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This week's average personal loan rates: November 15, 2022 | Rates stay mostly flat

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Borrowers with poor credit scores have seen rates get better this week. However, if you have a good or fair score, you may get a worse rate.

While some personal loan rates went down over the past week, they've been trending higher overall. The Federal Reserve has increased the federal funds rate six times in 2022 to try to tame surging inflation. Those higher rates ripple through the economy, resulting in higher borrowing costs for everything from mortgages and credit cards to auto and personal loans.

You can get a personal loan for many reasons. Lately, most borrowers have been using them for debt consolidation. Other popular uses for the money include financing a home improvement project, paying a medical bill, and covering general household expenses.

Average personal loan rates

We've compiled a database of 28 personal loan products and averaged their rates so you know the current landscape. The higher your credit score, the more likely you'll qualify for a better rate. Rates are unchanged from last week. 

 This week's rates
Average overall rate19.69%
Average low rate9.81%
Average high rate30.00%
Highest rate99.99%
Lowest rate5.60%

The lowest rate of the companies we track is from Upstart Personal Loan, which has a minimum APR of 5.60%. The highest rate is from NetCredit Personal Loans, which has a maximum APR of 99.99%.

The actual rate you'll receive depends on your creditworthiness and other aspects of your financial situation. Check your rates with any lenders you are interested in to see what you're eligible for. 

Average personal loan rates by credit score

These rates are based on data from 150 borrowers who applied for loans and received rates.

Credit score

This week's average APR

Average APR from 2 weeks ago

Minimum APR

Maximum APR

Excellent (720+)

13.59%

13.63%

3.27%

29.79%

Good (660-719)

26.84%

25.65%

5.82%

161.64%

Fair (620-659)

47.40%

40.97%

18.46%

160.45%

Poor (<620)

70.26%

86.55%

22.96%

167.94%

Average loan amount and term length by credit score

These loan amounts and term lengths are based on data from 150 borrowers who applied for loans and received rates.

Credit score

Average requested loan amount

Average loan term length

Maximum loan term length

Excellent (720+)

$44,875.00

60.1 months

240 months

Good (660-719)

$17,870.37

48.9 months

240 months

Fair (620-659)

$7,047.73

35.9 months

60 months

Poor (<620)

$8,162.86

37.8 months

60 months

Percentage of borrowers by loan purpose

These loan purposes are based on data from 157 borrowers who applied for loans and received rates. One borrower used loan funds to pay for baby expenses this week. 

Loan purpose

Percentage of borrowers

Debt consolidation

44%

Other

11%

Moving

8%

Home improvement

5%

Auto

5%

Household expenses

5%

Medical

5%

Business

4%

Large purchases

3%

Credit card refinancing

3%

Vacation

2%

Special occasion

1%

Auto refinancing

1%

Student loan refinancing

1%

Baby

1%

Boat

1%

Frequently asked questions

Is your credit score a factor in determining your personal loan rate?

Yes, your credit score has a significant impact on your rate. Generally, the higher your credit score, the better rate you'll get.

Different lenders require different minimum credit scores for borrowers to qualify for a personal loan. Some lenders have no minimum at all, while others offer low rates only to borrowers with excellent credit histories. 

How can I use the money from a personal loan?

You can use a personal loan for almost any purpose you can think of, although it does depend on the lender. Some common uses include: 

Every reason available isn't listed here, and you should reach out to your individual lender to ask about what choices it offers. 

Who should get a personal loan?

Personal loans aren't right for every situation, nor every person. It can sometimes be hard to qualify, with strict credit score requirements. Personal loans also can carry high interest rates, which could mean there are better options out there. 

For larger purchases that won't fit within a credit limit, a personal loan might be the right option. It's worth calculating the interest you'll pay, and carefully considering options like a secured loan to bring down the interest rate.

Read the original article on Business Insider
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