Loans for gear cost more
- Bankrate reports personal loan interest rates are unusually high this April, raising borrowing costs. (bankrate.com) - The briefing warns financing discretionary purchases like outdoor gear or travel will be pricier than normal right now. (bankrate.com) - The practical recommendation is to compare offers carefully or delay financed outdoor spending while rates remain elevated. (bankrate.com)
Personal loans are still expensive in April 2026, making financed purchases like camping gear, bikes or airfare cost more than usual. (bankrate.com) Bankrate said the average personal loan rate was 12.27% as of April 22, 2026, based on a borrower with a 700 FICO score taking a $5,000 loan over three years. Its survey uses rates from the 10 largest banks and thrifts in the 10 largest U.S. markets. (bankrate.com, bankrate.com) The lowest advertised personal loan rates on Bankrate’s April listings started at 6.20% for borrowers with strong credit, but the broader APR range ran from 8% to 36%. Lenders including Citi, Upgrade, LightStream, SoFi and Discover were all quoting double-digit top-end rates. (bankrate.com) Those borrowing for discretionary spending are running into the same rate backdrop that has kept consumer credit costly for months. Bankrate’s 2026 forecast said average personal loan APRs were likely to hover near 12% this year, after rates climbed steadily in the years after the COVID-19 pandemic. (bankrate.com) The Federal Reserve’s daily H.15 release on April 22 showed the bank prime loan rate at 6.75% and the effective federal funds rate at 3.64%. Personal loan pricing does not move one-for-one with the Fed, but lenders are still operating in a higher-rate environment than borrowers saw in 2021. (federalreserve.gov, bankrate.com) Credit score is separating borrowers more sharply than the headline average suggests. LendingTree said borrowers with excellent credit scores of 800 and up saw average best offers of 12.15% in fourth-quarter 2025 data, while borrowers under 580 saw 29.05%. (lendingtree.com) That gap means two shoppers financing the same $5,000 purchase can face very different borrowing costs depending on credit history, income and lender underwriting. LendingTree said comparing multiple offers can lower the rate a borrower actually gets, especially in higher credit tiers. (lendingtree.com) For anyone eyeing a financed spring purchase, the math has not improved much by late April 2026: shop several lenders, look for prequalification offers, and expect borrowing to stay pricey unless your credit is strong. (bankrate.com, bankrate.com, lendingtree.com)
