What are the average loan interest rates for the different types of loans?

- To start with there are government grants available to non-profit institutions which attract zero interest rate and in most case may not have to be repaid back if used for the purpose it was mean for.

- A student borrower with no credit rating can get a government student loan for an APR of 4% to 6%. These student loans taken during your stay at an educational institution can later be consolidated to an extremely low APR of 2% once the student enters professional career and has established a suitable credit rating.

- A borrower with a good credit rating can get a secured line of credit against their house for low APR of 4%. A borrower with average credit rating can get a residential house loan spread over 30 years for an APR of 6%. This very same borrower if avails a second mortgage on his house may get an APR of 12%. But in handled carefully in due course, this second house mortgage can be refinanced into a single loan with an average APR of 6% to 7%.

- Some bank accounts come with an over draft protection facility which can put a daily flat fee as long as the over draft remains and these can notoriously attract an APR of 10,000%.

- A borrower with an average credit rating can get a secured car loan for an APR of 9%.

- A borrower with good credit rating can get a commercial property loan for an APR of 8% to 10%.

- A small business loan up to 500,000 pounds can be usually obtained at an APR of 10% to 12%.

- An unsecured line of credit up to 100,000 pounds can be obtained for an average APR of 15% to 18% but this requires a very high credit score.

- A 30 day quick quid or payday advance usually up to 750 pounds would usually attract an APR in the range of 1000%.

- A pawn shop loan may be available for an APR of 400% but the borrower always faces the risk of loosing her valuable procession. Except the student loans and the credit card loans most of the other loans may require a margin/down payment of 20%. The lender usually likes to risk up to 80% of the assessed value of the asset.

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