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Fixed rate personal loans offer you the benefit of the same repayments no matter what happens in the market. Whether you’re looking for a secured loan to buy a car or an unsecured loan to pay for a holiday, a fixed rate loan could be one to consider. This page is a guide on fixed rate personal loans with five-year terms.
What's in this guide?
- Compare a range of fixed rate personal loans
- How does a five-year fixed rate personal loan work?
- What are the types of fixed rate personal loans?
- How you can compare your fixed rate personal loan options
- Benefits and drawbacks of five-year fixed rate personal loans
- Check out other fixed rate personal loans
- Frequently asked questions
- Get a personalised comparison rate based on your credit score
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Plenti Fixed Rate Personal Loan
Plenti offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.49% p.a. based on your risk profile.
- Interest rate from: 6.49% p.a.
- Comparison rate: 6.84% p.a.
- Interest rate type: Fixed
- Application fee: From $149 to $599
- Minimum loan amount: $2,001
- Maximum loan amount: $45,000
When you apply for a fixed rate personal loan, the rate that is stated in your loan contract will be locked in place for the duration of your five-year term. Taking into account any other ongoing fees, this rate will be used to calculate your repayments. Your weekly, fortnightly or monthly repayment will stay the same for the entire five-year term. At the end of the term, your debt will be repaid.
What are the types of fixed rate personal loans?
A few different types of fixed rate personal loans exist, each suited to different loan purposes and for borrowers in varying situations. Depending on what you need, either of the following might be suitable:
|Secured fixed rate personal loan||Unsecured fixed rate personal loan|
|If you’re looking to purchase a car, draw on your home equity or even use a high-priced asset as a guarantee, you could consider a secured fixed rate loan.||Unsecured personal loans may be more suited to you if you aren’t looking to buy a vehicle, your vehicle isn’t eligible to be used as a guarantee or you‘re looking to pay for a holiday or consolidate debt.|
How you can compare your fixed rate personal loan options
If you're wondering which fixed rate loan is right for you, compare your options to find the best fit. Keep the following features in mind:
- Interest rates
- Upfront and ongoing fees
- Loan suitability
These loans all come with fixed interest rates, but compare them with loans that have similar features to see how competitive the rate is.
Will you be charged an establishment fee? Are there any monthly or annual fees? These can add up over a period of five years, so check before you apply.
This is mainly true for secured personal loans, but check you will be able to finance what you need to with the loan. Ensure the loan amount is sufficient and you will receive the loan when you need it.
Lenders set the minimum age, income, employment, credit and financial criteria that must be met in order for you to be eligible for the loan. Ensure you meet these before you submit your application.
Benefits and drawbacks of five-year fixed rate personal loans
- You’ll have a generous repayment term to repay your loan, making the loan suitable for higher amounts
- Your repayments will remain the same during the loan term
- Secured personal loan options are available, so you have the option of locking in a low rate for this period
- Longer repayment terms, while keeping your repayments lower, see you paying more interest in total
- Your circumstances may change during the five years, which could make it difficult to meet your repayments
Check out other fixed rate personal loans
Frequently asked questions
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
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 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.95% p.a. and 17.95% 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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