The recent announcement by the Bank of England revealed that interest rates will remain at 0.5% for the month of June. Statistics have revealed that, whilst the base rates have remained the same for the 15^th straight month, the average APR rates on personal loans have been on the increase.

Research carried out by moneysupermarket.com revealed that the average APR on loans of up to £15,000 has risen in varied amounts over the course of the recession. And with the UK economy still in a state of the unknown, borrowing can still be a difficult prospect for many.

The average APR of a loan of £3000 currently stands at around 14.64%, compared to 6.46% back in 2006. The economic crisis has hit lenders hard in the past few years, which will ultimately affect consumers who are looking to take out loans in the future.

If you’re considering taking out a loan in the future, what can you do to help yourself to secure the best deal? Here are a few helpful hints to bear in mind when searching for the best rate:

• Plan Plan Plan – it can be worth taking a little time to analyse your financial situation before signing the loan agreement. Work out a monthly plan of how you can budget to help reduce your deficit.

• Make a list of any outgoings and other financial commitments, such as credit cards. Look to pay some of these off earlier in order to help reduce your debt levels.

• Taking steps to reduce your debts and repair your credit rating can hold yourself in good stead with any future lenders and help to increase your chances of finding a better rate for future financial products.

• Take a look around – there are a number of different loan deals out there, so it can be worth shopping around to find a rate that’s right for you.

Look into a number of offers and read through the details carefully before you come to a decision. Don’t be tempted to rush into the first deal that comes along, be selective and you might just find that you can get a better rate elsewhere.

• Consider your credit rating – get yourself a copy of your credit report by applying online. Use this as a helpful reference to help you focus on clearing up your existing financial commitments.

• Ask if not sure – if you are unsure of whether the deal you are looking at is the right one for you, consider consulting a financial advisor. These advisors will be able to assist you in your decision making in order to make sure you get the best deal for your situation.

While there is still a degree of uncertainty in the financial markets, by taking the time to look around and keeping your options open, you can help yourself to find a rate that’s right for you.

Written by the loans team at moneysupermarket.com