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Personal Loan Rates Drop: Tips for Savvy Borrowers

8/27/2025

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Summary

Story summary

Average personal loan rates fell last week: 13.31% for three-year loans and 18.69% for five-year loans as of August 23, 2025.
Borrowers with higher credit scores can obtain lower rates.
Choose lenders that do not charge late fees or prepayment penalties.
Evaluate your financial needs prior to applying for a personal loan.

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Story summary

Average personal loan rates fell last week: 13.31% for three-year loans and 18.69% for five-year loans as of August 23, 2025.
Borrowers with higher credit scores can obtain lower rates.
Choose lenders that do not charge late fees or prepayment penalties.
Evaluate your financial needs prior to applying for a personal loan.