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Personal Loan Rates Increase: What Borrowers Need to Know

Personal Loan Rates Increase: What Borrowers Need to Know

Personal loan rates have seen a recent uptick, but securing a decent rate is still feasible for those looking to finance various needs such as projects, vehicle purchases, unexpected bills, or improving cash flow. From June 17 to June 22, the average fixed rate on a three-year personal loan rose to 15.69% for borrowers with a credit score of 720 or higher, up from 15.48% the previous week. The average rate on a five-year personal loan also saw an increase, rising 0.90% to 19.66%. These rates, however, are influenced by individual creditworthiness and lender offerings. Well-qualified borrowers might secure rates significantly below these averages. To get the best rates, improving one’s credit score is crucial. This includes actions like lowering credit utilization, correcting errors on credit reports, and ensuring timely bill payments. Understanding how to calculate personal loan payments is also essential; for instance, a three-year $5,000 loan at 15.69% would mean monthly payments of about $175 and total interest costs of around $1,301.

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