The average personal loan rate is 20.86%, decreased from last week. You can use a personal loan to pay for anything from weddings to home renovations, dental work, and even income taxes.

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A collateral loan is secured by something with significant value in case you default. This lowers the risk for the lender.

TransUnion reports a total of $251 billion in unsecured personal loan balances as of the fourth quarter of 2024, which is a record high. The average unsecured personal loan balance is $11,607.