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Lenders even have a lot of leeway concerning the quantity of interest they can charge you, though. Simply put, when you’re borrowing cash at a 25 % interest rate, you’re going to pay excess of could be necessary to complete your project. Some home renovation loans can be utilized for almost any enchancment project you bear in mind, while others have restrictions about how the cash can be utilized. Naturally, customers with “very good” FICO credit score scores of 740 and up get the best interest rates on personal loans, which could be below 6 percent APR.

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