Can my personal loan interest rate change after I am approved?

Fixed-rate loans after signing: The vast majority of personal loans have fixed rates. Once you sign the loan agreement, the rate is set for the entire loan term. Your monthly payment stays identical from the first payment to the last. Neither the lender nor external market conditions can change the rate.

Variable-rate loans: A small number of lenders offer variable-rate personal loans tied to a published index (SOFR or the prime rate). These loans can change in rate as the index changes. However, even variable loans cannot change arbitrarily - the rate adjustment is mechanical, tied to a published benchmark, and typically capped by a ceiling rate disclosed in the loan agreement.

Bait-and-switch warning: Legitimate lenders present their final terms at application (or at the latest before signing). Be wary of any lender who quotes one rate during pre-qualification and then presents a materially higher rate at signing without a clear reason (such as a change in your income or credit documentation). Pre-qualification rates are estimates; final rates are confirmed once all underwriting is complete. If the final rate offered is much higher than the pre-qual estimate, you may decline before signing.

Rate lock period: Your approved rate is typically valid for 30-60 days from approval date. If you do not accept and sign within that window, you may need to re-apply.

Post-signing autopay discount: Some lenders apply a rate discount (0.25%-0.50%) only after you successfully enroll in autopay. This is an effective rate reduction, not a change - it is disclosed at the time of application.