What Is An Interest Rate? Interest Rates for Personal Loans, Explained
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Interest Rate Definition
How Interest Rates Work
Types of Interest Rates
Simple Interest Rate
Compound Interest Rate
How Interest Rates Are Determined
Interest Rates on Personal Loans
Factors That May Affect Personal Loan Interest Rates
Credit Score
Loan Principal Amount
Repayment Term
Lenders
The Takeaway
Photo credit: iStock/ThitareeSarmkasat
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About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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