personal loan rates have ticked up slightly for personal loans with 36month terms average interest rates are 2302 while personal loans with 60month or 5year terms are 2379 both up slightly from a week prior according to the latest data from bankrate for the week ending march 28th the uptick was also seen for loans for those with excellent credit the average interest rates on personal loans with 60month terms hit 1503 and for 36month terms 141 you can see the lowest rates you can qualify for here personal loans often range from 1000 to 100000 and are available through banks credit unions or online lenders typical repayment terms for personal loans are usually in the ballpark of one to seven years of which payments are often made monthly and include principal and interest personal loans can be used for nearly anything from debt consolidation and home improvements to onetime large expenses and even outstanding medical balances they’re usually extremely quick to fund with some requiring just one day before money becomes available another reason personal loans are popular is because unlike home equity loans or helocs they often don’t require collateral which can make it easier to qualify for a personal unsecured loan  that’s not to say personal loans are exempt from any downsides though because they’re usually unsecured personal loans often carry higher interest rates than other loans as lenders are more at risk when shelling out funds to someone who hasn’t put any collateral on the line and because of their easytoaccess nature borrowers may be tempted to utilize a personal loan for elective expenses but experts say that is a big nono what’s more defaulting on your repayment can negatively impact your credit score and therefore your future ability to qualify for a loan or a competitive interest rate personal loans are also subject to origination fees which typically range from 1 to 8 of the amount of the loan this means you may need to reconsider how much you’re taking out as this fee is usually skimmed off the top of the loan meaning if you need an exact amount of money you’ll come up short after paying fees so plan accordingly and make sure you’re accounting for fees being deducted from your loan amount how to get a personal loan to qualify for the most competitive interest rates you’ll want to have a good credit score to get a preview of the rate you can expect to pay lenders offer prequalification tools to make comparison shopping easier note that becoming prequalified doesn’t affect your credit score rather it’s a free sneak peek at apr rates and repayment terms based on your finances this guide will help you understand the necessary documents and information you need to get a personal loan