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Updated: Sep 13, 2022, 12:06am

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A good interest rate on a personal loan is one that’s lower than the national average, which is about 12%. However, the rate you’ll receive heavily depends on your credit score, income and overall creditworthiness as a potential borrower. To receive the most favorable interest rate, be sure to maintain a good-to-excellent credit score of at least 720, have consistent income and reduce any unpaid debts.

A good interest rate on a personal loan is one that’s lower than the national average, which is about 12%. However, the rate you’ll receive heavily depends on your credit score, income and overall creditworthiness as a potential borrower. To receive the most favorable interest rate, be sure to maintain a good-to-excellent credit score of at least 720, have consistent income and reduce any unpaid debts.

Personal loan rates are often lower than credit card cash advance APRs but higher than what you’d pay if you qualified for a 0% APR credit card. Along with making sure you can afford the monthly payment, it’s important to know whether a personal loan is right for you.

A good interest rate on a personal loan is one that’s lower than the national average, which is about 12%. However, the rate you’ll receive heavily depends on your credit score, income and overall creditworthiness as a potential borrower. To receive the most favorable interest rate, be sure to maintain a good-to-excellent credit score of at least 720, have consistent income and reduce any unpaid debts.

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