What to Know About Personal Loan Rates Before You Compare Offers

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Before you start shopping for a personal loan, it helps to understand how lenders set their rates. Your credit score, income, and debt-to-income ratio all play a big role, but even small differences in APRs can mean hundreds of dollars over the life of the loan. Some lenders offer fixed rates, others variable, and many charge origination fees that change the effective rate. Pre-qualifying with multiple lenders lets you see real offers without hurting your credit, so you can compare apples to ap…