• Preston Morris

Personal Loans, Unsecured, Fixed Rate | Curbie & Bessie Capital Investments

Personal loan costs vary by lender. For excellent credit, there are some lenders that don't charge any fees. You're only responsible for paying back the principal (or the amount you borrowed) plus interest. The lower your interest charges, the less you'll pay back over the life of the loan. Calculate your potential loan payments to help you decide whether you can afford the personal loan you're considering.

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What’s a good interest rate on a personal loan?


A good interest rate on a personal loan allows for manageable monthly payments over the loan's term. The lowest rates are usually around 6%, and the highest go up to 36%. The best interest rates go to good- or excellent-credit borrowers (690 or higher score) with debt-to-income ratios below 40% and steady income. Use a personal loan calculator to estimate your personal loan payments.


Best Unsecured Loans in 2022


A good interest rate on a personal loan varies depending on what the loan is being used for, the loan balance and the loan term.


Unfortunately, you may not qualify for the best personal loan interest rates that a lender offers but keep in mind that the average rates ranged from about 9.00% to 22.00% in the spring of 2021.


You should apply to multiple lenders to see what personal loan rates you can qualify for based on your credit history and compare your offers to find a good interest rate.

If the rates you receive are too high and you won't be able to pay back the loan with interest, consider other options or wait until you improve your credit score to apply for the loan.




What is an unsecured loan? The basics


An unsecured loan is a loan that does not require you to put up items you own, such as your car or home, as collateral to qualify for the loan. Approval for an unsecured loan typically requires an evaluation of your creditworthiness, income and ability to pay.


Unsecured loans don’t require collateral, such as a home, vehicle or savings account, to back the loan. Instead, they are backed only by the borrower’s creditworthiness and promise to repay the loan. A common type of unsecured loan is a personal loan. Unsecured personal loans generally range from about $1,000 to $40,000. They’re typically repaid in fixed monthly payments over a set period of time, typically two to five years. They’re offered by banks, credit unions and online lenders.


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Common uses of unsecured personal loans:

What’s the difference between an unsecured and secured loan?



If you’ve been looking into personal loans, you’ve probably come across two major categories—secured and unsecured—and have been weighing the benefits of each.

Because there’s a lot more to choosing the type of loan you want than eye-catching details like interest rates and monthly payments, it can help to understand just what an unsecured loan is, what you can use the money for, and how it could be a helpful financial tool before making up your mind.

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With secured loans, lenders require collateral—a valuable possession to secure or backup your loan.

The value matters because if you can’t pay a secured loan, the lender wants to know there is something they can sell as compensation. To determine the value of your collateral, lenders may ask you to get an appraisal.

With unsecured loans, lenders don’t require you to put up items you own, such as your car or home, as collateral to qualify for the loan.

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