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Wednesday, March 29, 2023

Personal Loan Interest Rate (5-Year) Plunges As Fixed Rates Trend Upward (3-Year)

Borrowers observed that the 5-year personal loan interest rates were slightly lower and the rates for 3 years were slightly higher as compared to the previous 7 days’ fixed-rate loans.

Borrowers having credit scores of 720 or higher used the “Credible” marketplace to select their lenders between the 11th of November and the 18th of November, 2021.

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Rates on 3-year fixed-rate loans averaged 11.16%-11.08% the 7 days before, and down from 11.47% a year ago.

Rates on 5-year fixed-rate loans averaged 13.85%, down from 14.18% the previous seven days, and 14.89% a year ago. It hit a low during the last year, of 12.62% sometime around the 3rd of May, 2021.

Low Personal Loan Interest Rates Can Be Enjoyed With Either Term 

Personal loans are a great way to pay off your credit card debts and other such loans. They can also be used to cover your unanticipated expenses like medical bills or take care of a major purchase or even make improvements to your home.

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Fixed Personal Loan Rates(5- Year) dropped by 0.33% last week and this was the second time that they have dropped. The 3-year rates have risen by 0/08% and are continuing their upward momentum. 

Borrowers can enjoy interest savings on a personal loan with either term right now. 

Personal Loans can be right for you and depends on various factors like what are the rates that you are qualifying for. If you compare several lenders and the rates that they offer you can get the best possible personal loan interest rates for your requirement.

It is a great idea if you can use sites like Credible for comparing as you would be able to understand how much you qualify for and choose the best options for you.

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