{"id":94176,"date":"2018-04-12T14:48:09","date_gmt":"2018-04-12T13:48:09","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=94176"},"modified":"2025-06-25T09:59:39","modified_gmt":"2025-06-25T08:59:39","slug":"2-year-fixed-rate-personal-loans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/2-year-fixed-rate-personal-loans","title":{"rendered":"Compare 2 year personal loans"},"content":{"rendered":"

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.<\/p>

Late repayments can cause you serious money problems. See our debt help<\/a> guides.<\/p><\/div><\/article>

How does a 24-month loan work?<\/h3>

When you take out a two-year fixed-rate personal loan<\/a>, you are agreeing to pay back your loan in monthly repayments over two years. Because the interest rate is “fixed”, your monthly repayments will remain at the same amount (the final instalment may be a few pence more or less than the others), and you’ll know in advance exactly how much the loan is going to cost you. So long as you keep up to date with repayments, once the two year period is up, your debt will be paid off.<\/p>

It takes around 15-20 minutes to apply online for a personal loan. Most lenders have a calculator on their website which gives borrowers an estimate of the monthly repayment amount and the overall cost of the loan. This calculation is based on the product’s “Representative APR”<\/strong>, but what many people don’t realise is that lenders are only obliged to award this rate to 51% of those who take out the loan \u2013 the other 49% could be given a higher rate. Lenders will normally give you a more accurate quote, plus your likelihood of approval, when you give them a few more details about yourself, including your address, bank account details and salary. This process can involve a credit check, but should not affect your credit rating.<\/p>

If you’re happy with the rate you’re offered, and the quoted monthly repayment and overall cost figures, you can accept the lender’s offer and funds will normally be “drawn down” (transferred to your nominated account) a day or two later.<\/p><\/div><\/div><\/div>

What are the payments on a 24-month loan?<\/h3>

This will depend on the size of your loan and the interest rate you receive<\/a>. For example, a 24 month loan for \u00a35,000 with a fixed interest rate of 3.9% p.a. will cost around \u00a3216 each month. By comparison, a 24 month loan for \u00a310,000 with a fixed 7.9% rate will have monthly payments of around \u00a3450.Taking out a 2 year personal loan is significant responsibility and requires you to be able to plan and manage your finances carefully. Before committing to your loan, make sure you are confident you’ll be able to meet all of the repayments. Here are more example loan amounts with different interest rates to give you an idea of what each of your monthly payments could cost.<\/p><\/div><\/div><\/div>
<\/th>Interest rate of 3.0% fixed p.a.<\/th>Interest rate of 5.0% fixed p.a.<\/th>Interest rate of 10.0% fixed p.a.<\/th><\/tr><\/thead>
\u00a32,000<\/th>\u00a385.96 monthly,
\u00a32,063.10 overall.<\/td>		\u00a387.74 monthly,
\u00a32,105.83 overall.<\/td>		\u00a392.29 monthly,
\u00a32,214.96 overall.<\/td><\/tr>
\u00a35,000<\/th>\u00a3214.91 monthly,
\u00a35,157.75 overall.<\/td>		\u00a3219.36 monthly,
\u00a35,264.57 overall.<\/td>		\u00a3230.72 monthly,
\u00a35,537.39 overall.<\/td><\/tr>
\u00a310,000<\/th>\u00a3429.81 monthly,
\u00a310,315.49 overall.<\/td>		\u00a3438.71 monthly,
\u00a310,529.13 overall.<\/td>		\u00a3461.45 monthly,
\u00a311,074.78 overall.<\/td><\/tr>
\u00a320,000<\/th>\u00a3859.62 monthly,
\u00a320,630.98 overall.<\/td>		\u00a3877.43 monthly,
\u00a321,058.27 overall.<\/td>		\u00a3922.90 monthly,
\u00a322,149.56 overall.<\/td><\/tr><\/tbody><\/table>

Can I get a 24 month loan with bad credit?<\/h3>

Yes, you may be able to get a 24 month or 2 year loan even if you have bad credit<\/a>, but you may receive a less competitive interest rate than someone with good credit. Another thing to keep in mind is that lenders will normally give better rates to those taking out a larger loan, so if you have bad credit and only require a small 24 month loan, you may end up receiving a poor rate.<\/p><\/div><\/div><\/div>

Key features of a 2 year fixed rate personal loan<\/h3>