Due to rising interest rates charged by various banks, and financial institutions, and stricter lending criteria, personal loan rates are already high and are more likely to continue to rise.
Yes, with the rising interest rate, the cost of borrowing money is getting higher. I never borrow money except that I use credit card for getting cash back. I always pay my credit card bill on time. Never paid any penalties or interest for late payment.
Personal loans come with downside of lenders charging origination fees. Rates may be higher than other financing options. Potentially high monthly payments. Missed payments negatively impact credit