A personal loan can help you pay for planned or unplanned expenses, but it’s not a blank check. You’ll need to repay not only the principal loan balance but also interest charges.
Shopping for a competitive rate, even on a low-interest personal loan, can reduce the interest you pay on your loan. That can save you hundreds, if not thousands, of dollars on your cost of borrowing.
You may be wondering where to shop for low-interest personal loans and what to ask before you agree to a new loan. Here’s what you need to know.
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 10.81%.
*Rate as of June 8, 2020.