Last week, personal loan rates increased with the average fixed interest rate on a three-year personal loan rising to 14.33% for well-qualified borrowers.
The average rate on five-year personal loans fell slightly from 19.51% to 19.31%.
The actual rate received depends on creditworthiness and the lender. Well-qualified borrowers may find rates lower than the average.
Personal loan rates fluctuate frequently, and credit score plays a major role in the interest rate offered by lenders.