For borrowers looking to finance a major purchase or consolidate high-interest debt, a personal loan may be a smart choice.

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Average personal loan rates for 5-year loans fell slightly to 18.00% from 18.77% the previous week, according to Bankrate’s most recent data for the week ending June 26. And average 3-year personal loan rates also fell slightly to 19.43% from 20.65% the previous week. If you have great credit, you’ll likely pay a lot less: average 5-year personal loan rates for those with very high credit scores sit at 12.66%, and for 3-year personal loans, average rates are 11.45%. You can see the lowest personal loan rates you qualify for here.

For borrowers looking to finance a major purchase or consolidate high-interest debt, a personal loan may be a smart choice. Data from LendingTree reveals that nearly 20 million Americans have a personal loan, and one of the reasons they’re so popular is that they’re funded quickly (sometimes in as little as a day) and don’t require generally not require a borrower to post any collateral.

That said, personal loans often come with higher rates than other types of loans, so experts say it’s important borrowers don’t get carried away by taking out more money than they need. really need it. Experts also advise getting quotes from a few different lenders to ensure you get the best rates and terms possible.