The latest trends in interest rates for personal loans from the Credible marketplace, updated weekly. (iStock)
Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3-year loans and lower for 5-year loans when compared to fixed-rate loans for the seven days before.
For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between August 12 and August 18:
- Rates on 3-year fixed-rate loans averaged 16.06%, up from 15.88% the seven days before and from 15.49% a year ago.
- Rates on 5-year fixed-rate loans averaged 21.23%, down from 21.80% the previous seven days and up from 19.10% a year ago.
Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans. They can also be used to cover unexpected and emergency expenses like medical…
