• Last Updated:
  • Mar 14th, 2018 1:20 pm
[OP]
Deal Addict
User avatar
Mar 8, 2006
1068 posts
19 upvotes

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
Sr. Member
Nov 8, 2017
558 posts
233 upvotes
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]
Deal Addict
User avatar
Mar 8, 2006
1068 posts
19 upvotes
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.
Deal Fanatic
Mar 24, 2008
5502 posts
1542 upvotes
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
Deal Addict
Nov 22, 2015
3176 posts
2056 upvotes
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.
Deal Addict
Nov 25, 2014
1644 posts
809 upvotes
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]
Deal Addict
User avatar
Mar 8, 2006
1068 posts
19 upvotes
Thanks for the information I now understand how personal rates work. I will pass the info along.

Top