About Bank Rates on Personal Loans

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Interest rates charged by banks for personal loans range from 3 percent to 5 percent on average to as much as 20 percent. Find out how credit scores often determine bank rates on loans with information from an investment consultant in this free video on bank loans.

Part of the Video Series: Personal Finance & Money Management
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Video Transcript

Hello my name is Roger Groh and we are here today to talk about interest rates on personal loans that you might take out. So you have gone down to your neighbor's bank and have filled out an application for the bank to loan you money and one of the questions that you are likely to ask your banker is what is this going to cost me? Well at a minimum you would think that that range would be between 3 and 5% in today's environment. It might be higher depending upon the amount of income that you have in relation to the amount of debt that you already owe and other payments that you already owe so 3 to 5 at the bottom, you know car loans if you have bad credit are probably in the 20% range. Today though it is very hard to get personal loans as the banks have increased their credit qualifications significantly. Today though there are other ways to go about getting personal loans for instance you can go online and you can fill out one application and automatically that application will compare rates between many different banks and save you the trouble of going store to store to store. If it is one application they will do the automatic comparisons for you. They'll even submit it for you and if you qualify and the bank comes back with an approval you can then say yes I'd like to do this or no I would not like to do this but it is automatic and for small amounts of money that might be the way to go, even for bit amounts that's the way to go. What are you going to pay today 3 and 5% at the bottom, maybe 20 at the top in terms of situations where the credit quality is less. One of the ways that you can determine what you might pay is to go to bluebird.com and in there there is a specific page which talks about interest rates that you are going to pay today. You should look at that before you apply so that when you go in, you go in as an informed consumer. I'm Roger Groh and that's a little bit about interest rates on personal loans.

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