Personal loan rates can be used for just about anything and their interest rates tend to be higher than those taken out on a home are. This is because a personal loan does not require collateral. A no-collateral loan means the lender has no specific item to lay claim to should the borrower default.  While one can take out a personal loan for just about anything, according to a recent survey by Prosper.com, 49% of people with these types of loans are using them for debt consolidation.

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Personal loan rates have a big impact on whether consumers decide to take out a loan. Some of these loans are taken out of necessity for things like debt consolidation, college tuition, critical home repairs and such. Others are taken out for pleasurable things like new toys and vacations. You might think banks would always keep their rates low so more people can borrow. But the rates vary depending on the times, and depending on a person’s credit report.

Why Do the Interest Rates Vary?

The rates for personal loans vary depending on a couple of things: the prime lending rate and personal credit history. B

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