What are current personal loan rates? – 2022July 9, 2022
Personal loan rates
A personal loan can help you cover virtually any expense. Whether you need a loan to consolidate debt, pay a medical bill, or fund a home improvement project, it might be a good time to borrow money when interest rates are low. Depending on your credit and finances, as well as the type of loan you choose, you may be able to save some money on interest charges and reduce your overall cost of borrowing.
Visit Credible to see your prequalified personal loan rates from various lenders, all in one place.
The chart below shows average prequalified personal loan rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender:
For the month of June 2022:
The current inflation rate in the U.S. is 8.26%. While it has slowed a bit, it’s still close to the highest it’s been in 40 years. Since inflation leads to higher prices on goods and services, the demand for credit increases, leading to higher interest rates for new personal loans and other financial products, like mortgages and credit cards.
While this benefits lenders, it means that you’ll pay more to borrow money. If you have a current loan with a fixed interest rate, your payments won’t be affected. But if your loan has a variable rate, your payments could go up.
Credible makes it easy to compare personal loan rates from various lenders, without affecting your credit.
Average personal loan rates can vary depending on your credit and other financial factors. The chart below shows average personal loan rates by credit score:
In June, the average prequalified rate selected by borrowers was:
Fortunately, you can take steps to lock in a lower interest rate and potentially save hundreds or even thousands of dollars in interest on your personal loan, including:
With Credible, you can quickly and easily compare personal loan rates to find one that suits your needs.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset.