When it comes to choosing personal loans, many people make the mistake of comparing such uk payday loans simply on the basis of the rate of interest. Most people would choose the cheapest loan scheme available.

Although it is true that the rate of interest is one of the main factors in the overall repayment of the loan, there are also other factors that could result in one choosing a loan having a slightly higher rate of interest than others. This article concentrates on four of the primary factors that need to be considered when choosing any loan.