Personal Loan APRs

[creditconcept]

Hey All,
I was checking some personal loan pre approval sites like Lending tree and I got the following results:

Avant - 35.99%
Prosper - 28.99%
Golden - 32.99%

Are APR usually that high for personal loans or are the companies on LendingTree/CreditKarma just loan sharks?

Scores: 699, 701, 707

[TheGardner]

Loan shark-ish. CU will give you much better rates. Those rates are just insane and desperate. Don't do it!

[creditconcept]

I was thinking the same thing, but didn't know for sure. Thanks!

[pipeguy]

DCU advertises 8.5% on their site which is probably their best rate, but still closer to the truth as far as prime lending rates.

[medo]

Go to a CU.  I obtaind a LOC a few years ago when my credit was sub-par and was approved for a $5k LOC at 14.25%.

Avant and the likes are for those who don't know any better.

[Anonymous]

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@creditconcept wrote:
Hey All,
I was checking some personal loan pre approval sites like Lending tree and I got the following results:

Avant - 35.99%
Prosper - 28.99%
Golden - 32.99%

Are APR usually that high for personal loans or are the companies on LendingTree/CreditKarma just loan sharks?

Scores: 699, 701, 707

---

Whatever you do, do NOT app with Lending Tree. All they do is harvest applications and pass them along to a big list of lenders, many of whom will hard pull your reports. Avant, Prosper, and Lending Club are fine and are all Web Bank. Don't know who Golden is.

[taxi818]

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@creditconcept wrote:
Hey All,
I was checking some personal loan pre approval sites like Lending tree and I got the following results:

Avant - 35.99%
Prosper - 28.99%
Golden - 32.99%

Are APR usually that high for personal loans or are the companies on LendingTree/CreditKarma just loan sharks?

Scores: 699, 701, 707

---

well they won't break your arm to get their money back. so no. not loan sharks. but bordering usary for sure. as other has stated go to credit union. i just got loan 2 weeks ago. at 11.99 percent. not bad at all. 4 year installment on 5k. about 124. per month.

[Berk]

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@creditconcept wrote:
Hey All,
I was checking some personal loan pre approval sites like Lending tree and I got the following results:

Avant - 35.99%
Prosper - 28.99%
Golden - 32.99%

Are APR usually that high for personal loans or are the companies on LendingTree/CreditKarma just loan sharks?

Scores: 699, 701, 707

---

I have a small loan, 15K, through Prosper and my APR is around 5-6%.

[slickshoes182]

A lot of credit unions offer periodic promotional rates. The lowest I am aware of at the moment is Western FCU's 2.99% for 1 year loans, 3.99% for 2 year loans, 4.99% for 3 year loans ( https://www.western.org/spring-loan ). I think you need a 740 FICO to get Western's best rate. If you have your credit score handy you can call/e-mail/etc until someone tells you what APR your FICO would qualify you for there. Western FCU membership is open to anyone after a donation to a charity.

[Anonymous]

These rates seem abnormally high considering the credit score you applied with. I wouldn't recommend getting a personal loan at those rates. There are good personal loan companies you  can use that won't charge high rates like that. The previous comments about "Loan Sharks" usually pertain to misleading marketing. Companies like RISE have marketing that leads you to believe they are helping when in fact they are offering triple digit interest rates. Always check to make sure you know what interest rate you're getting before you commit. Always do the math. 

If a rate is higher than you like, simply don't get the loan until you find a good rate. If you can't find a good rate anywhere, something must be triggering the underwriting that you may want to consider handling before you get a loan. Identify the trigger and it may help you get a lower rate.  

Hope this is helpful!