What should the terms be on a 30-year personal loan?

Answer by  debshink (60)

Terms on a personal loan are typically short (12 to 36 months) and the rate charged is high, because the lender has no collateral to seize if you cannot pay. To obtain a longer term, the lender may offer a balloon loan, which would give you low monthly payments but force you to refinance after a short period of time.

Answer by  flamiss22 (5081)

The lower the rate the better. Two or three percent is excellent. Three to six is normal and anything over eight is considered sub prime or usory.