1 Answers
LightningBolt
Updated:05/04/2024
The interest rates on online personal loans vary widely based on several factors, including credit score, loan amount, and lender policies.
Typical Interest Rate Range
- Excellent Credit (720-850): 5% – 10%
- Good Credit (690-719): 10% – 15%
- Fair Credit (630-689): 15% – 20%
- Poor Credit (300-629): 20% – 36%
Factors Influencing Interest Rates
- Credit Score
- Income Level
- Loan Amount
- Loan Term
- Debt-to-Income Ratio
Statistics on Personal Loan Interest Rates
| Credit Score Range | Average Interest Rate (%) |
|---|---|
| 300 – 579 | 25.2 |
| 580 – 669 | 20.4 |
| 670 – 739 | 13.5 |
| 740 – 799 | 9.3 |
| 800 – 850 | 6.6 |
Typical Loan Terms
- Loan Amount: $1,000 – $50,000
- Loan Terms: 1 – 7 years
Mind Map of Key Factors
- Interest Rate Determinants
-
- Credit History
- Lender Type
- Economic Conditions
- Borrower Characteristics
-
- Employment Status
- Monthly Income
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