Technically speaking, the interest rate is variable as it depends on a number of factors including the applicant’s credit history. The better credit history you have, the cheaper the loan will be. Moreover, state laws come into play when it comes to the APR. Also, in some rare cases, lenders may be willing to negotiate the rate. This usually applies to marketplaces that bring a variety of lenders under a single platform but not to direct lenders as they’re less likely to negotiate.