Your credit history directly affects the interest rate you are offered, and so does your ability to repay the loan.
Rates do vary from lender to lender, but here is what interest rates on personal loans look like, on average: Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels.
Now, let’s start reducing your debt and getting rid of those high interest rates.
Borrow to consolidate debt if it means you’ll get out of debt more quickly.
Borrow for a wedding or a vacation if you are confident you can make the payments. If you aim to become debt-free, create a plan to do so.
Here are your options: A personal loan could help you consolidate your debt into one low monthly payment and save.
Click here to learn more about personal loan options.
Only a few lenders will approve a loan for borrowers with poor credit scores.
Expect rates toward the higher end of the range — that is, up to 36% — if your credit is damaged.
These loans usually offer a lower interest rate than credit cards.
Plus, the interest you pay may be tax deductible (consult a tax advisor).
Loans are offered with a range of APRs depending on your credit and other factors.