Rates on personal loans climb slightly
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Ashley Harrison has over six years of experience as an authority on personal finance. Her work has been featured by USA TODAY Blueprint, Forbes Advisor, Fox Business, and Yahoo Money.
Updated October 16, 2024, 2:41 AM EDT
Well-qualified borrowers seeking personal loans during the week of Feb. 15, 2021 prequalified at rates that were slightly higher than a week ago, on average.
- Rates on 3-year fixed-rate loans averaged 11.31%, up from 11.13% the week before and 10.11% a year ago. In the past year, rates on 3-year personal loans hit a low during the week of March 30, 2020, when they averaged 9.56%.
- Rates on 5-year fixed-rate loans averaged 14.44%, up from 14.36% the week before and 13.22% a year ago. Rates on 5-year personal loans hit a low during the last 12 months of 11.85% during the week of May 4, 2020.
Personal loan weekly rate trends
Current personal loan rates by credit score
If you qualify for a personal loan, the interest rate you may be offered can depend on factors like your credit score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term.
The chart above shows that a good credit score can help you get a lower rate, and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request student loan refinancing rates from multiple lenders so you can compare your options.
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