Personal loan and credit card rates tend not to change much in response to Reserve Bank monetary policy decisions but last month there was an unusually high number of cuts to personal loan rates.Maybe lenders are trying to stimulate demand in a market where loan balances have been in decline over the past year.According to the Mozo Banking Roundup, 11 financial institutions cut their personal loan rates last month.The biggest change was Beyond Bank dropping its Low Rate Car Loan rate 105 basis points to 5.69 per cent. The application fee was increased $25 to $200.QT Mutual Bank cut its Car Loan rate by 30 bps to 6.17 per cent. Royal Automobile Association of South Australia also cut by 30 bps, with its car loan rate dropping to 5.95 per cent for members and 6.95 per cent for non-members.Marketplace lender SocietyOne got into the act, reducing its indicative unsecured personal loan rate 25 bps to 7.9 per cent. Its application fee was increased by $50 to $200.SocietyOne has one of the best unsecured rates in the market, behind G&C Mutual Bank (5.99 per cent), and Police Bank (6.49 per cent).Other lenders to drop their personal loan and car loan rates included Arab Bank, Bank Australia, Catalyst Money, Illawarra Credit Union, IMB Bank, NRMA and RACV.There were some personal loan rate increases last month. Four lenders put up rates or costs - two of them marketplace lenders.DirectMoney increased the indicative rate for personal loan applicants with excellent credit histories from 8.5 per cent to 9.5 per cent and increased the application fee by $20 to $595.RateSetter increased its indicative rate by 50 bps to 9.46 per cent.Credit Union SA and increased its rate by 40 bps to 7.99 per cent and Heritage Bank introduced a $200 application fee for all personal loans.