There are all sorts of loan options out there. Each type of loan comes with different types and rates of interest, different amounts in regular payments, and different overall financial results.
One of the most consistent differences you’ll see among loans has to do with interest rates. Interest rates on loans vary across the board. The amount your lender will expect you to pay will depend on several factors, including your credit score, your debt history, and the like.
Personal loans are known for having higher interest rates than other loans.
An unsecured personal loan will typically have an interest rate between 5% and 36%. Like we mentioned above, that rate will have to do with your lender’s preferences as well as your personal history of debt payment and debt accrued.
Luckily, many lenders offer competitive interest rates. So if you go to one lender and they’re willing to give you a personal loan with a much lower rate, you can usually take that rate back to the lender of your choice to see if they’ll match it.
You can usually find exceptionally low interest rates from online lenders.
Again, the amount of interest you’ll pay on an unsecured personal loan depends mostly on you and your credit history. Your credit score, annual income, and debt ratios will all factor into your ultimate interest rate on the loan.
To find out more about how your personal credit scores, income, and debt ratios will influence the interest rate of a personal loan, visit us at LiftCredit.com. We look forward to working with you.