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 through Monzi’s lender-finder service. 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 who might offer the instant loan you need. Best of all, you can potentially borrow easy cash amounts ranging from $300 to $10,000.
Fixed rate personal loans calculator
Loan calculators are offered by many 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 personal loan 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 must 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?
Personal loan 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 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 differ from 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 several factors. As a result, we cannot 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 have good credit, then lenders may look favourably upon your application. In other words, they may offer more competitive rates, given that you have shown you are reliable as a borrower.
However, if your credit score isn’t in the best shape, then your alternative could be to guarantee the loan with an asset. Lenders 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 more accurate 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 most significant 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 efficiently while still ensuring that your repayments fit comfortably with your budget.
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 in the long-run.
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 apply 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:
|Bad credit loans||$2,000||Esperance, WA||✓|
|Cash loans||$4,000||Port Lincoln, SA||✓|
|Same day loans||$9,500||Mildura, VIC||✓|
Ready to apply? Scroll up and begin your application today.