Personal loan rates vary. The two main factors are the payoff time and your credit score. Other factors include your income (and debt to income ratio), your savings and assets, and the amount you borrow.

Some lenders have special programs and discounts. For example, FreedomPlus offers these tips to get the lowest rates available:

"Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings...

Many loans have an origination fee, so when shopping, check the APR.  It’s a good idea to compare rates from different lenders to find the best deal. 

A debt consolidation loan is a type of personal loan you get to pay off multiple loans. Debt consolidation loans are useful when you have varying amounts of debt on varying items (car loan, credit cards, medical bills, etc.). The idea is to get a loan at a fixed and low-interest rate to pay off other debts. It typically reduces the total expense of debt.

There are bad credit personal loans. However, they come with a high-interest rate.

If you need money for an an emergency or a must-pay bill then a loan might prevent you from paying overdraft and returned check fees.  Make sure that you can afford the payments.

Before taking out a bad credit loan to consolidate debt, then check all of your debt relief options. 

Personal loans come in different shapes, including these five factors:

• Secured vs. Unsecured
• Reason to Take a Loan: Debt Consolidation vs. Other Reasons
• Bad Credit vs. Good-Excellent Credit Loans
• Fixed vs. Variable Interest Rate
• Online Lender vs. Bank

For more information check out Bills.com article about Types of Personal Loans.