Fixed Rate Personal Loans Through Monzi

Fixed rate personal loans lock in your regular repayments. You’ll know exactly what you must repay when you agree to your loan. Your interest rate won’t change from your first repayment until your last. Access personal loans from $300 to $10,000 from a range of great lenders through Monzi’s lender-finder. Apply today.

What is a fixed rate personal loan?

A fixed rate personal loan is simply a personal loan where the interest rate is the same throughout the course of the loan.

In other words, when you agree to your loan, you’ll know exactly what your interest is. If you prefer certainty, then a fixed rate is what you’re looking for.

If you’re looking for fixed rate personal loans then Monzi may make it easy. Apply today and you may be paired with a great lender in no time. Best of all, you can potentially borrow easy cash amounts ranging from $300 to $10,000.

Apply today.

Fixed rate personal loans calculator

Loan calculators are offered by a number of banks, financial institutions and lenders. Best of all, they’re 100% free and easy to use.

Simply enter your loan details, including your principal amount and interest rate, as well as your repayment term and you’ll get an estimate of your total loan cost and regular repayments.

Alternatively, you could just use the Monzi loan slider at the top of the page. Just drag the bar across to your ideal loan amount and select your preferred repayment period. From there, you’ll get an estimate of what your weekly, fortnightly or monthly repayments would be.

However, remember that these are only estimates and that your actual repayments may vary between lenders.

What’s the difference between variable and fixed rate personal loans?

The difference lies in the name.

With a fixed rate, your interest rate is locked in for the course of your loan. It won’t change regardless of repayment history or economic factors. Moreover, this means your regular repayment amount won’t change either. As a result, when you agree to your loan, you’ll know exactly what you have to repay.

On the other hand, a variable rate can change at any time. As a result, the amount of interest that you pay as well as your regular repayments will be subject to change too. Given this, these loans are less predictable and you won’t know your total loan cost until you’ve paid it off.

Should I get a fixed or variable rate?

In short, it’s up to you.

Obviously, the benefit of a fixed rate is the certainty that comes with it. You’ll know from the start what your repayments will be and this won’t change. As a result, if you value certainty and fear the unknown then a fixed rate will be the right choice for you.

On the other hand, variable rates may be a better option if you are comfortable dealing with uncertainty. Obviously though, they come with greater risk. While a favourable interest rate movement will reduce your interest payments, unfavourable movements will result in an increase.

Ultimately, you will have to weigh up the pros and cons of each option to determine which is right for you.Typically, most personal loans come with fixed rates whereas variable rates are more commonly offered on home loans. However, this is just a guide.

What is the current interest rate on personal loans?

Interest rates vary based on a number of factors related to your financial situation and loan. As a result, we cannot say what the current interest rate may be.

However, as a guide, lenders will typically examine the following factors in order to determine the interest rate that you are offered:

  • Your credit history: bad credit loans usually come with higher rates.
  • Secured or unsecured: securing a loan one way that you potentially access a more competitive interest rate.
  • The loan amount: the interest rate on a small loan may be different to the rate offered on a large loan.

What is the cheapest interest rate for a personal loan?

As we’ve already mentioned, interest rate calculations are based on a number of factors. This means that it’s not possible for us to say what the cheapest rate may be.

However, if you are looking for a cheap rate, there may be ways to do this.

Firstly, if you’re in a secure financial position and you’ve built a good credit history then lenders will typically be more welcoming. In other words, they may offer more competitive rates as, given your history, you are less likely to miss repayments or default on your loan.

However, if your credit score isn’t in the best shape, then your alternative could be to guarantee the loan with an asset. Lender prefer to offer secured loans (given there’s less risk) and as a result, you may be offered a better rate.

Ultimately, the comparison rate may be a truer reflection of the total cost of your loan.

Who is the best personal loan lender?

At Monzi, we are unable to say which lender is the best.

As part of our lender-finder service, we work with a large network of top-notch lenders. All these lenders are licenced and comply with their responsible lending obligations. As a result, applying with Monzi can make it easy to find great lenders online.

However, if you opt to go it alone, there are a few things you can compare to find the right lender. While obviously, a lower interest rate is a good start, make sure you compare lenders and their reviews too. That way you can get an idea of how they treat their borrowers.

How much is the monthly repayment on a $5,000 loan?

Unfortunately, we cannot say what your repayments will be. After all, it will depend on your interest rate and repayment term, with the repayment term being the biggest factor.

As you’d expect, with a shorter repayment term, your regular repayments will be much higher. On the other hand, if you stretch your repayments over a long period, then your regular payments will be smaller.

Ultimately, it’s about finding the balance that works for your circumstances. On $5,000 loans, lenders give you the choice of terms ranging from 13 to 24 months.

As a guide, try to repay your loan in an efficient manner while still ensuring that your repayments fit comfortably with your budget.

Fixed rate personal loan woman denim jacket smiling arms outstretched

How much can I borrow for a personal loan?

Through Monzi’s lender-finder service you can potentially access loans ranging from $300 to $10,000. These loans come with repayment periods ranging from just 12 months up to 24 months.

Need to borrow more?

That’s okay. While we will be unable to help you, there are a range of banks, financial institutions and lenders who may be able to offer larger personal loans. However, you will need to do your own research.

How can I get a personal loan online?

The quick and easy way is to apply with Monzi. Don’t spend your time scrolling through lenders, let Monzi do the work for you.

You can apply in minutes and from there, we may be able to match you with an available lender in just 60 minutes. However, for this to be possible, you will need to apply during business hours.

Best of all, Monzi only works with licenced and trusted lenders who comply with their responsible lending obligations. As a result, you will only be offered a loan if it is affordable and suitable for your circumstances.

In short, Monzi takes the hassle out of finding lenders online. Just use the loan slider at the top of the page when you’re ready to begin your application.

How do you calculate total interest?

Calculating total interest on fixed rate personal loans is really simple. All you need to do is subtract your principal loan amount and any fees paid from your total loan cost. The figure that remains will be the total amount of interest that you paid.

Given this, finding the most competitive interest rate is crucial. With a lower rate, you can reduce your interest payments. As a result, you can potentially save yourself money over the course of your loan.

So, before reaching any agreement, ensure you compare loan products to find the right deal.

Comparing fixed rate personal loans

Before you agree to any loan, shop around. Compare the key features to determine which loan product is right for you. It can potentially save you a stack of cash.

Features to compare include:

  • The interest rate, fees and charges: the additional costs on top of your principal amount. Look for lower rates and fewer fees.
  • Comparison rate: combines your interest rate, fees and loan amount to give you an idea of your total loan cost. It is the easiest tool to compare loans side-by-side.
  • How much can you borrow: some lenders may only offer small loans, others may offer loans up to $10,000.
  • Repayment terms: can you repay your loan over a manageable period?
  • The lender: read their reviews to ensure they have a history of providing great service to their borrowers.

For further ideas and guidance on how to compare loans, head to the Moneysmart website for a more comprehensive loan comparison breakdown.

Repaying fixed rate personal loans

Making your repayments is the easy part.

When you apply, you’ll get the choice between weekly, fortnightly or monthly repayments. Simply select that one that works best for your circumstances (e.g. sync it with your pay cycle).

From there, all you need to do is establish a direct-debit from your account. That way, your repayments will be automatic. All you need to do is ensure that you have enough cash in your account on the relevant dates.

Fixed rate personal loans through Monzi

At Monzi, we work with a wide-range of lenders who offer fixed rate personal loans. Moreover, you can access them through our lender-finder service.

Simply submit an application and we may be able to pair you with an available lender in just 60 minutes. Borrow from as little as $300 up to $10,000. That means no matter your cash need, we might have you covered.

Just check out a few of the loans past Monzi customers went on to be approved for:

LoanAmountLocationApproved
Bad credit loans$2,000Esperance, WA
Cash loans$4,000Port Lincoln, SA
Same day loans$9,500Mildura, VIC

Ready to apply? Scroll up and begin your application today.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.