Lenders weigh heavily a person's credit score and credit history. You might find it hard to get a loan if you have a poor credit score or a high debt-to-income ratio
" to "very good" range, depending on what model you're looking at — who use Credible to consolidate their debt, the median interest rate was 8.99% on a personal loan of $18,000. Assuming the average credit-card interest rate of 16.61%, consolidation saves the borrower $2,374 over the course of a three-year loan.
If you're shopping for a personal loan, don't forget to compare offers from multiple lenders to ensure you're getting the lowest rate available to you. And keep in mind that just like any other loan, your payments to a personal loan are recorded on your credit report and can affect your credit score. It's important to pay your bill on time and in full as best you can.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners.
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