Weekly Personal Loan Rate Trends for Borrowers With Good Credit on Credible Marketplace

The latest trends in personal loan interest rates from the Credible marketplace have been updated weekly for borrowers with credit scores of 720 or higher who selected lenders between April 22 to April 28, 2024. For this period, prequalified rates increased by 0.20 percentage points for three-year loans and decreased by 0.63 percentage points for five-year loans compared to the previous week’s fixes for those loan terms. Average personal loan interest rates continue to remain higher than last year at this time, with increases of 1.97 percentage points for three-year loans and 1.99 percentage points for five-year loans. However, both loan terms still offer lower average interest rates compared to high-cost borrowing options such as credit cards. It’s essential to compare multiple lenders before applying for a personal loan since the rate offered varies based on factors like credit score and repayment term length. To improve chances of getting a lower interest rate, individuals can work towards improving their credit scores over time or consider finding a cosigner with good credit if they have poor credit themselves. Comparing rates from several different lenders is also recommended to get the lowest possible rate since online lenders generally offer more competitive options than brick-and-mortar establishments. Credible, an online multi-lender marketplace that empowers consumers by providing accurate and personalized loan offers without affecting their credit score or putting their information at risk, makes it easy to compare multiple lenders’ rates quickly through its integrations with leading lenders and credit bureaus.