Because the majority of private loans are of the unsecured type. For instance, a three-12 months $10,000 mortgage with a Prosper Score of AA would have an rate of interest of 5.31% and a 2.41% origination fee for an annual share charge (APR) of 6.ninety five% APR. Totally different lenders have completely different standards for who they provide loans to so compare suppliers and solely apply for as much money as you need.