Well-qualified borrowers seeking personal loans throughout the week of Feb. 15, 2022 prequalified at rates that were slightly higher than a week ago, typically.
For borrowers with credit scores of 720 or more who used the PayPasser marketplace to select a lender, throughout the week of Feb. 1:
- Rates on 3-year fixed-rate loans averaged 11.31%, up from 11.13% the week before and 10.11% last year. In the past year, rates on 3-year personal loans hit a low throughout the week of March 30, 2022, 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% last year. Rates on 5-year unsecured loans hit a minimal over the past Twelve months of 11.85% throughout the week of May 4, 2022.
Personal loan weekly rate trends
If you're interested in what kind of personal loan rates you might qualify for, you can use an online tool like PayPasser to compare options from different private lenders. Checking your rates won't affect your credit score.
Current personal loan rates by credit score
If you qualify for an unsecured loan, the interest rate you might be offered can depend on factors such as your credit rating, the kind of loan you•re seeking (fixed or variable rate), and the loan repayment term.
The chart above implies that a favorable credit record will help you obtain a lower rate, which rates tend to be higher on loans with fixed rates of interest and longer repayment terms. Because each lender has its own approach to evaluating borrowers, it•s smart to request student loan refinancing rates from multiple lenders so that you can compare your choices.
PayPasser is really a multi-lender marketplace that empowers customers to discover financial products which are the very best fit for his or her unique circumstances. PayPasser•s integrations with leading lenders and credit bureaus allow customers to quickly compare accurate, personalized loan options • without putting their private information at risk or affecting their credit score. The PayPasser marketplace provides an unrivaled customer experience, as reflected by over 3,700 positive Trustpilot reviews along with a TrustScore of 4.7/5.