Personal loan rates rise slightly

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

The latest interest rate trends for personal loans from the Credible Marketplace, updated weekly. (iStock)

Well-qualified borrowers looking for personal loans during the week of February 15, 2021 have prequalified at rates slightly higher than a week ago, on average.

For borrowers with credit scores of 720 or higher who have used the Credible Marketplace to select a lender, during the week of February 1:

  • 3-year fixed-rate loan rates averaged 11.31%, down from 11.13% the week before and 10.11% a year ago. Over the past year, 3-year personal loan rates hit a low during the week of March 30, 2020, when they averaged 9.56%.
  • 5-year fixed-rate loan rates averaged 14.44%, down from 14.36% the week before and 13.22% a year ago. 5-year personal loan rates hit a 12-month low at 11.85% during the week of May 4, 2020.

Trends in weekly personal loan rates

If you are curious about what type of personal loan rate you might qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates will not affect your credit score.

Current rates for personal loans by credit score

If you qualify for a personal loan, the interest rate you will be offered may depend on factors such as your credit rating, the type of loan you are looking for (fixed or variable rate) and the length of the loan repayment period.

The chart above shows that a good credit score can help you get a lower rate, and that the rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has their own method of evaluating borrowers, it is a good idea to apply for student loan refinance rates from multiple lenders so that you can compare your options.

You can use Credible to compare personal loan rates from several private lenders at once without affecting your credit score.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unmatched customer experience, as evidenced by over 3,700 positive reviews on Trustpilot and a 4.7 / 5 Octoberscore.

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