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Factors That Affect Your Personal Loan Interest Rates

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Factors That Affect Your Personal Loan Interest Rates

When it comes to taking out a personal loan, there are many factors that will affect the interest rates you are offered. Your credit score is one of the most important, but there are other things that lenders look at as well. In this blog post, we will discuss some of the things that can impact your personal loan interest rates. By understanding these factors, you can improve your credit score and get better interest rates on your loans!

Let’s take a look at these factors.

1. Monthly Income

This is one of the most significant factors that lenders look at when considering your application for a personal loan. The higher your income, the more likely you are to be approved for a loan and the better interest rate you’ll qualify for. Lenders want to see that you can repay your loan, and your income is one of the best indicators of this.

2. Credit Score

Your credit score is another important factor that lenders will consider when determining your interest rate. A higher credit score indicates to lenders that you’re a low-risk borrower, which means you’re more likely to repay your loan on time. On the other hand, a lower credit score will result in a higher interest rate because you’re considered a higher-risk borrower.

3. Loan Term

The loan term is the time you have to repay your loan. Typically, personal loans have terms of three to five years. A shorter loan term will result in a higher monthly payment but a lower interest rate because you’re paying off the loan more quickly. A longer loan term will result in a lower monthly payment but a higher interest rate because you’re paying off the loan over a longer period.

4. Liabilities

Your liabilities are the debts you currently owe. This could be in the form of credit card debt, a mortgage, a car loan, or any other type of loan. The higher your liabilities are, the higher your personal loan interest rate will be. This is because lenders see you as a higher risk borrower if you already have a lot of debt.

5. Company’s Portfolio

One of the most crucial factor that will impact your interest rate is the kind of portfolio your lender has. Some companies prefer to give out loans to people with higher risks, which means they will charge higher interest rates. On the other hand, some companies are more lenient and would instead give loans to people with lower risks to get a good reputation. This results in them offering lower interest rates.

6. Loan Repayment History

A primary factor affecting your personal loan interest rates is your repayment history. If you have a history of making late payments or defaulting on loans, this will likely result in higher interest rates on future personal loans. Conversely, you may be eligible for lower interest rates if you have a strong repayment history.

7. Previous Defaults

Your history of making repayments on loans and other debts is one of the biggest factors that lenders will look at when considering your application for a personal loan. If you have any defaults on your record, your interest rate will likely be higher than someone with a clean credit history.

The Bottom Line

Remember to shop around and compare offers before signing on the dotted line no matter what your personal loan interest rate is. Your credit score plays a big role in determining your interest rate, so if you’re not happy with yours, take steps to improve it.

In the meantime, look for lenders that offer special deals or discounts for people with lower credit scores. And be sure to read the fine print carefully before agreeing to any loan terms.

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Boost Your Traffic in Google Discover

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Boost Your Traffic in Google Discover

2. Understand topical authority: Keywords vs. entities

Google has been talking about topical authority for a long time, and in Discover, it is completely relevant. Traditional SEO includes the use of keywords to position your web pages for a specific search, but the content strategy in Discover should be based on entities, i.e., concepts, characters, places, topics… everything that a Knowledge Panel can have. It is necessary to know in which topics Google considers we have more authority and relevance in order to talk about them.

3. Avoid clickbait in titles

“Use page titles that capture the essence of the content, but in a non-clickbait fashion.” This is the opening sentence that describes how headlines should be in Google’s documentation. I always say that it is not about using clickbait but a bit of creativity from the journalist. Generating a good H1 is also part of the job of content creation.

Google also adds:

“Avoid tactics to artificially inflate engagement by using misleading or exaggerated details in preview content (title, snippets, or images) to increase appeal, or by withholding crucial information required to understand what the content is about.”

“Avoid tactics that manipulate appeal by catering to morbid curiosity, titillation, or outrage.

Provide content that’s timely for current interests, tells a story well, or provides unique insights.”

Do you think this information fits with what you see every day on Google Discover? I would reckon there were many sites that did not comply with this and received a lot of traffic from Discover.

With the last core updates in 2023, Google was extremely hard on news sites and some niches with content focused on Discover, directly affecting E-E-A-T. The impact was so severe that many publishers shared drastic drops in Search Console with expert Lily Ray, who wrote an article with data from more than 150 publishers.

4. Images are important

They say that a picture is worth a thousand words. If you look at your Discover feed, you’ll see most of the images catch your attention. They are detailed shots of delicious food, close-ups of a person’s face showing emotions, or even images where the character in question does not appear, such as “the new manicure that will be a trend in 2024,” persuading you to click.

Google’s documentation recommends adding “high-quality images in your content, especially large images that are more likely to generate visits from Discover” and notes important technical requirements such as images needing to be “at least 1200 px wide and enabled by the max-image-preview:large setting.” You may also have found that media outlets create their own collages in order to have images that stand out from competitors.

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Everything You Need to Know About Google Search Essentials (formerly Google Webmaster Guidelines)

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Everything You Need to Know About Google Search Essentials (formerly Google Webmaster Guidelines)

One of the most important parts of having a website is making sure your audience can find your site (and find what they’re looking for).

The good news is that Google Search Essentials, formerly called Google Webmaster Guidelines, simplifies the process of optimizing your site for search performance.

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Salesforce rolls out new edition of Marketing Cloud for small businesses

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Salesforce summer 2023 release: The business executive's guide

Today Salesforce announced Marketing Cloud Growth, an edition of Marketing Cloud designed specifically for small businesses.

With help from AI, this edition makes it easy for marketers to segment audiences, create and execute email campaigns from text to image, optimize campaign performance and create unified customer profiles. It also has a prompt builder that can store and manage known reliable prompts for organizations.

Dig deeper: 70% of SMB marketers willing to pay more for tools with AI or automation

Salesforce developed the new edition by looking at the most common use cases for which small businesses frequenty don’t have the people or resources. This includes things like personalizing campaigns and advanced testing.

The company is also letting small businesses (those with fewer than 200 employees) that have Sales or Service Enterprise Edition “get started with Data Cloud at no cost.” Marketing Cloud Growth will initially be available in the U.S. and Canada and is expected to roll out to Europe, the Middle East and Asia by the end of the year.

Why we care. First of all, small businesses need all the help they can get. This creates an opportunity to start using AI within a centralized marketing workflow rather than importing content from independent generative AI tools. Perhaps it’s also a sign of Salesforce moving to compete with platforms (can we say HubSpot?) that more overtly court SMB clients.

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