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Today’s Personal Loan Rates: September 20, 2021—Rates Inch Down Again

China iTech Ghana
Tuesday, September 28, 2021 | views Last Updated 2021-09-28T18:19:55Z
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Good news for borrowers. Last week, rates on personal loans inched down. This means if you’re in the market for a personal loan, whether to finance a project or major purchase, you can grab a decent interest rate, so long as you’re a qualified borrower.


For borrowers with a credit score of 720 or higher who prequalified on Credible.com’s personal loan marketplace, the average interest rate on a three-year personal loan was 11.14% from September 13 to September 17. According to Credible.com, that’s a 0.83% drop from the previous week. The average rate on a five-year personal loan fell 0.42% last week to 14.88% from 15.30%.


The most qualified borrowers generally receive the best rates. In fact, well-qualified borrowers may receive a rate that’s significantly lower than average. The rate you receive depends on several factors, including your creditworthiness and the loans available through your chosen lender.


Average Personal Loan Interest Rates by Credit Score

Here are the average estimated interest rates for personal loans based on VantageScore risk tiers, according to Experian. Please note that interest rates are determined and set by lenders. The rates provided are estimations.


Compare Personal Loan Rates

Once you actively start looking for a loan, it’s a good idea to get prequalified. Prequalifying can provide you with a more precise picture of the rate you’ll receive from a particular lender, since they’ll prescreen you by performing a soft credit check (which doesn’t impact your credit score).


Based on this information, the lender will give you a snapshot of the terms you could qualify for, including loan rates, terms and limits. You can prequalify at multiple lenders and compare the terms to find the best loan for your specific situation.


You aren’t guaranteed approval if you prequalify. Lenders still require that you submit a formal application and additional documentation. After submitting your formal application, lenders typically run a hard credit check, which can ding your credit score by one to five points.

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  • Today’s Personal Loan Rates: September 20, 2021—Rates Inch Down Again

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