A director for the financial advice website, Jo Roberts, said that people need to be aware of when a company can ask for their money back and why they may also be refused more credit.
She added: "People need to be aware of the terms and conditions.
"They need to build up their credit history as much as possible and to make more than the minimum payments on credit cards."
A study by Halifax recently showed that January is the most popular month to take out unsecured personal loans.
The company's research also found that the number of loans taken out for debt consolidation purposes increased in the first months of the year.
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