• Last Updated:
  • Mar 14th, 2018 1:20 pm
[OP]
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Mar 8, 2006
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Personal loan rate %

Does anyone know what the approx. % rate is for a personal loan around $18000? A friend will be contacting his bank shortly and he would like to know what to expect.

Thx.
6 replies
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Nov 8, 2017
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Depends on his debt to income ratio, credit score, and income. Your question is like asking what the weather will be September 13th 2023
[OP]
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Mar 8, 2006
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I am not asking a for a precise % but isn't there an average that most banks offer for personal loans (ex 8-9%)? Similar to the mortgage thread on here where some ppl post what the current rate is?

And fyi it's quite easy to figure out what the average temperature of a certain month in a certain area is.
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Mar 24, 2008
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Toronto
If I were to guess, I'd say around 8-9%... this changes based on your "friend's" credit score. :lol:
Illegitimi non carborundum
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Nov 22, 2015
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boneca wrote:
Mar 14th, 2018 12:09 pm
I am not asking a for a precise % but isn't there an average that most banks offer for personal loans (ex 8-9%)? Similar to the mortgage thread on here where some ppl post what the current rate is?

And fyi it's quite easy to figure out what the average temperature of a certain month in a certain area is.
Interest rate spread ranges are much greater on PLCs and personal loans vs. a mortgage.

I think most of the Big 5 are currently doing variable loans for anywhere from 4-5%, all the way up to 15-16%, depending on your credit score.
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Nov 25, 2014
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Newton Brook, ON
Mortgage rates are more predictable since they are secured (have collateral). Banks don't typical post offer rates for personal loans (unsecured), but Tangerine does mention "a standard unsecured rate of 8.75%" here. At other banks, with good credit, you could probably score a cheaper rate.

Also, September 13 2023 will be the last day of the moon's waning crescent phase, a Wednesday. Expect cool weather near the poles and warmth near the equator.
You need someone with an umbrella not a fork
[OP]
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Mar 8, 2006
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Thanks for the information I now understand how personal rates work. I will pass the info along.

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