Average personal loan rates for 3- and 5-year loans have fallen since last week.

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.

During the week of April 8, 2024:

• Average personal loan rates* on 3-year loans were at 15.04%, down from 15.52% last week and up from 14.51% a year ago.
• Average personal loan rates* on 5-year loans were at 20.28%, down from 21.04% last week and up from 17.29% a year ago

Personal loans are a popular way to consolidate and pay off credit card debt and other loans. Whether it makes sense to take out a personal loan often depends on what rate you can qualify for, so it makes sense to request rates from multiple lenders.

Rates on personal loans vary considerably by credit score and loan term. The chart above shows borrowers with fair to poor credit tend to be offered higher rates.

In March 2024, average prequalified rates selected by borrowers were:

• 12.58% for borrowers with credit scores of 780 or above choosing a 3-year loan
• 31.39% for borrowers with credit scores below 600 choosing a 5-year loan

All lenders who offer personal loans through the Credible marketplace offer fixed-rate loans. Keep in mind that all lenders use different methods to evaluate borrowers, so it’s a good idea to request personal loan rates from multiple lenders and compare your options.

You can compare rates from all of the lenders below without affecting your credit score.