A fixed rate loan can give you a way to finance what you want while keeping your repayments the same for the duration of the loan term. There are a few different loan terms available. This guide will take you through two-year fixed rate personal loans, what types you can consider applying for and how you can compare your options.
SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan
A and AA grade borrowers
Must be employed
Min. loan amount $10,000
100% confidential application
SocietyOne Unsecured Personal Loan
Borrow from $10,000 and benefit from no ongoing or early repayment fees. You'll receive a fixed rate between 7.50% p.a. and 20.49% p.a. based on your risk profile.
When you apply for a fixed rate loan, the rate on your contract stays in place for the duration of the two-year term. At the end of the two years, a variable rate may come into effect (if this is how your contract is set up) or, more likely, your loan will be paid out. Repayment schedules differ between lenders, but the options available are usually weekly, fortnightly or monthly. Fixed rate loans can be secured or unsecured and you can use them to pay for a car, a holiday, home renovations or even to consolidate debt.
What types of fixed rate personal loans are available?
There are a few types of fixed rate personal loans you can apply for, including:
Car loan Finance your new or used vehicle purchase and pay it off over a two-year period. As the loan is secured, you’ll find more competitive rates on offer.
Secured personal loan More than a car can be used as security for a loan – motorcycles, jetskis, boats and even term deposits can be used as guarantees on a fixed rate loan. Find out more in our secured loans guide.
Unsecured personal loan If you need a flexible loan amount, want to finance a few purchases or you’re looking to consolidate debt, an unsecured fixed rate loan may be an option to consider.
How you can compare your two-year fixed rate loan options
If you’re considering a fixed rate loan with a two-year term, the first step is comparing what options are available to you. Here are some features to keep in mind.
Interest rate. This rate will stay in place for two years, so make sure it’s competitive.
Fees. Is there an establishment fee? What about monthly or annual fees? These can add significantly to the cost of the loan over a two-year period.
Eligibility criteria. Are you eligible for the loan? This is one of the most important aspects to take into account. Check minimum age, employment and financial criteria.
Weigh up the benefits and drawbacks of these loans
Your repayments will remain the same for the entire two-year term
Fixed two-year terms will see your debt repaid in a relatively short period
Fixed rate personal loans generally come with more restrictive repayment terms, including charges or limits for additional repayments
Depending on how much you borrow, your ongoing repayments may be high
Still have questions about fixed rate personal loans?
You can apply for a fixed rate personal loan with terms of one, two, three, four, five, six or seven years.
Generally, no. Lenders place restrictions on fixed rate personal loans because you benefit by locking in your rate. However, restrictions on repayments differ between lenders, so check reviews on finder.com.au before you apply.
The eligibility criteria differ between lenders. You will generally need to be over the age of 18, receiving a regular income and have good credit. Check the minimum eligibility criteria before you submit your application.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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