Personal Loans

LendingTree Personal Loan Offers Report — February 2019

Offered APRs began to tick back up after last month’s decline, while offered amounts have dropped from the same period last year. Rate and loan amount offers varied widely among consumers, depending on factors including, but not limited to, credit score, income and current debt obligations.

Excellent credit (760+ score): Offered APRs to consumers with a credit score of 760+ averaged 9.07% in February.

  • The average best APR offered to all borrowers with credit scores of 760 or above was 9.07%, a decrease of 17 basis points from the prior month and an increase of 164 basis points from the same period one year ago.
  • At $20,718, the average loan amounts offered with the best APRs to all borrowers with a score of 760 was up 1% ($207) from last month, and down 14.34% ($2,971) from the same period a year ago.
  • The top 10% of offers, presented to borrowers with the best profiles within this group, had offered APRs of 5.18% on average, and loan amounts of $19,107. A borrower with this APR and loan amount would save $1,523 by consolidating debt with a 10% APR over a three-year term.

Good credit (680-719 score): Offered APRs to consumers with a credit score between 680 and 719 averaged 17.98% in February.

  • The average best APR for all borrowers with credit scores of 680–719 was 17.98%, up 18 basis points from last month and up 206 basis points from a year earlier.
  • At $15,447, borrowers with scores of 680-719 saw the amounts offered with the best APRs decrease by about 2% ($305) in the last month and decrease by 5.34% ($825) from the same period last year.
  • The top 10% of offers, presented to borrowers with the best profiles within the 680–719 credit score range, had an average best APR of 7.23%, offered with an average loan amount of $21,477. A borrower with this APR and loan amount would save $2,849 by consolidating debt from a 15% APR over a three-year term.

The most common reasons for seeking a personal loan are credit card refinancing and debt consolidation. These two categories comprise 66% of loan inquiries in February.

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About the report

The LendingTree Personal Loan Offers Report contains data from actual 36-month loan terms offered to borrowers with credit scores of at least 640 on LendingTree.com by third-party lenders. Our report averages the best offered APRs by credit score band and the best 10% of offered APRs within each credit score band, as well as the average loan amounts that accompanied those offers. We organize results by credit score so that borrowers have added information about how their credit profiles may affect their loan prospects.

The personal loan market is a fundamental component of personal finance products available to consumers, and personal loans are often used to refinance existing debt. Knowledge about the terms available to similar borrowers can be key to making decisions about managing personal finances. We believe this report is an important addition to standard industry surveys and reports on personal loan rates, as most quoted industry rates are either the minimum possible rate or the average rate, and few borrowers will experience one or the other.

 

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