Question 1

What's a realistic personal loan rate if I have good credit right now?

Accepted Answer

With a FICO score of 720–759, you're looking at roughly 10%–14% APR from most online lenders in 2026 — think SoFi, LightStream, or Marcus. With a 760+ score you can often get under 10%, sometimes as low as 7%–8% through credit unions. The spread between excellent and good credit is about 3–5 percentage points, which on a $20,000 loan over 5 years is the difference between $383/month and $416/month — roughly $2,000 total over the life of the loan.

Question 2

What's the monthly payment on a $30,000 car loan?

Accepted Answer

At current new car loan rates (roughly 6%–8% for well-qualified buyers), a $30,000 60-month auto loan runs about $580–$608/month. A 72-month term drops it to $487–$516/month but costs you an extra $700–$900 in total interest. Used car loans typically run 1–3% higher than new car rates through dealerships — credit unions and banks often beat dealer financing, so always get a pre-approval before walking into a dealer.

Question 3

How does the APR on a personal loan differ from the interest rate?

Accepted Answer

The interest rate is the base borrowing cost. APR adds in all the fees — origination fee (typically 1%–8% of the loan), prepayment penalties if any, and other charges — expressed as a yearly rate. On a $15,000 loan with a 5% origination fee and a 9.99% interest rate, your APR comes out around 14%–15%. This is why LightStream (no origination fee) often beats a competitor with a lower advertised rate but a hefty origination fee. Always compare APRs. For auto loan analysis with term comparison, use our [Auto Loan Calculator](/calculators/auto-loan-calculator/).

Question 4

I have $25,000 in student loans. Should I refinance right now?

Accepted Answer

Refinancing federal student loans is a permanent decision — you lose income-driven repayment plans, PSLF eligibility, and federal forbearance options. If you work in the public sector or might need payment flexibility, don't refinance federal loans. If you have a stable income, no plans for PSLF, and federal rates above what you'd qualify for privately (roughly 5.5%–8.05% for 2024–25 federal loans), refinancing into a private loan at 5%–6% could save thousands. Run the numbers for your specific balance and remaining term.

Question 5

What's the fastest way to pay off a personal loan early?

Accepted Answer

Easiest method: pay bi-weekly instead of monthly. You make 26 half-payments per year instead of 12 full payments — that's one extra full payment annually with zero budgeting drama. On a 5-year $20,000 loan at 12% APR, bi-weekly payments knock about 5 months off and save roughly $600 in interest. Before you do this, confirm your lender applies extra payments to principal immediately and doesn't charge prepayment penalties — most modern lenders don't, but worth a quick call.

Question 6

What credit score do I need for an SBA loan?

Accepted Answer

SBA 7(a) loans — the most common type for small businesses — typically require a personal FICO of 650+ though most lenders prefer 680+. The SBA itself doesn't set a minimum, but approved lenders do. Beyond credit score, you'll need 2+ years in business, $100,000+ in annual revenue, and no recent bankruptcies or defaults on government loans. Rates on SBA 7(a) loans in 2026 run prime + 2.25%–4.75%, putting most borrowers in the 10%–13% range.

Loan type	Credit score	Typical APR range
Personal (excellent credit)	760+	7%–11%
Personal (good credit)	680–759	11%–19%
Auto loan — new vehicle	720+	5.5%–8%
Auto loan — used vehicle	680+	8%–12%
Federal student loans (2024–25)	N/A	6.53%–9.08%
SBA 7(a) business loan	680+	10%–13%
Credit card (carry a balance)	Any	20%–29%

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2026 US lending rate landscape

The loan term trade-off no one talks about

When to use a 0% APR credit card instead

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