Fixed rate personal loan

We know when you are in need of cash, you won’t want to spend hours gathering together the paperwork and filling out complicated forms, so we’ve streamlined the process to make it as simple and straightforward as possible. With our fast personal loan application form and approval process that is done entirely online, if you apply online today, you could have extra funds in your account sooner than you think!

How do fixed rate personal loans work?

Like other personal loans, fixed rate personal loans are lump payments paid directly into your bank account by a credit provider. You will then need to repay this money to the lender in instalments over a fixed period of time, and you’ll usually be required to pay interest on the money you borrow. With fixed personal loans, the interest rate will be set out in your loan contract and will stay the same over the duration of the loan, unlike with a variable rate personal loan where the interest rate can fluctuate depending on the market interest rate that the Reserve Bank of Australia sets. If you like certainty, you’ll know upfront what your regular repayments will be each month with a fixed rate personal loan.

As well as deciding whether to take out a variable or fixed rate personal loan, you’ll also need to decide between a secured loan, where you’ll need to provide an asset as collateral, or an unsecured loan, where you won’t. With so many different loan options on offer, doing a personal loan comparison Australia can help you when deciding which loan best suits your circumstances. When finding the most cost-effective loan for you, it is not only the interest rate that you need to worry about. When lending money, each credit provider will have slightly different fees, charges and rules associated with their loans. The fees and charges on a fixed rate personal loan can include costs such as establishment fees, monthly fees, annual fees, overdue account fees and more.

With Ozzie Loans, we are very transparent with our costs so you can know exactly what to expect before signing up for your loan, and unlike some other lenders, we don’t charge early exit fees if you pay off your loan early. Rather than offering the same fixed interest rate for every customer at Ozzie Loans, we have a minimum and maximum interest rate for our fixed personal loans. When assessing your loan and determining your interest rate, we will consider criteria such as your credit report, your income, your living expenses and any other debt obligations. Being a responsible lender, we don’t want to lend you more money than we think you’ll be able to comfortably afford to repay. If you need help when deciding how much money you can afford to borrow and working out the best loan term for you, check out our online personal loans calculator.

What are the advantages of a fixed rate personal loan?

One advantage of a fixed rate personal loan is that it provides more certainty, as the interest rate will be locked in from the start of the loan, so you’ll know what your repayments will be each month before going ahead. Having a fixed interest rate means you’ll be protected if the market rate rises. Having this predictability makes budgeting and planning for the future easier. You’ll also be able to see more clearly whether you are likely to be able to afford the repayments based on your current income and expenses before agreeing to the loan. When you initially take out the loan, the personal loan interest rates for a fixed rate personal loan will tend to be higher than for a variable rate loan for the same amount of money, but for some borrowers having peace of mind will outweigh any potential savings.

How long does it take to get a fixed rate personal loan?

The length of time it will take to get a fixed rate personal loan will differ between credit providers. If you need your loan quickly, you’ll need to find a money lender that has a quick personal loan application and approval process. With unsecured personal loans from Ozzie Loans, our smart technology means you can securely apply online in just a few minutes. The online loans application process is paperless, and you’ll receive a quick decision on whether or not your loan has been successful. If your loan is approved, you can sign it electronically, and we can then transfer the money to your account straight away. With our simple and streamlined processes, the extra funds could be in your account before you know it. In some cases, the money could be in your account the same day you apply.    

If you are after a low-cost loan with fixed competitive interest rates, an Ozzie Loans unsecured personal loan could be just what you are looking for. We offer fixed rate personal loans from $5,000 to $50,000. To find out more about our quick and easy loans, contact Ozzie Loans today.