
How the Federal Reserve impacts personal loans
The Federal Reserve just lowered interest rates for the first time in four years.
About the author
Pippin Wilbers is a Bankrate editor and a Certified Credit Counselor™. He joined the loans team in 2021, contributing work on personal, auto and student loan articles. Pippin is passionate about helping borrowers stay up-to-date and feel empowered to make the best choices in a changing and challenging borrower environment.
Pippin stays on top of industry news sources, such as TransUnion and Experian. Working with Bankrate's skilled reporters he analyzes industry data and the latest political moves and asks: "What does this mean for borrowers?"
Pippin wants you to know
These days, Pippin is working closely with reporter Lauren Nowacki to keep a close eye on changes to the federal student loan program. "Student loans are the first debt burden most people take on, and you have to start repaying them when your wages are the lowest they'll likely ever be," he notes. "The current chaos around repayment plans and student loan forgiveness is so destabilizing for peoples' finances. I want readers to have the clearest and most accurate information so they can proactively plan for whatever the future holds."
Pippin lives in Denver. Before joining Bankrate, he brought vital news to his community as a small-town newspaper reporter. In his spare time, he enjoys foraging for mushrooms, reading and dabbling in amateur entomology.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
Enrollment is trending down overall, but there are some exceptions.
Learn about common checking terms, from bounced checks to outstanding checks.
New changes will bring many PSLF and IDR-eligible borrowers closer to forgiveness.
Axos Bank’s unsecured personal loans offer $5,000 to $50,000 for borrowers with good credit. It offers fast funding but charges an origination fee.
Prosper was the first to enter the peer-to-peer lending market and offers unsecured personal loans to borrowers through an entirely virtual process.
PenFed offers low APRs and fast funding on personal loans from $600 to $35,000, and it doesn’t charge origination fees or a prepayment penalty.
LendingClub’s unsecured personal loans offer $1,000 to $40,000 with relatively affordable APRs. It charges origination fees and requires fair credit.
Avant offers fast funding and flexible payment options. Additionally, you don’t need stellar credit to qualify for a personal loan with this lender.