A personal loan APR includes the interest rate plus any origination fee. According to the Truth in Lending Act, all lenders must disclose a loan’s APR before you sign an agreement. Can you refinance a personal loan to get a lower rate?
Can you get a personal loan with a low APR?
Consumers with the lowest scores may not qualify for a personal loan with a rate below 36%, which is the highest APR most consumer advocates say an affordable loan can have. Requesting a lower loan amount, adding a co-signer or securing your loan could help improve your chances of qualifying.
Should you buy a personal loan with a low interest rate?
With personal loan rates rising in response to the Federal Reserve raising rates several times last year, shopping around for the lowest rate could help you save hundreds or thousands in interest over the lifetime of your loan. We’ve evaluated major lenders and highlighted the best options below.
