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 14 and August 21:

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 a slight increase of 0.15 percentage points, while 5-year loans edged up by a less significant 0.07 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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The steady exodus of Wall Street banks and big tech firms from California and New York over the past several years has cost the states nearly $1 trillion apiece in managed assets, according to a new analysis by Bloomberg News.

The departure of companies like Elliott Management, AllianceBernstein and Charles Schwab has drained the two states of thousands of high-paying jobs, further burdening city and state finances by sapping tax revenue. 

Commercial property markets have also buckled under the weight of the sudden exit of the finance industry, at the same time they are struggling to find new tenants amid the surge in remote work. 

‘GREAT MIGRATION’ CONTINUES AS MORE AMERICANS FLEE TO FLORIDA, TEXAS

Bloomberg conducted the analysis by going through the corporate filings from more than 17,000 firms since the end of 2019. 

The moves out of major metros like Los Angeles, San Francisco and New York City were often borne out of the desire for lower taxes and warmer weather.

From the start of 2020 through the end of March 2023, more than 370 investment companies – managing about $2.7 trillion in assets – moved their headquarters to a new state, according to Bloomberg. The overwhelming majority of the migration was from high-tax states in the Northeast and on the West Coast and into lower-tax states like Florida and Texas, which boast no income tax. 

Florida was the top destination for companies that left New York, with the Sunshine State drawing the likes of Icahn Capital Management and AKR Investment Management. Texas, meanwhile, has shown to be the top destination for companies leaving California. 

Not only businesses are leaving California and New York: A growing number of Americans are also migrating to places like Florida and Texas, according to a Bank of America analyst note that is based on aggregated and anonymous internal customer data.

“We constructed near real-time estimates of domestic migration flows and found that pandemic migration trends are not reversing,” the analysis said. Since the first quarter of 2023, the data “suggests that cities that saw a large influx of people during the pandemic have still been growing faster than other cities in recent quarters.”

The analyst note found that San Francisco experienced a big drop in population at the start of the year, with a more than 1% drop in the first quarter of 2023 and a more than 3% decline from 2020 to 2022.

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The city has been plagued by a spike in property-related crime, according to the California Department of Justice’s Criminal Justice Statistics Center.

New York City also posted a big population decline, losing about 1% of its population in early 2023 and 3% in the prior two years.

“This population shift paints a clear picture,” said Janelle Fritts, a policy analyst at the nonpartisan Tax Foundation. “People left high-tax, high-cost states for lower-tax, lower-cost alternatives.”

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Roark has been battling it out with a group of rival private-equity firms including TDR and Sycamore, and pulled ahead in recent days, the report...