A form of installment credit, personal loans must be repaid in regular increments over a set period, or term. Since they have lower interest rates, they can be an affordable alternative to credit ...

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

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Clint Proctor is a lead editor with the credit cards and travel rewards team at Forbes Advisor. He has five years of experience in personal finance journalism and has contributed to a variety of ...