Finty

Compare fixed rate personal loans

Set your amount and term to see the repayment and total cost of 264 fixed rate personal loans side by side, so you know what you'd pay before you apply.

With a fixed rate, your rate and repayments stay the same for the life of the loan, which makes budgeting easier. Paying the loan off early can cost a break fee, so check that before you sign.

Written byDavid Boyd

What will it cost you?

Enter how much you want to borrow and for how long, and we'll show your monthly repayment and total cost on every loan below, at each one's lowest published rate.

236 loans

Showing 20 of 236

Repayments use each loan's lowest published rate and include any monthly fee. The total adds the establishment fee. The rate you are offered depends on your circumstances. Comparison rates are for the lender's own example loan, usually $30,000 over 5 years.

WARNING: A comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fixed rate personal loans at a glance

Worked out from the 264 loans from 103 lenders we compare on this page.

Typical comparison rate

8.70%

Half the loans start between 6.99% and 10.28%.

Typical setup fee

$250

37 of 243 loans charge no setup fee.

No monthly fee

46 of 132

loans that state a monthly fee set it at $0.

Fixed or variable

264 fixed14 variable

Some loans offer both.

How starting comparison rates are spreadNumber of loans in each band. The most common is 9–11%.

The short version

  • A fixed rate stays the same for the whole loan, so your repayments never change.
  • That certainty can come with a fee to repay early on some loans.
  • Compare the comparison rate, not just the headline rate.

Why choose a fixed rate

Your rate and repayment stay the same from the first payment to the last, so you know exactly what the loan will cost and can budget around it, whatever happens to interest rates.

The trade-off is flexibility. Many fixed loans limit extra repayments or charge a break fee if you pay the loan off early, so check the rules if you might come into money.

Comparing fixed rate loans

Look at the comparison rate as well as the interest rate. The comparison rate adds the lender's standard fees to the interest rate for an example loan, so it shows the cost of two loans on the same footing.

Pros

  • Repayments you can plan for. The amount stays the same every month for the whole term.
  • Protected from rate rises. If rates go up, yours doesn't.
  • Easy to compare. The total cost is known on the day you sign.

Cons

  • No benefit if rates fall. You keep paying the rate you signed up for.
  • Fees to repay early. Some fixed loans charge to pay off early, which can cancel out what you'd save.
  • Limits on extra repayments. Some cap or don't allow them.

Alternatives

  • A variable rate personal loan. It usually allows extra repayments and early payout without a fee, though the rate can change.
  • A low rate or interest free credit card. For a smaller amount you can repay within a year or so, a card's interest free period can cost less. Pay it off before the period ends, as the rate afterwards is usually higher.

How to apply

Applying for a fixed rate personal loan usually takes 15 minutes online. Most lenders give a decision within a day or two, and some within the hour.

  • Check your rate first. Many lenders show the rate you'd get with a soft check, which doesn't show as a credit enquiry, before you formally apply.
  • Have your details ready. Lenders ask for ID, payslips or tax returns, your spending, and the debts and credit limits you already have.
  • Apply to one lender at a time. Each formal application is recorded on your credit report, and several close together can make lenders more cautious.
  • Read the contract before you sign. Check the comparison rate, every fee, and what happens if you repay early or miss a repayment.

Questions people ask

What rate will I get?

Most lenders set your rate from your credit history, income and the loan itself, so the advertised rate is the lowest you could get, not the rate everyone gets. A rate quote with a soft check shows your own rate before you apply.

Can I pay it off early?

Usually, yes. Variable rate loans rarely charge for it. Fixed rate loans may charge an early repayment or break fee, so check the contract if you might pay it off sooner.

How much can I borrow?

It depends on the lender's limits and what you can afford. Lenders look at your income, your living costs and your other debts, and only lend what they think you can repay without hardship.