Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3- and 5-year loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between August 10 and August 16:

Personal loans have become a popular way to consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical bills, take care of a major purchase or fund home improvement projects.

Personal loan interest rates rose over the last seven days for 3-year loans and 5-year loans. Rates for 3-year loans saw an increase of 0.28 percentage points, while 5-year loans spiked by 0.73 percentage points. Interest rates for both loan terms remain significantly higher than they were this time last year. Still, borrowers can take advantage of interest savings with a 3- or 5-year personal loan right now. Both loan terms offer interest rates that are much lower than higher-cost borrowing options such as credit cards. 

Whether a personal loan is right for you often depends on multiple factors, including what rate you can qualify for. Comparing multiple lenders and their rates could help ensure you get the best possible personal loan for your needs. 

It’s always a good idea to comparison shop on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. 

For the month of July 2023:

Rates on personal loans vary considerably by credit score and loan term. If you’re curious about what kind of personal loan rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. 

All Credible marketplace lenders offer fixed-rate loans at competitive rates. Because lenders use different methods to evaluate borrowers, it’s a good idea to request personal loan rates from multiple lenders so you can compare your options.

In July, the average prequalified rate selected by borrowers was: 

Depending on factors such as your credit score, which type of personal loan you’re seeking and the loan repayment term, the interest rate can differ. 

As shown in the chart above, a good credit score can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. 

Many factors influence the interest rate a lender might offer you on a personal loan. But you can take some steps to boost your chances of getting a lower interest rate. Here are some tactics to try.

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

Personal loan repayment terms can vary from one to several years. Generally, shorter terms come with lower interest rates, since the lender’s money is at risk for a shorter period of time.

If your financial situation allows, applying for a shorter term could help you score a lower interest rate. Keep in mind the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

You may be familiar with the concept of a cosigner if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, finding a cosigner with good credit could help you secure a lower interest rate.

Just remember, if you default on the loan, your cosigner will be on the hook to repay it. And cosigning for a loan could also affect their credit score.

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders typically offer the most competitive rates – and can be quicker to disburse your loan than a brick-and-mortar establishment. 

But don’t worry, comparing rates and terms doesn’t have to be a time-consuming process.

Credible makes it easy. Just enter how much you want to borrow and you’ll be able to compare multiple lenders to choose the one that makes the most sense for you.

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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During his “My Take,” Thursday “Varney & Co.” host Stuart Varney discussed the rise in popularity of 2024 Republican presidential candidate Vivek Ramaswamy, arguing the GOP hopeful represents a direct contrast to Biden and that could make him an appealing Trump V.P. running mate.

STUART VARNEY: The latest Fox poll shows the rise of Vivek Ramaswamy.

Trump is still way out front, but he’s down 3 points since the last poll.

FOX NEWS POLL: RAMASWAMY RISING AS DESANTIS LOSES GROUND IN GOP PRIMARY

DeSantis is still second, but he’s down six, and look at Ramaswamy, up six points and now in third place.

I’m not surprised. He’s a self-made 38-year-old, with seemingly boundless energy.

He’s not afraid to engage on contentious issues. 

RAMASWAMY GOES VIRAL FOLLOWING EXCHANGE WITH LGBTQ ACTIVIST

He will do any and all interviews, even on unfriendly territory.

Remember his interview with Don Lemon on CNN? Lemon lost.

He’s an America first guy who opposes affirmative action and gender-affirming care for minors. 

GOP 2024 HOPEFUL SLAMS WOKE CAPITALISM AMID BUD LIGHT AND TARGET CONTROVERSIES

He detests wokeism, defends free speech, and says he would pardon Trump if elected president.

What a contrast with Biden. He is less than half Biden’s age, and it really shows. 

He’ll go anywhere. It’s the exact opposite of Biden’s basement strategy.

I don’t think he can win the presidency but watch him make waves at next week’s debate on Fox.

Then let’s see if Trump picks him for vice president. 

I’ll leave it there.

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Americans are burning through the excess savings they accumulated during the COVID-19 pandemic thanks to a big burst of stimulus money from the federal government and limited spending, according to new research published by the San Francisco Federal Reserve. 

The findings show households could deplete that cash reserve this quarter, eliminating a vital safety net that has helped to keep millions of families afloat during the ongoing inflation crisis.

“Our updated estimates suggest that households held less than $190 billion of aggregate excess savings by June,” the analysis, published by San Francisco Fed researchers Hamza Abdelrahman and Luiz Oliveira, said. “There is considerable uncertainty in the outlook, but we estimate that these excess savings are likely to be depleted during the third quarter of 2023.” 

That is cause for concern as the Federal Reserve credited the savings buildup with keeping the economy rolling, despite dual headwinds from high inflation and rising interest rates. Policymakers have signaled that they expect a slowdown in consumer spending in coming months as that pandemic-era money continues to dwindle. 

US HOUSING MARKET DEFYING CRASH EXPECTATIONS AS SUPPLY SHORTAGE KEEPS PRICES HIGH

“Tight financial conditions, primarily reflecting the cumulative effect of the Committee’s shift to a restrictive policy stance, were expected to contribute to slower growth in consumption in the period ahead,” said minutes from the Fed’s July-25-26 meeting, released Wednesday. 

“Participants cited other factors that were likely leading to, or appeared consistent with, a slowdown in consumption, including the declining stock of excess savings, softening labor market conditions, and increased price sensitivity on the part of customers.”

The revelation comes as Americans increasingly turn to their credit cards to cover everyday expenses, with the New York Fed reporting early in August that debt topped $1 trillion for the first time ever at the end of June. 

ECONOMISTS STILL SEE 50% CHANCE OF A RECESSION THIS YEAR

In the three-month period from April to June, total credit card debt surged to $1.03 trillion, an increase of $45 billion, or 4.6% from the previous quarter. It marked the highest level on record in Fed data dating back to 2003.

The $1 trillion figure marks a major reversal from just three years ago when households were rapidly paying off credit card debt with their stimulus payments. 

RISING PROPERTY TAXES ARE A HOUSING MARKET KILLER

“I think it’s fairly clear that what we’re seeing now is becoming more and more about people struggling in the face of ongoing inflation and seemingly constant rising interest rates,” Matt Schulz, the chief LendingTree credit analyst, previously told FOX Business. “It’s a tough time.”

While delinquency rates remain relatively small, there is an uptick in borrowers who are struggling with credit card and auto loan payments. As of June, about 2.7% of outstanding debt was in some stage of delinquency, up slightly from the 2.6% recorded the previous quarter. That remains 2 percentage points lower than the pre-pandemic level. 

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Still, the fact there is any semblance of delinquency rates rising during such a strong labor market is concerning. Experts have warned the rate may begin to climb as student loan payments resume in the fall after the Supreme Court struck down President Biden’s handout plan. 

“The resumption of student loan payments will be a huge test for many cardholders, shrinking the amount they have to devote to paying off card debt and leaving some people simply unable to make minimum payments at all,” Schulz said.

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FIRST ON FOX BUSINESS: Ohio Republican Sen. JD Vance is calling on a storied American steel company to reject foreign entity buyout offers to protect their shareholders and the country.

Vance sent a letter to U.S. Steel CEO David Burritt and board Chairman David Sutherland expressing his “interest in the formal review of strategic alternatives” of the steel giant’s buyout prospects.

“The recent announcement signaled a turning point not only for the iconic American company but for an industry of strategic national importance,” Vance wrote.

US STEEL REJECTS $7.3 BILLION BUYOUT OFFER FROM CLEVELAND-CLIFFS

“I appreciate the ‘measured approach’ you have outlined for the review in public,” the Ohio senator continued. “While you recognize that the reason for the review itself is ‘maximizing value for [y]our stockholders,’ you have also pledged to deliver for ‘all stakeholders.’”

“Even so, it is your fiduciary duty, as members of the board, to act in good faith and protect your shareholders’ interest,” Vance wrote.

Vance wrote that “as a United States senator, my interest is in the security and prosperity of my country and my constituents” and that enabling “domestic steel production is vital to both.”

The Ohio Republican also noted that both “Democratic and Republican administrations have acted decisively over the last forty years to bolster the industry” and that the “endurance of President Trump’s Section 232 tariffs on steel imports demonstrates that the preservation of the domestic steel industry remains vital to our national security.”

“As the second largest integrated steelmaker in the country and a giant of American industry, the future of U.S. Steel will be consequential for the future of the U.S. steel industry,” Vance wrote. “I fear that the strategic review could undermine our national security if mismanaged.”

“In particular, I worry about the implications of an acquisition by a foreign entity that may not share your business’s storied connection to the United States,” the senator continued.

Vance asked the company to “evaluate offers to acquire U.S. Steel or any of its assets” and urged the firm “to balance properly your duty to your shareholders and the interests of your country.”

He then called on U.S. Steel to turn down offers to acquire the company or its assets from potential foreign buyers.

“I ask that you consider the effects of any decision to America’s industrial base and national security and insist that you reject any bids to acquire U.S. Steel or its assets from a foreign entity,” Vance wrote.

A spokesperson for U.S. Steel pointed to the company’s Aug. 13 release that included the letter from the firm responding to Cleveland-Cliffs Inc.’s offer to buy them out.

“The Company had received an unsolicited cash and stock proposal from Cleveland-Cliffs to acquire all of U. S. Steel’s outstanding shares,” the company wrote. “As detailed in the letter below, U. S. Steel was unable to properly evaluate the proposal because Cleveland-Cliffs refused to engage in the necessary and customary process to assess valuation and certainty unless U. S. Steel agreed to the economic terms of the proposal in advance.”

Vance’s letter comes as the steel giant fields offers and news of potential offers from both domestic and foreign entities.

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On Wednesday, it was reported that Luxembourg-based steel conglomerate ArcelorMittal — the second-largest steelmaker in the world — was weighing making a bid on U.S. Steel.

Sources told Reuters that ArcelorMittal is discussing making an offer with its investment bankers, but there is no guarantee one will come down the pipeline.

U.S. Steel began a formal review of its strategic options on Sunday after declining a $7.3 billion buyout offer from rival steelmaker Cleveland-Cliffs Inc.

Cliffs made its offer public after U.S. Steel rejected the bid and announced a formal review process, Reuters reported. U.S. Steel said it has received multiple bids for parts or all of its business.

“At this juncture, we cannot determine whether your unsolicited proposal properly reflects the full and fair value of the Company,” U.S. Steel CEO David Burritt wrote in a letter to Cliffs CEO Lourenco Goncalves. “For all of the above reasons, the Board has no choice but to reject your unreasonable proposal.”

Shares of U.S. Steel spiked Monday, on pace for the best day in history since record keeping began in April 1991. Cleveland Cliffs shares also rose. 

Fox News Digital’s Landon Mion contributed reporting. 

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Sotheby’s Holdings has been named in a lawsuit led by investors with the Bored Ape Yacht Club against non-fungible tokens (NFT) company Yuga Labs.

The lawsuit stems from a 2021 promotion of Bored Ape NFT’s and follows a price drop for the celebrity-backed items while alleging that the art broker and auction house helped Yuga Labs “deceptively promote” the NFT collection.

HERMÈS TO PERMANENTLY BAN ‘METABIRKIN’ NFT SALES FOLLOWING US LAWSUIT

“The allegations in this suit are baseless, and Sotheby’s is prepared to vigorously defend itself,” Sotheby’s said in a statement sent to FOX Business.

“On background, ARTnews reported in 2021 Sotheby’s specialist Michael Bouhanna saying that there were legacy art collectors participating in the sale – which doesn’t necessarily mean the buyer—and there were 13 total bidders in that sale,” the statement added.

BITCOIN GIFT CARDS AMPLIFYING SPENDING POWER OF CRYPTO

Meanwhile, the Bored Ape Yacht Club has not responded to early inquiries from FOX Business.

Currently, Sotheby’s is just one of 30 defendants named in a lawsuit that also alleges Justin Bieber and Paris Hilton championed the collection while staying quiet about their own financial association to the NFT’s.

BITCOIN ON ROAD TO $120,000 BY END OF 2024

Data compiled by Market Research Future shows the NFT market size will cross the $342.54 billion level by 2032. As of last year, the NFT market was valued at nearly $38.2 billion.

Still, the prices of NFTs are volatile and can trade in tandem with cryptocurrencies. Bitcoin, the largest crypto by market value, has slipped to the $27,000 level but is still up 72% this year. 

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The Federal Bureau of Investigation is warning the public that cyber criminals are embedding malicious code in mobile beta-testing apps in order to defraud potential victims. 

In a Monday public service announcement, the agency said that the malicious apps enable the theft of personally identifiable information, financial account access or device takeover. 

The beta-testing apps may appear legitimate by using names, images or descriptions similar to popular apps. 

Beta-testing apps are online services that allow mobile app testing prior to official release and are typically not subject to mobile operating systems’ review processes.

MASSACHUSETTS HEALTH OFFICIALS WARN OF DATA BREACH INVOLVING MORE THAN 134K PEOPLE

Notably, cyber criminals often use phishing or romance scams in order to establish communications with the victim. Then, they direct the victim to download a mobile beta-testing app within a mobile beta-testing app environment, promising incentives such as financial payouts.

“The FBI is aware of fraud schemes wherein unidentified cyber criminals contact victims on dating and networking apps and direct them to download mobile beta-testing apps, such as cryptocurrency exchanges, that enable theft,” the warning noted. “The victims enter legitimate account details into the app, sending money they believe will be invested in cryptocurrency, but instead the victim funds are sent to the cyber criminals.”

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Should a victim download one of these fraudulent beta-testing apps that is masquerading as a legitimate cryptocurrency investment app, the app can extract money from the victim via fake investments.

The FBI says there are a number of red flags indicating that a beta-testing app may be malicious. 

Those including a mobile battery draining more rapidly than usual, a device slowing down while processing a request, unauthorized apps installed, persistent pop-up ads, a high number of downloads with no or few reviews, spelling or grammar errors, vague or generic information, pop-ups that look like ads, system warnings or reminders and apps that request access to permissions that have nothing to do with the advertised functionality.

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Individuals should make sure to check app developers and customer reviews before downloading, should not send payments to people they have only spoken to online, should not provide personal or financial information in email or message or respond to email or message solicitations, should not download or use suspicious-looking apps, should be alert regarding a sense of urgency or threats and be wary of unsolicited or suspicious attachments, should not click links in emails or text messages, should scrutinize attachments and website hyperlinks in emails, should keep software up to date and restrict app permissions and uninstall apps that are not used.

The FBI requests victims report fraudulent, suspicious or criminal activity to the FBI Internet Crime Complaint Center at www.ic3.gov.

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