What is a good interest rate for a personal loan?
August 20, 2010 · Posted in Qualify For Loans
I took out a $4,000 personal loan from a credit union. It’s a five year loan and the interest rate is 9.9%. Is this a good deal? I have excellent credit, I have never been late on any payments and I have already paid one student loan bill in full.
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You got a fine enough interest rate on an unsecured personal loan. Truly, since you offered no collateral except your promise to pay, this is a fine rate. Take your monthly payment and add a bit to it each month and you will pay it off faster and spend less on interest.
Good Luck
p.s. I’m a mortgage broker
You have a good rate, this is signature loan? Meaning no collateral, not backed by house or car title? You need to step up the payments as much as possible, 5 years is too long to take to pay back this loan.
You should be able to put $1,000 a year in the savings account after all your bills are paid. This is minimum, you should be trying to put $500 a month in the saving account on a regular basis.
For a sig loan, that is a decent rate. If it were a car or home load, no. But all the bank has is your promise to pay. So, the loan is more risky for them, and they will charge a higher rate.
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Nowadays plenty of personal loans are available.But it is better to choose that loan which norms and rate suits your financial condition.
If the borrower is comfortable for the interest of a personal loan, then that is perfect interest rate for him. Actually it depends on borrower’s repay capacity.
Interest rates on personal loans are higher than those of secured loans, personal loan interest rates are usually still lower than credit card rates — at least after the initial teaser rates. If a secured loan is not an option for you, then a personal loan still might be a better choice than a credit card.
The average interest rate for personal loans lies anywhere between 14% and 25%. Since yours is 9.9% so it is fine.
Yes average rate of personal loan is 14% to 25%. 9.9 % is good deal.
If it is 13% would be better.. knee surgeons richmond
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I think the rate is good because i took a loan before 3 years ago and i have to pay 13% and the amount is $10,000. It is really important that you are paying the installment regularly or not. In your case you can apply for reduce the rate of interest.
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looking for a personal loan to an Autralian resident. Looking to consolidate debts, and am prepared to make weekly, repayments. Any advice or offers appreciated. Not looking for small loans…
Cheers
i took a loan before 3 years ago and i have to pay 13% and the amount is $10,000. I
Unsecured Personal Loans can provide excellent relief for any purpose, including vacations, debt consolidation, home improvements, car repair, or even to start a new business.
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I prefer Unsecured Personal Loans.
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If we are talking about loans – interest rates are the most important factor about it. You should never pay more than you earn in some bonds or other fixed income assets. If you don’t have such assets, you should have some discount rate/wanted return of you own..
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That’s a really good rate. You can find better ones but that’s good enough. It also helped that you were never late when it comes to payments. Just a tip: keep in mind to take note of all your spendings for you to save and cut off unnecessary expenses. Have a great day ahead!
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 at least after the initial teaser rates. If a secured loan is not an option for you, then a personal loan still might be a better choice than a credit card.
Interest rates are based on the base rates set by the government and commercial lenders.
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I want to get a personal loan but I don’t know what is its interest. What Happen.
If the borrower is comfortable for the interest of a personal loan, then that is perfect interest rate for him. Actually it depends on borrower’s repay capacity. Sorry.
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I want to that what rate of interest in the banking please tell me…
There many types of loan the market but some is very high but some is very low…
It is assumed that interest rate for personal loans should be between 14% and 25%. So I think 9.9% is a good deal
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Your interest rate on your personal loan is good, but make sure to browse some federal credit union first before you make a decision.
Its quite essential for us to know the right percentage of interest rate on personal loan, because we have to pay them back with interest and also high interest rates means we have a greater amount of liability which we have to carry. Thanks for posting.
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Your rate is actually very good. You just need to step up the payments very soon. According to me, 5 years is very long to take to pay back this loan.
It depends. Was it a secured on unsecured loan? If a secure loan it seems a bit high.