If you are looking to take out a loan, there are several factors that are tabulated into whether or not the loan is approved or approved at a low interest rate. However, if there was on factor that was mainly considered when being approved for a cheap personal loan it would be your prior credit history. If you have paid off your previous loans on time and were not late then your chances of getting a low interest rate loan and avoiding the need for taking out secured loans can be somewhat circumvented. So, always keep your credit rating as best as it can be and your odds of being approved for a loan at fair terms and conditions will be enhanced.