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.
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.
How does a five-year fixed rate personal loan work?
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.
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. These loans all come with fixed interest rates, but compare them with loans with loans that have similar features to see how competitive the rate is.
Upfront and ongoing fees. 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.
Loan suitability. 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.
Eligibility. 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
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).
In this submission to the Treasury inquiry into Future Directions for the Consumer Data Right being led by Scott Farrell, we focus on the topic of switching and how this could be encouraged through the introduction of write-access to the CDR. We also share some details on switching in the industries set to be covered by the CDR, as well as high-level views on how write-access could be used to enable payment initiation through the CDR.
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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