The average interest rates for a personal line for credit range from 8% - 10%. The average rate for a home equity line of credit, or HELOC, is 5.35%. Credit cards generally have the highest rates of any line of credit. Securing an LOC may get you a lower rate, but may also be a greater financial risk.
The average interest rates for a personal line for credit range from 8% - 10%.
The average rate for a home equity line of credit, or HELOC, is 5.35%.
Credit cards generally have the highest rates of any line of credit.
Securing an LOC may get you a lower rate, but may also be a greater financial risk.
Line of Credit Interest Rates FAQs
The average interest rate for a line of credit generally ranges from 7-21%, depending on factors such as your credit score, income level, and other personal financial indicators.
Yes, typically if you have good credit with a high FICO score and a history of responsible borrowing, you can qualify for a lower interest rate on your line of credit.
You may be able to reduce the interest rate on your line of credit by consolidating other high-interest debt or taking out a personal loan with a lower rate.
Yes, different types of lines of credit may have different interest rate ranges based on factors such as the amount borrowed and the terms of the loan.
Interest rates on lines of credit can fluctuate depending on market conditions and changes in the Federal Reserve rate. It is best to check with your lender periodically to ensure that you are getting the best possible rate for your line of credit.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.