Personal Loan Interest Rates on September 27: Today’s Hot Picks

Personal Loan Interest Rates on September 27:  The rates for the best personal loans tend to be around 6%, and right now, people with decent or excellent credit may be eligible for an even better deal.

Before you apply for a loan, we monitor rates from lenders on a daily basis so that you can be confident in your decision. Here are the prime rates for personal loans on September 27, 2018.

Personal Loan Interest Rates on September 27: Prime Rates for Personal Loans

Personal loan rates vary based on the lender and the applicant’s credit history, but many lenders are currently advertising competitive rates for qualified borrowers. Here are today’s lenders with the lowest rates:

• Upstart Personal Loan — Lowest interest rate: 4.60 percent
• American Express Personal Loan – Lowest rate available: 5.91 percent
• Personal Loan from Reach Financial — Lowest rate: 5.99%
• 6.99% is the lowest rate available for a Prosper Personal Loan

Regarding Personal Loans

Personal loans are a flexible way to obtain money because they can be used for most purposes, including debt consolidation, financing home improvement projects, and even paying taxes. Their appeal lies in their accessibility and ease of approval (particularly for those with a decent or excellent credit score). However, they are not always the most affordable option; your rate will depend on your credit score and the lender you choose.

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Loans for Debt Consolidation

The best debt consolidation loans are advantageous for combining multiple loans into one, streamlining your record-keeping, and (ideally) lowering your APR or monthly payments. These loans can be used to consolidate various forms of consumer debt, such as credit card debt, into a single monthly payment. However, consolidating your debt may lengthen your loan term and cause you to pay more in the long run. Many personal loans permit debt consolidation, but not all; therefore, make sure you understand this before applying.

Short-Term Loans

The best emergency loans can be used to acquire cash rapidly in times of need. In order to accomplish this, these loans typically require lower credit ratings than other options and provide quick funding so that you can receive your funds faster. Some lenders will lend you a few hundred dollars to tide you over until your next paycheck, while others will lend you hundreds of thousands for larger emergencies.

Loans for People with Bad Credit

The finest personal loans for bad credit will typically have a higher APR than loans for people with higher credit scores, because lenders view your credit score as a reflection of your borrowing history and, consequently, your likelihood of paying back the loan. In fact, the terms offered to borrowers with poor credit can be so unfavorable that you may want to consider alternatives that are typically discouraged, such as credit cards for people with terrible credit.

Loans for Individuals With No Origination Fee

The finest personal loans with no origination fee function similarly to other loans, with one exception: the upfront fee that can range from 1% to 7% of the loan amount. Typically, a lender will make this decision for all of its loan products, as opposed to charging an origination fee for some but not others. However, it may be possible to negotiate a waived origination fee with your lender; however, it is wiser to choose a lender you already know does not charge origination fees.