A good loan interest rate depends on several factors, including the borrowers credit score, financial situation, and the lenders criteria for determining the interest rate. The average personal loan interest rate is 11.47% as of October 25, 2023, according to a Bankrate study. However, the rate a borrower receives could be higher or lower, depending on their unique financial circumstances. Personal loan rates vary based on creditworthiness, the lender, and the borrowers financial stability. Here are some key points to consider:

• The average interest rate on a two-year personal loan as of October 2022 is 10.16%, according to the Federal Reserve.
• Consumers with good or excellent credit may find average loan interest rates as low as 13.5%, whereas those with average or poor credit will pay a considerably higher average rate.
• Personal loan interest rates can generally range from under 6% to 36%, depending on the lender, the borrowers credit score and financial situation, and other factors.
• Shopping around and comparing offers from multiple lenders is the best way to make sure youre getting the best deal.
• Some lenders will let you estimate your interest rate without submitting a full application, a process called prequalification. By prequalifying with multiple lenders, you can get quotes to compare loans before you submit an official application.
• A personal loan APR of 10% is below the national average and is considered near the average rate offered to borrowers with prime credit.

In summary, a good loan interest rate is one that is lower than the national average rate and depends on the borrowers credit score, financial situation, and the lenders criteria for determining the interest rate. Borrowers with good or excellent credit may find lower interest rates, and shopping around and comparing offers from multiple lenders is the best way to find the best deal.