Personal loans offer a way to get cash to cover a major expense or to fund a project. You can find other options, but not all of them are great for your bottom line – especially if you have fair credit.
Credit cards may charge higher interest rates than loans, and payday lender fees can make falling into a cycle of debt all too easy.
A personal loan may allow you to borrow money at a reasonable rate and pay it back in fixed monthly installments. The catch: You need to meet credit score requirements to qualify.
If your credit score isn’t great, finding a personal loan might seem impossible. But don’t worry, there are personal loans for fair credit, and here’s what you need to know about getting one.
What Is the Best Interest Rate on a Personal Loan?
When you shop around for the best personal loan interest rate, you can save. Compare your personal loan offers with national average trends for personal loans to know if you’ve found a good deal.
The average personal loan rate is 10.84%. Last week’s average rate was 10.84%.
*Rate as of June 10, 2020.