While personal loans are a serious commitment, they don’t necessarily have to be a long one. Whether you’re looking to buy a car, a boat or even just make a few purchases, you can opt for a shorter fixed rate term and have your loan repaid in one year.
CUA Unsecured Fixed Rate Personal Loan
CUA Unsecured Fixed Rate Personal Loan
No monthly fees
No early payment fees
Flexible repayment options
100% confidential application
CUA Unsecured Fixed Rate Personal Loan
A large personal loan with a competitive fixed rate and no monthly fees. Borrow up to $50,000 with flexible repayment options.
These personal loans have a fixed rate of interest that can be secured or unsecured. Whatever rate is on your contract at the beginning of the loan term is applied to your account for the remainder of the term, so your repayments will always remain the same. The loan comes with a fixed repayment term of one year.
What can you finance with a one-year fixed rate loan?
You can use one of these loans for a range of purposes. Examples include:
Buying a new or used car. You can use a secured or unsecured personal loan to buy your vehicle and pay it back with fixed repayments. Just make sure you check your budget and you’re confident that one year will be enough time to pay it back.
Making a large purchase. This includes purchasing furniture, investing in home renovations or something similar. An unsecured personal loan can be an option to consider if you’re looking to make a number of small purchases.
Consolidating debt. If you’re paying off one or multiple debts on loan or card accounts and you can repay within a year, you can lock in a competitive rate to pay it off.
How you can compare fixed rate personal loans
If you’re considering applying for a one-year fixed rate loan, it’s important to compare your options to ensure you find the right one. Asking the following questions can help you when comparing:
What’s the interest rate? Make sure you check the interest rate and the comparison rate. The interest rate is what you are charged for borrowing, while the comparison rate gives you a better idea of the true cost of the loan including all fees and charges expressed as a percentage.
What are the upfront and ongoing fees? Check for establishment fees, monthly fees and annual fees. These can contribute significantly to the cost of the loan, especially as the loan is repaid over a short space of time.
What other charges apply? Are there fees for early repayment? What will you be charged for missed or late payments? Are you charged for making additional repayments?
Are you eligible for the loan? Check the minimum age, income, employment and credit history requirements and ensure you meet them. The next step is to use a personal loan repayment calculator and see if the repayments will be manageable on your budget. Ultimately, lenders will only approve you for a loan if they think you can afford it, so establishing this on your own can save you a rejected application.
Have you weighed up the pros and cons of these loans?
Your repayments will remain the same for the duration of your loan term
The loan term is short and you can have your debt repaid within one year
The shorter repayment term means your repayments will be higher
If you want to make additional repayments or repay your loan early, it’s likely you will need to pay a fee
Questions you might still have about one-year fixed rate loans
Am I eligible for a loan?
Eligibility criteria differ between lenders. Generally, you need to be over the age of 18, have a good credit history and be an Australian citizen or permanent Australian resident. If you are a temporary Australian resident, you still might have personal loan options available to you.
What loan amounts are available?
The loan amount you’re approved for depends on your individual financial situation. Lenders generally offer anywhere between $3,000 and $80,000. You can click on the name of the lender from the comparison table above to find out the minimum and maximum loan amounts on offer.
What other fixed rate personal loan terms are available?
You can apply for fixed rate loan terms in one-year increments from anywhere between one and seven years.
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. ( 10.66% p.a. to 19.59% 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. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.
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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