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'Range of factors' affect personal loan rates
A number of issues can impact on the interest rates that are charged on personal loans, a financial website has outlined.
MoneyExpert.com has suggested that the length of the term on a loan can play a major role in this area, as short-term options like payday loans tend to include high interest rates.
The website added that consumers could take steps towards cutting their interest rate by keeping a good credit history.
"If someone has previously taken out a loan and repaid it on time this makes the lender feel more secure in lending to you as they believe you are more likely to pay it back," it outlined.
"This is why it is important to repay your loan on time as it will affect your chance in the future of getting a good rate."
Earlier this week, research by Sainsbury's Finance revealed that one in five people who are planning to buy a car in the coming months will make use of a personal loan.