If you’re looking for a fixed rate loan that has great rates and can provide up to £20,000, we can search the market for you. We can provide you with a personalised table of offers just for you. With access to 40+ lenders who can provide you with the help you need, we can search the market, so you don’t have to. Click apply now and let us show you the best fixed rate loans on the market today.
Best Fixed Rate Loans For You
It can be difficult finding the best fixed rate loans. With so many lenders available that can give you the funds you need. However, you may have discovered that some may not be able to give you the full amount you want. Or they can only provide you with a variable rate of interest. A fixed rate loan will maintain the same interest charge throughout the term of your loan. A variable rate can increase and decrease during the term.
Much like a credit card, a variable rate means you’ll have to pay more interest with a larger loan outstanding. This can be difficult to manage easily. A fixed rate loan, such as those you can get with a personal loan, is preferred by many people. Being able to see the loan charge and rate upfront, you can easily budget for repayments. You’ll also be able to see the total amount of interest you will pay overall. You can use our personal loan calculator to work out what the repayment amount will be. This will also show you the potential interest charges for any amount between £1,000 and up to £20,000.
How Can I Be Eligible to Apply For a Fixed Rate Loan?
If you want to start looking for the best fixed rate personal loans, you’ll need to meet the following:
- You are 18 years old or over
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
Meeting the above doesn’t guarantee you will be approved for a fixed rate loan. But it will enable you to get a personalised table of loan offers that work for you. Once applied, you’ll need to undertake credit and affordability checks to be able to receive loan approval. With each lender we connect you with, they sometimes have additional requirements. If you have any queries about the eligibility requirements, please don’t hesitate to contact us. You can speak to our helpful and knowledgeable customer service team for more information.
Fixed Rate Loans for Bad Credit
If you have bad credit, you may find lenders that are still able to offer you a great fixed rate loan. We want to help as many applicants as we can by offering high acceptance rates for people with bad credit. If you currently have bad credit but have affordability to make repayments, you may still be accepted. You may have found many lenders will decline your application based on your credit rating. This is due to the higher risk involved with lending to you. We consider that you may have bad credit from the past that has affected your credit rating. But we also consider your affordability when assessing your application for a fixed rate loan.
If you do have a poor credit rating, you’ll need to be prepared for higher rates of interest. This is because a lender has to trust that your current financial situation will not get worse. They’ll also need to ensure you won’t miss repayments or default on the loan they provide you with. We have guarantor loans that may be better to apply for if your credit rating is poor, but can’t be guaranteed. As you will have someone with a good credit score co-signing your agreement, this can improve your application.
Why Should I Choose Personal Loans Now for a Fixed Rate Loan?
We offer a quick and convenient way to find the best and cheapest fixed rate personal loans available. There are many advantages when applying through us:
- Full Online Application – from start to finish, you can apply and get approved completely online. Without having to wait for paperwork to be sent.
- High Acceptance Rates – we are proud to have helped 50,000 people get the fixed rate loan they wanted, and we want to help more.
- Low APR Rates – when we search the market, we will find you the lowest APR rates available on a fixed rate loan for you.
- Instant Approval – it takes just 90 seconds to provide you with a decision.
- Same Day Funding – once approved, we can credit your bank account with the funds on the same day you applied.
- We are FCA Approved – we are an FCA authorised lender, as are the direct lenders we can connect you with.
So, if you want to see your own personalised table of offers today, click apply now, and we can get started.
Fixed Rate Loan or a Credit Card?
When looking for an ideal type of borrowing, you may have considered a credit card as well as unsecured personal loans. One of the benefits of a credit card is that it is flexible to use. You only pay back what you have used when you use it. However, because they use a variable rate of interest, this can increase as well as decrease. You may find that charges can mount up over time, especially if you only make minimum payments each month.
If you want to know exactly how much interest you’ll need to repay, a fixed rate loan will show you up front. This way, you can see the amounts you will be paying each month, making it much easier to budget for.
Fixed Rate Loans FAQs
What is the Interest Charge on a Fixed Rate Loan?
Fixed rate loans can vary on the amount you will be charged. At Personal Loans Now, we are able to offer an interest charge of 39.7% RAPR (representative annual percentage rate). Other lenders may charge anything up to 99.9% and this will be clear to see when you get your personalised table of offers. We highly recommend that you fully check the terms of the loan you’re applying for to get the best possible deal. This ensures you’re happy with the amount of interest being charged.
Can I Apply for a Fixed Rate Loan Without a Credit Check?
We are unable to offer a fixed rate loan without a credit check. As we need to ensure that the loan you are applying for does not cause you to be financially overextended. You may be approved if we can see from your credit score and affordability that you can afford the loan. If you find a lender that is willing to offer a loan without a credit search, we recommend you do not use them. You should report them to the FCA as well. We are committed responsible lenders working to FCA guidelines. We want to ensure you’re treated fairly throughout the loan process.
What Happens if I Miss Repayments on a Fixed Rate Loan?
Missing repayments can sometimes be unexpected. You should always contact the lender at the earliest opportunity to resolve any arrears. If a suitable time frame cannot be agreed, a lender may take legal action to recover the amount missed. They may request the whole loan amount is repaid. If you find yourself suddenly struggling to make repayments, do not ignore the situation. Most lenders will be able to try to help you get back on track if a suitable arrangement is made.
How Much Can I Borrow with a Fixed Rate Loan?
We can offer loans between £1,000 and up to £20,000 with unsecured fixed rate loans. If you want to apply for higher amounts than this, you’ll need to look at our options for secured loans. With a secured loan, we can lend to you between £10,000 and up to £250,000. This will need to be secured against a personal asset. Usually, this would be a car or property as they would be worth a higher amount to cover the loan. You’d need to consider whether applying for a higher amount is what you need. It can come with a higher risk if repayments are missed, as well as higher interest in total.
Can a Fixed Rate Loan Help Improve My Credit Score?
Yes, if you are approved for a fixed rate loan. Assuming you maintain the repayments, you will see that your credit rating can improve its score. This is because with the more lending you can repay and settle, the more history you will create against your credit file. However, more applications for credit can have a negative effect on your credit score in general. If you have debts with different lenders, you may want to consider a debt consolidation loans to help.