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The Average Personal Loan Rate – What You Need To Know

Personal loans have become a popular choice for those looking to consolidate debt, pay for unexpected expenses, or even finance a major purchase. However, before you apply for a personal loan, it’s important to understand the average personal loan rate and how it can impact your finances.

What is the Average Personal Loan Rate?

The average personal loan rate can vary depending on a number of factors, including your credit score, income, and credit history. However, according to data from LendingTree, the average interest rate for a 24-month personal loan was 9.50% in 2020.

It’s important to note that this is just an average and your personal loan rate could be higher or lower based on your individual circumstances. For example, if you have a low credit score, you may be offered a higher interest rate than someone with a higher credit score.

How is the Average Personal Loan Rate Calculated?

The average personal loan rate is calculated by taking into account the interest rates of various lenders and then finding the average rate. This can give you an idea of what the current market rate is for personal loans.

It’s important to note that the average personal loan rate can change over time as lenders adjust their rates to reflect changes in the market. This means that the average rate you see today may be different than the average rate you see a few months from now.

Factors that Impact Your Personal Loan Rate

As mentioned earlier, there are a number of factors that can impact your personal loan rate. These include:

How to Find the Best Personal Loan Rate

If you’re in the market for a personal loan, it’s important to compare rates from multiple lenders to find the best rate for you. Here are some tips to help you find the best personal loan rate:

The Bottom Line

The average personal loan rate can vary depending on a number of factors. By understanding what impacts your personal loan rate and how to find the best rate for you, you can save money on interest charges and repay your loan quickly and efficiently.

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