Investopedia / Julie Bang According to the Internal Revenue Service (IRS), private loans must charge a minimum interest rate known as the applicable federal rate (AFR), published monthly by the IRS.

He has a master's in English from California State University, Long Beach. The average personal loan interest rate is 25.54%. That's based on four weeks of data from 17 lenders and the rates they ...

Evan Coleman is an Updates Editor on the Credit Cards and Travel Rewards team at Forbes Advisor, showcasing his interest in personal finance and love of travel. He has written for a variety of ...