In general, interest rates for personal lines of credit may range from around 6% to 20% or higher, depending on the factors mentioned above. However, again, it is important to research and compare interest rates from various lenders to get an accurate picture of what interest rate you might be eligible for.
Personal line of credit interest rates are derived by:
interest rates for a personal line of credit as they vary depending on factors such as the lender, the borrower’s credit history, and the loan amount. Interest rates for personal lines of credit are typically based on the prime rate, which is the interest rate that banks charge their most creditworthy customers.
The interest rate for a personal line of credit may also be variable or fixed. A variable interest rate means that the interest rate can change over time based on changes in the prime rate or other market conditions. A fixed interest rate means that the interest rate is set for the life of the loan and will not change.