MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. MoneyNerd is not associated with MoneyHelper, we just think they’re great. You can find out more by contacting MoneyHelper. Trademark No: UK00003340161.įree debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. Trading address: The Grange, Grange Road, Malvern, WR14 3HA. MoneyNerd a trading name of MoneyNerd Limited, registered in England ( 12915403). You can use my free interest calculator to see how your interest affects your monthly bills. An excellent, good or fair credit score will help you get the best average personal loan interest rates and loan terms.Īdditionally, those with a credit score lower than 640 might find it difficult to get a personal loan or be subject to higher interest rates they are seen as a higher default risk. Credit ScoreĪs you can see, the average interest rate on a personal loan when you have good credit is much better than those with a lower score. The figures below show the average personal loan APR as of April 2021. In April 2021, the average APR on a personal loan ranged between 9.30% to 22.16%.Personal loan interest rates typically range from 6% to 36% but can occasionally be higher.In October 2022, the average interest rate on a personal loan with two-year repayment was 10.16%.Obtaining a personal loan with a low-interest rate will mean the repayment amounts and length of the loan are more favourable. The average interest rate for a personal loan with excellent credit will naturally be better than it would be for someone with a lower score. When you’re applying for a personal loan, the lender will look at your credit report as an indication of your risk level when considering loan eligibility. Average Personal Loan Interest Rate by Credit Score We’ll help you to get a clear picture of your situation and find a way forward that fits your needs.
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