According to, the national outstanding personal loan debt surpassed 323 billion this time last year. 

Personal loans have boomed over the past few years, with more and more consumers opting for an installment loan over credit card payments. The reasons are two part:

Average Interest Rates

1.) For consumers with good credit, 720 and above, personal loan rates can be lower than the current average credit card rates, reported to be at 16.15% by

2.) With the advancement of recent fintech platforms like SweetPay, taking out a personal loan is not only easy, but fast.

So what’s the national average for a personal loan?

Today rates on a 36 month loan are at a low point, averaging 11.1% for individuals with credit over 720, as reported by Fox Business. For individuals with excellent credit, rates can even drop into the single digits. As always, rates are subject to creditworthiness, and for individuals with credit under 600, rates often surge over 100%.

While the fluctuation of rates is always in effect, now could be the perfect time to take out a personal loan. With monthly payments at a low point, it could be a decision that puts you on your way to financial freedom, so long as you are able to build the monthly payments into your budget.

Here are just a few reasons why a personal loan might be the right choice for you:

  1. Making regular, on-time payments will increase your credit score.
  2. If you have a number of existing loans with high interest, paying them off with a single, lower interest option can consolidate debt can save you money in the long run.
  3. Taking out a loan for a large or unexpected expense can ultimately be more comfortable than emptying a “rainy day” savings account.

Today, attaining a digital personal loan can be done from the comfort of your sofa. Access Direct, a SweetPay Brand, partners with the industry’s top digital lenders to bring competitive offers to applicants from most tiers of credit.