Why do you think personal loan rates are lower than that of credit cards on average?

This is a myth that has been perpetuated because people tend to compare apples with oranges. For example, individuals with high credit scores (the apples) are more likely to have credit cards charging them low-interest rates because of their creditworthiness. Therefore, these individuals do not need personal loans. If they did, they could easily secure one with a financial institution at a low rate. Individuals who are more likely to need personal loans are individuals who do not have credit cards. The reason they may not have credit cards is because they have low credit scores (the oranges) and are not deemed creditworthy. So of course, if they can secure a personal loan, the interest rate will be much higher than it would be for someone who is more credit-worthy.

In general, personal loan rates are not always lower than credit card rates. In many cases, they are comparable. It is dependent upon the applicant's credit score and ability to make the monthly payments for the term of the loan and the lending entity.