Compare personal loans with 5-year fixed rates

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.

Name	Max. Loan Term	Min. Credit Score	APR	Loan Amount
Monevo personal loans	144 months	None	3.49% to 35.99%	$500 - $100,000	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site View details	Compare	loading Fetching your data...
Credible personal loans	84 months	Fair to excellent credit	2.49% to 35.99%	$1,000 - $100,000	Get personalized rates in minutes and then choose an offer from a selection of top online lenders.	Go to site View details	Compare	loading Fetching your data...
Fiona personal loans	84 months	Good	4.99% to 35.99%	$1,000 - $100,000	Get loan offers from multiple lenders at once without affecting your credit score.	Go to site View details	Compare	loading Fetching your data...
LightStream personal loans	Flexible	Good to excellent credit	Competitive	$5,000 - $100,000	Borrow up to $100,000 with low rates and no fees.	Go to site View details	Compare	loading Fetching your data...
SoFi personal loans	84 months	680	5.99% to 18.85%	$5,000 - $100,000	A highly-rated lender with competitive rates, high loan amounts and no fees.	Go to site View details	Compare	loading Fetching your data...
Even Financial personal loans	84 months	550	4.99% to 35.99%	$1,000 - $100,000	Get connected to competitive loan offers instantly from top online consumer lenders.	Go to site View details	Compare	loading Fetching your data...
Marcus by Goldman Sachs personal loans	72 months	660 FICO	6.99% to 19.99%	$3,500 - $40,000	Go to site View details	Compare	loading Fetching your data...
LoansUnder36 personal loans	72 months	All credit types welcome	5.99% to 35.99%	$500 - $35,000	Its network of lenders offer affordable loans with reasonable rates.	Go to site View details	Compare	loading Fetching your data...
Discover personal loans	84 months	Varies	6.99% to 24.99%	$2,500 - $35,000	View details	Compare	loading Fetching your data...

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What's in this guide?

Are there different fixed rate personal loans?
What will a five-year fixed rate loan cost me?
What factors should I compare?
Will I be eligible for the loan I want?
Should I take out a five-year fixed rate personal loan?
Alternative credit options to consider
Frequently asked questions

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 loan

You’ll need an asset that’s deemed valuable by the lender as collateral.
Competitive interest rates and higher borrowing limits.
If you fail to pay back the loan, the lender will claim your asset.

Unsecured fixed rate personal loan

No collateral required
Interest rates and borrowing limits depend on your creditworthiness.
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 amount	5% interest rate	10% interest rate	15% interest rate	20% 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.

Must read: 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.

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

Thank you for your feedback!

Kyle Morgan

Kyle Morgan is a writer and editor for Finder who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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Compare 5-year fixed rate personal loans