What is the average personal loan rate in the US vs UK?

US average personal loan APR (2026): ~11.5% for good credit (720+ FICO), rising to 25%+ for poor credit. UK average (2026): ~8.9% APR for good credit under the Consumer Credit Act. Germany averages ~6.5% effective annual rate. US personal loan rates are consistently higher than UK/European rates for equivalent credit profiles.

What is Canada's criminal interest rate?

Under the Canadian Criminal Code, it is illegal to charge or receive an effective annual rate exceeding 60% on any loan or credit product. This cap was introduced to protect against predatory lending. Note: this applies to the effective annual rate, not the nominal rate, so daily or weekly compounding at high nominal rates can still breach this limit.

Can I pay off a personal loan early in the UK?

Yes. Under the UK Consumer Credit Act, you can settle a personal loan early at any time. Lenders can charge an Early Settlement Fee (ESF) of up to 1 month's interest if there are more than 12 months remaining, or 0.5 months if 12 months or fewer remain. This is capped and significantly lower than similar penalties in some other countries.

🇺🇸 US ~11.5% avg🇬🇧 UK ~8.9% avg🇨🇦 Canada ~9.5%🇩🇪 Germany ~6.5%

Personal Loan Calculator

Calculate monthly payments and total interest for any unsecured personal loan. US personal loan rates are 2–5% higher than UK/European rates for equivalent borrowers — understand why before you borrow.

💡 US avg personal loan APR (2026): ~11.5%. Range: 6–36% depending on credit.

Loan Amount ($)

APR (%)

Loan Term (Years)

Quick Answer

A $15,000 loan at 11.5% APR over 5 years: monthly payment = $330, total interest = $4,798. At the UK average (8.9%): monthly = $311, interest = $3,671. The same loan costs $1,127 more in the US than the UK.

Personal Loan Rate Comparison (2026)

Country	Good Credit APR	Fair Credit APR	Max Term	Regulation
🇺🇸 United States	7–13%	14–25%	7 years	State regulated; TILA disclosure
🇬🇧 United Kingdom	5–10%	11–20%	7 years	Consumer Credit Act / FCA
🇨🇦 Canada	7–12%	13–22%	5 years	Max 60% criminal rate
🇦🇺 Australia	6–11%	12–20%	7 years	NCCP Act; responsible lending
🇩🇪 Germany	4–8%	9–15%	7 years	EU Consumer Credit Directive

Related Calculators

APR Calculator Amortization Schedule Debt-to-Income Ratio

Sources & Methodology

Monthly payments use the standard amortization formula. Typical APR ranges, maximum terms and consumer protections (e.g. the UK Consumer Credit Act or Canada's criminal interest rate) differ by country.

Standards and figures reviewed 2026.