Seven-year fixed rate personal loans

Borrow as much money as you need, with seven years to repay, and have your repayments stay the same throughout your entire loan term.

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Are you looking to apply for a large loan or just want a lengthy term to keep your repayments low? Consider applying for a personal loan with a seven-year term. You can keep your repayment amounts the same, by opting for a fixed interest rate, and there are various loan types available. Find out more about seven-year fixed loans in the guide below.

How do seven-year fixed rate personal loans work?

These loans can be used to finance any personal purchase (the loan types are broken down into more detail below). When you apply for the loan, you need to agree to the interest rate stated in your loan contract. This rate will apply for the entire seven-year term.

Any loan establishment fees or monthly fees will be added onto your repayments. At the end of the seven years, your debt is repaid.

What you can finance with a fixed rate personal loan

Fixed rate loans are suitable for a range of purposes:

  • New or used vehicles.
    This not only includes cars but motorbikes, boats and even jet skis and caravans.
  • Debt consolidation.
    If you have outstanding debt on a credit card or personal loan, you can consolidate and repay it over a longer term with a fixed rate.
  • Home improvements.
    Add value to your home and have up to seven years to repay what you borrow.
  • Holidays.
    If you are planning to take a trip, you can take out an unsecured loan to pay for your flights, hotel rooms or anything else you may need.

Fixed rate loans for holiday

How to compare fixed rate loans with seven-year terms

As this loan will be with you for seven years, it is important to compare your options and find the right one. Here are some points to keep in mind:

  • What interest rate applies? Compare similar loans to see how competitive the interest rate is.
  • How much will you be charged in fees? Check for establishment fees, monthly fees, annual fees and any other fees you may be charged. If you want the option of paying back your loan early, check to see if this is an available choice and how much it will cost.
  • Is the loan suitable for your purpose? If you want to buy a car, is the vehicle eligible? If you want to consolidate debt, can you bring all of your credit accounts over? Check all aspects of the loan before applying.
  • How can you access and manage your account? The loan will be with you for seven years, so you need to ensure you can manage your account effectively. Check if there is a mobile app or online account tools.

Weigh up the benefits and drawbacks before applying

  • Your repayments will be low because the loan term is long
  • You can easily budget because your repayments will remain the same throughout the seven years
  • A range of different financing options are available
  • As the loan term is longer, you end up paying more in interest
  • You will probably be charged a fee for early or additional repayments

Questions you might still have

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