How lenders decide interest rates
Lenders consider various factors to determine interest rates. One significant factor is their risk assessment. Opting for lenders who favor low-risk applicants often leads to lower interest rates.
Some lenders, however, are open to considering applicants with lower credit scores. These lenders evaluate applicants based on individual merits rather than solely on credit reports. A steady income and the ability to afford the loan can make it feasible to secure a suitable lender, even with a lower credit score. Generally, a better credit history translates to more favorable interest rates, as lenders typically prefer working with customers perceived as lower risk.
Secured loans may offer more favourable rates than unsecured ones. Our Jade representatives can guide you through various options to optimize your loan rates.
Choosing Jade for your personal loan needs allows you to find an affordable loan tailored to your financial circumstances. A Jade personal loan broker will collaborate with you to compare and select the most appropriate loan.