Are personal loan rates going down?

Personal loan interest rates depend on a variety of factors, such as the borrower’s credit score, employment history, income, and assets. They also depend on each lender’s qualification standards. But they also tend to move in the same direction as market interest rates. In other words, when the Federal Reserve raises benchmark interest rates, personal loan interest rates tend to move generally higher. The opposite is typically true when benchmark interest rates decline. So, if the Federal Reserve starts lowering interest rates, it’s reasonable to expect personal loan rates to move downward as well.

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