Compare personal loans with 5-year fixed rates | finder.com

Compare 5-year fixed rate personal loans

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Is a five-year fixed rate personal loan the right financial move for you?

Whether you’re planning on using a loan to do some minor home renovations or to help pay for something big like a wedding, a five-year fixed rate loan could be the one for you. A fixed rate personal loan offers you the benefit of the same repayments no matter what happens in the market — making budgeting a little less stressful.

LendingClub Personal Loan

LendingClub

Borrow up to $40,000 for a variety of purposes, with rates from 6.95% to 35.89%.

  • Recommended Credit Score: 640 or higher
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $40,000
  • Loan Term: 3 to 5 years
  • Simple online application process
  • No prepayment penalties
  • Cosigners welcome

    Compare a selection of online loan offers with five-year terms

    Provider Loan Term Starting APR Requirements
    LendingClub Personal Loan
    LendingClub Personal Loan
    3 to 5 years 6.95% to 35.89% US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+. Go to site More
    Prosper Personal Loans
    Prosper Personal Loans
    3 or 5 years 6.95% to 35.99% Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score. Go to site More
    SoFi Personal Loan Fixed Rate (with Autopay)
    SoFi Personal Loan Fixed Rate (with Autopay)
    2 to 7 years 6.79% to 15.49% Ages 18+, US citizen or permanent resident Go to site More
    Even Financial Personal Loans
    Even Financial Personal Loans
    2 to 7 years 3.84% to 35.99% Credit score of 550+, American citizen or permanent resident and ages 21+ Go to site More

    Are there different fixed-rate personal loans?

    Yes. There are two different routes you can travel when shopping for a personal loan, each suited for different loan purposes and borrowers. Depending on what you need, either a secured or unsecured loan may be what you’re looking for:

    Secured fixed rate personal loanUnsecured fixed rate personal loan
    • You’ll need an asset that’s deemed valuable by the lender as collateral.
    • No collateral required.
    • Competitive interest rates and higher borrowing limits.
    • Interest rates and borrowing limits depend on your creditworthiness.
    • If you fail to pay back the loan, the lender will claim your asset.
    • If you fail to pay back the loan, your credit history can be severely damaged.
    what’s the main benefit of a five-year fixed rate personal loan works exactly?

    When you apply for a fixed rate personal loan, the rate you’re approved for will be locked in for the full five-year term. This simplifies calculating your payments, as you won’t have to worry about a variable interest rate that changed overtime.

    What will a five-year fixed rate loan cost me?

    Before you apply for a loan, make sure that it can fit into the puzzle that is your personal finances. Remember, there are consequences when defaulting on your loan, it could damage your credit and you could lose the asset you used as collateral if your loan is the secured type.

    We’ve ran through a few scenarios to calculate a monthly payment for different rates and loan amounts.

    Loan amount5% interest rate10% interest rate15% interest rate20% interest rate
    $5,000$94.36$106.24$118.95$132.47
    $10,000$188.71$212.47$237.90$264.94
    $15,000$283.07$318.71$356.85$397.41
    $20,000$377.42$424.94$475.80$529.88

    Estimate your monthly payment with a personal loan calculator

    What factors should I compare?

    If you’re wondering which fixed rate loan is right for you, compare your options to find which will benefit you the most. Keep the following features in mind:

    • Interest rates. These loans all come with fixed interest rates, but compare them with loans that have similar features to see how competitive the rate is.
    • Fees. Will you be charged an origination fee? Are there any monthly or annual fees? These can add up over five years, so check before you apply.
    • Loan amount. Ensure the loan amount is sufficient and you’ll receive the loan when you need it. It’s important to factor in any application fees or loan origination fees, as these can come off the top of your loan and leave you shortchanged.

    Will I be eligible for the loan I want?

    You might, but it’s not guaranteed. Lenders set the minimum income, employment, credit and financial criteria that must be met in order for you to be eligible for the loan. Ensure you meet these before you submit your application.

    Can you Afford the loan?

    Take this point into major consideration, especially with a secured personal loan as you could lose your asset. Make sure you calculate and budget properly to ensure you’ll be able to make payments on time each month.

    Should I take out a five-year fixed rate personal loan?

    Before you take a loan for this repayment term, you may want to ensure it fits your personal preferences and long-term financial goals. Here are a few pros and cons to consider:

    Pros

    • Low monthly payments. Loans with long terms generally have smaller monthly payments.
    • Fixed payments. Your payments won’t fluctuate throughout the loan term.
    • One set rate. You’ll be locking in a low rate the entire life of the loan.

    Cons

    • More interest charges. Even though your payments may be lower, you’ll end up paying more in interest as loan terms get longer.
    • Less flexibility. Your financial circumstance may change during the five years, which could make it difficult to meet your payments.

    Compare more personal loan options

    Rates last updated January 17th, 2019

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99% to 36% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit.
    550
    $100,000
    3.34% to 35.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    640
    $40,000
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.79% to 15.49% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    550
    $100,000
    3.84% to 35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    $35,000
    5.99% to 29.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    Alternative credit options to consider

    Depending on what you need the extra funds for, there are other options to explore. Perhaps that idea of a fixed rate loan doesn’t feel like a match and a variable rate loan has more appeal. With a variable rate loan, if the market gets more competitive, you’ll likely see a drop in your interest rate — however, this works the opposite way as well.

    If you’re looking to consolidate debt, you could look into a balance transfer credit card and take advantage of promotional periods that offer 0% interest.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site