About Personal Loan Rates

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Personal loans are usually based on interest rates and calculated to give the borrower an APR, or annual percentage rate. Learn about the APR, or the interest paid for using the lender's money, with help from a financial planner in this free video on personal loans and money management.

Part of the Video Series: Personal Loans & Financial Instruments
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Video Transcript

Hi, my name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over twenty years and have helped many people. Today, we're going to talk about personal loan rates. I'm assuming when you say personal loan rates, you mean you're looking for a loan based on your own personal credit. Most loans are based on interest rates and calculated, and must give you what's called an APR, and annual percentage rate. The APR is simply the interest that you're going to pay for using the money and all its associated costs based on a yearly figure. This isn't perfect but at least give us something to compare with. Personal loans are all predicated on your personal credit. The higher the credit, the better the interest rate you're going to get. Personal loans usually are unsecured, meaning it's all based on your word that you're going to pay the loan back. If you're credit is good or you're beginning and you're able to get a personal loan, pay it back as agreed. If possible, pay it back quicker, but not too quick. My name is Bill Rae. I'm with HBW and I'm helping you build wealth.

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