From January 24 to January 28, the average fixed interest rate on a three-year personal loan was 11.02% for borrowers with a credit score of 720 or higher who prequalified on Credible.com’s personal loan marketplace. That’s the same as it was the week prior, according to Credible.com The average rate on five-year personal loans fell last week from 13.55% to 13.48%.

The most qualified borrowers generally receive the best rates. In fact, well-qualified borrowers may receive a rate that’s significantly lower than average. The rate you receive depends on several factors, including your creditworthiness and the loans available through your chosen lender.

Related: Best Personal Loans 2022

How to Get the Best Rates

Two quick ways to help you receive more favorable rates include paying down existing debt to help lower your DTI and improving your credit score. The interest rate your receive on a personal loan is based on a number of factors. This includes your overall creditworthiness, credit score, income and debt-to-income (DTI) ratio.

While qualification requirements differ across lenders, a minimum credit score of 720 will typically yield you the best terms. If your score falls below this marker, and you’re on a quest for the lowest rate possible, you can take action to improve your score. Try strategies like lowering your credit utilization ratio, removing errors from your credit report and paying your bills early or on time.

Calculate Monthly Personal Loan Payments

Once you have an idea of your personal loan interest rate, you can calculate your monthly payments. You will need to enter your loan’s interest rate, amount and term. This will help you determine how much you’ll owe monthly and how much you’ll pay in interest over the life of your loan.

For example, let’s say you have a personal loan with a $5,000 loan amount, 11.02% fixed interest rate and a term of 36 months. The Low Cost Advisor personal loan calculator shows your monthly payment would be about $164 and you’d pay approximately $895 in interest over the life of the loan. Overall, you would owe $5,895, which includes both principal and interest.

Personal Loan Rates by Credit Score

The rates below are average estimated personal loan interest rates according to VantageScore risk tiers, according to Experian. Though the rates below can serve as a general guideline, note that interest rates are ultimately set and determined by lenders.