APR
Most lenders advertise the interest they charge for the loan as an APR (Annual Percentage Rate). The APR advertised is usually the representative APR. Just over half of people who apply for and are given a loan should get this rate, or better. Read our article about APRs and how to use them to compare personal loans.
Credit Rating
Lenders will consider your credit rating when you apply for your loan. If you have not borrowed money before and have no credit history then you will have what is termed a thin file. If you are a student or living at home and have no bills in your name, then you will probably fall into this category. Take a look at our tips on how you can improve your credit rating.
If you have borrowed before then the lender will use a credit report to assess how much of a risk offering a personal loan to you will be.