Interest rates on personal loans Friday 9 February 2024

Interest rates on personal loans Friday 9 February 2024

Our experts answer readers’ personal loan questions and write impartial product reviews (here’s how we rate personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

Personal loan rates are very dependent on the borrower: rates for the best personal loans tend to be around 6%, and right now people with good or excellent credit may be eligible for an even better deal.

We monitor lenders’ rates daily to help you feel confident before applying for a loan. Here are the main rates for personal loans for Friday 9 February.

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Main personal loan rates

Personal loan rates vary depending on the lender and the credit profile of the person borrowing money, but many lenders are advertising high rates right now for the right borrower. Here are the lenders offering the lowest rates today:

About personal loans

Personal loans are a flexible way to borrow money, because they can be used for most needs: consolidating debt, financing home projects, and even paying taxes. Their appeal lies in their availability and ease of getting approved (especially with a good or excellent credit score). However, they are not always the cheapest option and the rate will depend on your credit and the lender you choose.

Loans for debt consolidation

The best debt consolidation loans are good options for rolling multiple loans into one, cleaning up your record keeping, and (hopefully) improving your APR or reducing your payments. You can use these loans to consolidate several types of consumer debt, such as credit card debt, into a single monthly payment. However, debt consolidation can extend the life of your loan and mean you end up paying more over time. Many personal loans allow for debt consolidation, but not all, so make sure you know this when you sign up.

Emergency loans

The best emergency loans can be used to get money quickly, when you need it. To make this happen, these loans tend to require lower credit scores than other options and provide quick financing to get money into your hands sooner. There is a wide range of emergency loans available: some lenders offer a few hundred dollars to deal with the situation, while others will lend you hundreds of thousands for large-scale crises.

Personal loans for bad credit

The best personal loans for bad credit will typically have a higher APR than loans for people with higher credit scores, simply because lenders see your credit score as a representation of your history with borrowing money and , therefore, their probability of getting it back. In fact, the terms offered to bad credit lenders can be so unfavorable that you may want to also consider other options that are often cautioned against, such as bad credit credit cards.

Personal loans without disbursement commissions

The best personal loans with no startup fees work like any other loan, minus one thing: the upfront fee that can add 1% to 7% of the loan amount to your bill. Typically, a particular lender will make this choice for all of its loan products, rather than charging an origination fee for one loan and not another. That said, it may be possible to negotiate an origination fee waiver with your lender, but choosing one you already know that doesn’t charge origination fees is a safer bet.

Products in this post: Upstart Personal LoanAmerican Express Personal LoanReach Financial Personal LoanProsper Personal Loan

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