Should I choose a fixed rate or a variable rate?
Whether variable rates are higher or lower, they can change at any time at the lender's discretion. Fixed rate secured loans might be lower than variable rate loans at the moment, but that isn't always the case. Choosing between a fixed or variable loan is often about your own preference than anything else.
The average interest rate for a fixed secured personal loan in October 2024 is 8.41%.
The average interest rate for a variable secured personal loan in October 2024 is 10.96%.