interest rates currently range from about 3 percent to 36 percent. The actual rate
you receive depends on multiple factors, such as your credit score, annual income and debt ratios.
A personal loan
is a shorter-term loan that consumers can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
Lenders include banks, credit unions, or private lenders, like marketplace lenders and non-bank peer-to-peer lenders.
Borrowers receive a single lump sum
that’s repaid over several years. Most personal loan
terms range from 24 months to 60 months, but some terms are as long as 72 months. You can usually repay a personal loan
in monthly installments, like with a car loan or home mortage.
As of Aug. 5, 2020, the average personal loan
interest rate is 11.88 percent¹.
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