The current personal loan landscape is diverse; factors such as your credit rating, loan amount, intended use, and lender policies all play a role in your final rate. Qualified borrowers may see rates in the single digits, while others with weaker credit histories may face rates several times higher. The loan term or repayment period also impacts the dynamics: a more extended term typically delivers lower monthly payments but increases the cumulative interest you’ll pay over time.
Calculating the trade-off between short-term affordability and long-term cost is vital before you sign on the dotted line.
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