Personal loan rates are rising. Here’s what to expect in 2023.

A personal loan can be a lifeline when you’re facing an expensive repair or need to make a large purchase. With relatively low interest rates compared to credit cards and other high-interest forms of borrowing, personal loans can also provide relief from debt. But current market conditions, including the Federal Reserve’s unprecedented streak of interest rate hikes on federal funds, are causing personal loan rates to increase — which may result in more denials for people with bad credit.