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Digital News Report – Personal loan rates are typically higher than mortgage home loan rates, but lower than payday loans. There is less paperwork involved in acquiring a personal loan, but the rate will depend on several factors.
There are numerous types of personal loans. Unsecured personal loan rates are typically high and do not change often. Secured personal loans, like car loans, have lower rates.
Wells Fargo offers a variety of personal loans. Their auto loans start at 3.99%. Unsecured personal loans start at 15.10%.
“Even though the interest rates on personal loans are higher than those of secured loans, personal loan interest rates are usually still lower than credit card rates”, lending tree stated in their blog.
SunTrust had personal loan rates starting at 3.99%. Their high-end rate was 12.99%.
The final interest rate depends on the credit history of the borrower. A bad credit score will cause lenders to charge more.
Today, Nationwide Bank had rates starting at 6.45%.
By Tina Brown