When it comes to personal loans, there are a few things you need to know. First, what is the average personal loan? Second, what are the top personal loan options? And lastly, what are the benefits of a personal loan?
The average rate for a personal loan right now.
Banks’ typical personal loan interest rates
|Bank||Interest rates on loans|
|Bank santander||6.99%-24.99% when using epay.|
|America bank||7.49%-19.99% (with autopay)|
|By wells fargo||5.74%-20.99% (with autopay)|
How many months is the average personal loan?
Apr for personal loans from banks and credit unions over 36 months on average. Note: every value in the table is for the corresponding year’s fourth quarter. Information on the typical apr of 36-month, unsecured, fixed-rate personal loans from banks and credit unions is available from the national credit union administration.
The average term length on a personal loan.
It usually takes 1 to 7 business days for a personal loan to be approved. Disbursement typically takes 1 to 5 business days, whereas approval typically takes 1 to 3 business days. The processing of a loan could require up to 30 days.
The average default rate on personal loans.
The average amount owed on an unsecured personal loan is $9,896. Unsecured personal loan balances are at a record high of $177.9 billion. Personal loan 60-day default rates are 3.25%, which is a little lower than pre-pandemic levels.