Personal Loan Rates for March 2019

https://www.bankrate.com/loans/personal-loans/rates/

Loan reason

Debt Consolidati …SoFi

 

 

5.99 %

with AutoPay

  •  

     Larger Loan Amounts

  •  

     No Application Fees

  •  

     No Prepayment Penalties

  • Fixed interest rates start at 5.990% APR when you enroll in AutoPay¹
  • Loan sizes between $5k-$100k¹
  • Loan repayment terms: 3,4,5,6 and 7 years

6.14 %

with AutoPay

  •  

     Larger Loan Amounts

  •  

     Lower Rates

  •  

     Quick to Fund

  • Loans from $5,000 – $100,000
  • Rates from 6.14%* APR w/AutoPay depending on loan purpose
  • Funds as soon as today†

6.95 -35.89 %

with AutoPay

  •  

     Minutes to Apply

  •  

     No Prepayment Penalties

  • Personal loans from $1,000 to $40,000
  • Easy online application takes minutes
  • Low fixed rates and fixed monthly payments

5.99 %

  •  

     Lower Rates

  •  

     No Prepayment Penalties

  • Borrow $10,000 to $40,000
  • Rates as low as 4.99% APR – terms apply
  • No prepayment fees ever

6.95 -35.99 %

  •  

     Quick to Fund

  • More than $10 billion loans funded through Prosper
  • 9 out of 10 customers would recommend Prosper to friends or family*
  • Consolidate debt, finance a large purchase or pay off medical expenses

7.74 -29.99 %

  •  

     Larger Loan Amounts

  •  

     No Prepayment Penalties

  •  

     Quick to Fund

  • Personal loans $1,000 to $50,000
  • Check your rate online in minutes
  • Pay loan off any time with no prepayment penalty

5.99 %

  •  

     No Prepayment Penalties

  •  

     No Application Fees

  • No prepayment penalties, application fees, late fees, or hidden fees. Because no one wants to do that
  • You can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 5.99% and 24.99% APR

15.49 -34.99 %

  •  

     Quick to Fund

  • Personal loans from $2,000 to $25,000
  • Checking your loan offer won’t affect your credit score
  • Loans funded quickly, as soon as next business day

5.99 %

3 or 5 year term

  •  

     Quick to Fund

  •  

     No Application Fees

  •  

     No Prepayment Penalties

  • Personal loans up to $35,000 with fixed APRs from 5.99% to 29.99% for a 3 or 5 year term
  • Get money in as little as one business day
  • Join more than 420,000 customers at a trusted company with an A+ BBB rating

9.95 -35.99 %

  •  

     Quick to Fund

  •  

     Minutes to Apply

  • Personal loans from $2,000 to $35,000 online.
  • Competitive rates from 9.95% – 35.99% APR and terms from 24 to 60 months
  • Checking your loan options has no impact to your credit score.

5.74 -18.99 %

  •  

     Lower Rates

  •  

     No Prepayment Penalties

  •  

     No Application Fees

  • Borrow up to $35,000
  • Low, fixed rates starting at 5.74% APR¹
  • Loan terms of 36, 48 or 60 months

7.99 %

with AutoPay

  •  

     Larger Loan Amounts

  •  

     No Prepayment Penalties

  •  

     Quick to Fund

  • Personal loans of up to $50,000 with low fixed rates that will never change*
  • Affordable monthly payments that fit your budget, and no prepayment penalties
  • Fast Funding. Money is sent to your bank account within a day of clearing any verifications

What is a personal loan?

A personal loan is defined as money loaned to individual borrowers by banks, credit unions, or private lenders. The money can be used for just about any purpose. Personal loans are paid out in a single lump sum, and often repaid over a number of years. The typical personal loan is repaid in monthly installments over an agreed-on period of time and personal loans are typically unsecured, meaning they aren’t backed by collateral (homes, cars or other types of property).

“A personal loan is a convenient borrowing alternative, often at a lower rate than a credit card and with funds disbursed much more quickly than getting a home equity line of credit.”

Greg McBride, CFA, Bankrate’s chief financial analyst.

Personal loan rates

Interest rates for personal loans are largely determined by your credit score. Your annual income and the amount you wish to borrow are important, too. Interest rates for unsecured personal loans generally range from 5%-36%. You can apply for a personal loan through a bank, credit union or finance company, including online marketplace lenders.

Average Personal Loan Rates by Credit Rating
CREDIT RATING SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent 720-850 9.8%
Good 690-719 15.0%
Average 630-689 21.3%
Poor 300-629 28.2%

Why do people take out personal loans?

Some of the most common reasons for considering a personal loan are:

Even if these reasons don’t apply to you, you may still benefit from a personal loan. Bankrate’s personal loans marketplace can help you find the best loan and the best lender for your situation.

Pros and cons of personal loans

Know the advantages and disadvantages of a personal loan, which include:

Pros

  • The convenience of receiving the money upfront in a lump sum
  • You can get the money quickly — in as little as one day, depending on the lender
  • They’re easier to apply for than mortgages or personal lines of credit

Cons

  • You’ll likely pay a higher APR with an unsecured loan
  • A low credit score can make it more difficult to get the lowest available APR
  • You may have to pay an origination fee to process the loan

Frequently asked questions about personal loans:

What is APR?

APR stands for Annual Percentage Rate. APR refers to the extra amount borrowers pay in interest and fees on an annual basis. Lenders calculate APR on a yearly basis, but borrowers are most often responsible for paying APR on a monthly basis.

For more detail on how APR can affect your monthly payments, check out our loan calculator.

What’s the difference between a secured loan and an unsecured loan?

Secured loans are backed by a piece of the borrower’s property as collateral, typically a vehicle or house. Because the borrower stands to lose personal property if they default, secured loans tend to have lower interest rates.

Unsecured loans are not backed by collateral, but instead by the borrower’s creditworthiness. Because the lender takes on more of a risk with an unsecured loan, interest rates tend to be higher. Lenders also require that borrowers seeking an unsecured loan have a higher-than-average credit score.

What’s a repayment term?

A repayment term refers to the length of time borrowers have to repay their loan. A personal loan’s repayment term can vary between one and ten years, depending on the lender.

How does my credit score affect my offer?

Because personal loans are often unsecured, they may come with higher APRs. With unsecured loans, lenders tend to pay extra attention to a borrower’s credit score.

The lower a borrower’s credit score is, the more they’ll have to pay in APR. Lower credit scores can lead to APRs in the double digits.

Loan rates differ by lender, but often opting for a secured loan can help lower APR, even for someone with bad credit. In some cases, secured loans can offer up to 8% less in APR than unsecured loans.

What’s the difference between fixed-rate and variable interest?

Depending on the loan and the lender, you may have a choice between fixed rate (which stays the same over the life of the loan) or variable (which can rise or fall depending on changes in the market).

The interest on a variable rate loan often starts low but may increase over time. The terms of the loan agreement will specify how often the lender is allowed to raise the interest rate, and some loans cap the maximum rate at a certain percentage. By contrast, the payments and interest charges on a fixed-rate loan will remain the same.

Base your decision on whether you prefer the stability of a fixed rate or the possibility of saving on interest with a variable rate.

COMPARE PERSONAL LOAN RATES: Enter your information in the Your info/Loan info box at the top of the page to see offers from Bankrate lending partners.

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