How is the interest rate determined for my loan?

The interest rate for a loan is determined by several factors, and Fresh Finance Group Ltd considers both external economic conditions and individual borrower profiles when setting rates. One primary influence is the central bank's benchmark interest rates, which reflect the overall economic environment. When central banks adjust their rates, it often leads to corresponding changes in lending rates across the market. Additionally, the borrower's creditworthiness plays a significant role. Lenders evaluate credit scores and financial histories to assess the risk associated with lending to a particular individual or business. Higher credit scores generally correspond with lower interest rates, while lower scores may result in higher rates due to the perceived risk. Other factors include the type of loan, the loan amount, the loan term, and the current market conditions. Moreover, individual fee structures may impact the overall cost of borrowing. For borrowers seeking specific information regarding their loan interest rates, it is often beneficial to review the current offers on the lender's website, where detailed information about the factors influencing interest rates is typically available.