loans, which has a maximum APR of 99.99%.

You will not necessarily receive the average rate shown above. The rate you will get depends 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.

Average personal loan rates by credit score

These rates are based on data from 141 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 147 borrowers who applied for loans and received rates.

Percentage of Borrowers by Lending Purpose

These lending goals are based on data from 155 borrowers who applied for loans and received rates. A borrower used loan funds to pay for auto refinance this week.

Frequently Asked Questions

Many lenders don’t disclose a minimum credit score, but they may be able to give you a general idea of ​​your chances of approval when you provide them with your financial information. If your score is too low to qualify, take steps to improve it by reviewing your credit report and lowering your credit utilization rate (the percentage of your credit limit that you are currently using).

Personal loans can be used for many purposes, depending on the lender, including:

You won’t find all the reasons listed here, and you should contact your individual lender to ask what they offer.

For small amounts, you might find that a 0% APR credit card would be better suited. These cards can be particularly useful for consolidating your credit card debt or for making purchases that you want to pay off over time. Typically, they have 0% APR for the first 12-16 months from opening. Redeem the card in full before the end of the introductory period and you will not pay interest on your purchase.

Homeowners sometimes find that home equity lines of credit are better for financing major repairs or renovations with lower interest rates.

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