WalletHub Seeks Advice from Michael Kinsman on Personal Loans

WalletHub featured Michael Kinsman, CPA, PhD, on their “Ask the Experts” column to provide advice on personal loans. Kinsman shares his expertise on why personal loan interest rates are lower than credit card interest rates. “Lenders spend more time and have more data for the personal loans as opposed to credit card ‘loans.’ That lets them assess the risk more clearly, which helps the person who is successful in getting a personal loan.” 

Personal loan rates vary from six percent to 36 percent and are based on the lender’s perception of the borrower’s ability to repay the loan. Kinsman also shares advice for individuals who want to lower their personal loan rates. “One of the best ways to lower your personal loan rate is to belong to, and use, a credit union. They tend to be more flexible than many other lenders and are also more likely to understand your reasons for needing the loans and your ability to repay,” said Kinsman. 

The full article is available on WalletHub.