• Interest rates on loans vary depending on several factors, including:
    • Loan type: Different loan types typically have different average interest rates.
    • Creditworthiness: Borrowers with higher credit scores generally receive lower interest rates.
    • Loan term: Shorter loan terms often come with lower interest rates compared to longer terms.
    • Lender: Different lenders may offer varying interest rates based on their own risk assessment and market competitiveness.
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