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Data from LendingTree reveals that nearly 20 million Americans have a personal loan, and pros say personal loans can be a good way to fund large purchases or consolidate high-interest debt.
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Personal loan rates dipped slightly to an average of 23.58% for 5-year loans, according to Bankrate’s most recent data for the week ending June 6. Average rates on 3-year personal loans also decreased a couple points to 22.89% from 24.18% the week prior. If you have excellent credit, you’ll likely pay far less though: 5-year personal loan rates for those with very high credit scores sit at 14.97%, and for 3-year personal loans rates average. You can see the lowest personal loan rates you qualify for here.
Data from LendingTree reveals that nearly 20 million Americans have a personal loan, and pros say personal loans can be a good way to fund large purchases or consolidate high-interest debt. One big perk is that most personal loans fund quickly (sometimes in as little as a day) and usually don’t require a borrower to put down any collateral.
That said, because personal loans can be so easy to get your hands on and can come with high rates, experts say it’s important that borrowers don’t get carried away by taking out more money than they actually need. To make sure you get the best rates and terms, experts advise getting quotes from a few different lenders — and making sure your credit score is a high as possible and your finances are in order before you apply.
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