Even though interest rates are already at historically low rates, there is a good chance that investors could see at least one more rate cut in 2016.

A number of commentators have even suggested that rates could fall to as low as 1% if inflation stays below the RBA’s target range.

How many times the RBA will or won’t cut is up for debate, but one thing is for certain – interest rates are likely to stay lower for longer and that means investors will continue to turn to the share market in a bid to generate a decent return on their cash.

With that in mind, here are three shares that could be in the sights of investors looking for dividends:

Retail Food Group Limited (ASX: RFG)

Retail Food Group is one of my favourite shares at the moment as it offers an attractive dividend yield along with the potential for capital gains all at a reasonable price.

The company has ambitious plans to expand the business over the next two years and, if executed successfully, this will result in it having a much larger footprint domestically and overseas.

The company recently re-affirmed its full year profit guidance of $66 million – an increase of around 20% over the previous year.

Based on this guidance and the potential for significant growth in the medium term, the current valuation appears quite attractive, with the shares trading on a price-to-earnings (P/E) ratio of around 13 and a forecast dividend yield of 5.5% (fully franked).

FlexiGroup Limited (ASX: FXL)

FlexiGroup shares have been in a downward spiral over the past 24 months as a result of slowing earnings growth, disappointing market updates and unexpected senior management changes.

The finance and leasing company was recently forced to write-down the value on some of its underperforming assets and, as a result, warned that earnings in FY16 were going to come in lower than expected.

While this all sounds pretty negative, it is hard to ignore just how cheap the shares have become and I wonder if there isn’t some value for investors who are prepared to take on a little more risk.

The company is still going to deliver a profit for FY16 and has stated it expects to earn around $100 million in FY17. At $1.86, the shares are trading on a FY17 P/E ratio of just 7 (assuming the company meets its guidance). On top of this, investors can expect to receive a fully franked dividend yield of 8%.

Virtus Health Ltd (ASX: VRT)

One healthcare company that trades at a significant discount to the broader healthcare sector is Virtus Health.

The specialist fertility company trades on a P/E ratio of just 16 and offers a fully franked dividend yield of 4.3% – one of the highest in the healthcare sector.

Although the fertility sector has received some negative press recently, I remain positive on the long term outlook for companies like Virtus because they stand to benefit from the growing trend of people waiting longer to start a family.

As the market leader in Australia and Ireland, Virtus appears to be well placed to capitalise on this opportunity.

Not all dividend shares are created equally and that is why these 5 dividend shares are better bets than the banks

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Motley Fool contributor Christopher Georges owns shares of Retail Food Group Limited and FlexiGroup Limited. The Motley Fool Australia owns shares of Retail Food Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.