A personal loan can be a great way to get the cash you need to consolidate debt, finance a home improvement project or make a large purchase. The average interest rate on a two-year personal loan is around But getting a loan the smart way requires a little extra research and care to make sure you get the best offer available. The last thing you or lenders want is for you to take out a personal loan and not be loaj to afford to pay it off. Make sure you borrow enough to get what you need after the fee. Then use a personal loan calculator to find out what your monthly payment will be.