Personal loan rates generally range from 6% to 36% depending on your credit score, income, and lender. Borrowers with excellent credit can qualify for single-digit rates, while those with lower credit scores may see rates above 20%.

A longer loan term lowers your monthly payment but increases the total interest you pay over the life of the loan. Conversely, a shorter term means higher monthly payments but less interest overall. Finding the right balance depends on your monthly budget.

Most lenders allow early repayment, but some charge a prepayment penalty. Before signing, check the loan agreement for any early payoff fees. Paying off your loan early can save you a significant amount in interest charges.