Browsing Western Australia » Personal Loans » Fixed Rate Personal Loans
Related Categories: Personal Loans, Variable Rate Personal Loans, Secured Personal Loans, Unsecured Personal Loans, Student Loans
When it comes to getting personal loans, Australians have a choice when it comes to the type of interest rates they want to pay. The interest rates are generally what lenders charge for the length of the loan, so the longer the time set for a personal loan, the more payments on the interest rate will have to be made.
In most cases, borrowers will have to pay what is known as a fixed interest rate on the personal loans that they receive from lenders. To understand what a fixed rate is and the benefits or potential pitfalls that may apply is important when making the most informed choice about which type of personal loan to receive.
There are two types of interest rates that can be applied to a personal loan, variable and fixed. A variable interest means that the interest rate will change according to current market conditions. A fixed rate however will stay with the loan for its entire lifetime no matter what happens in the marketplace.
For example, if you take out a fixed personal loan with an interest rate that is set at 10% for example, then it will not matter how the market changes in terms of the new interest rates that may become the norm. Whether they rise or fall, you will continue to pay the same interest rate for your loan regardless of the current lending rate.
Of course, there are times in which you will want to have a fixed personal loan as it will be advantageous to your particular needs.
Arguably the best reason to take out such a loan is its predictability. Since the interest rate will never change, you can better budget a fixed personal loan than you can one with a variable interest rate. This works very well for individuals or families on a tight budget who cannot afford to have the interest levels rise by any appreciable amount.
A fixed personal loan also counters the effects of an uncertain market where interest rates may rise or fall with little in the way of warning. During uncertain economic times, a fixed personal loan is one that offers a considerable benefit that you can trust. A volatile market means that interest rates can rise or fall quickly and having a fixed personal loan may be the best answer.
The biggest disadvantage of a fixed personal loan is that if interest rates should drop you will wind up paying more than a variable personal loan. In fact, studies have shown that more people who take out variable personal loans will wind up paying less than those who received a fixed personal loan.
Of course, there is a big difference between being more likely to pay less money and actually having it work out that way. For Australians who live on a tight budget, a fixed personal loan may be the best option thanks to its predictable nature and hedge against uncertain times.
130 Stirling Street
Level 7
Perth, Western Australia 6000
Australia
P&N Bank provides financial products and services, including transaction accounts, saving accounts, home and personal loans, financial planning,
38-40 Young Street
Wollongong, New South Wales 2500
Australia
Based in Wollongong, Australia, Community Alliance Credit
83 York St
Sydney, New South Wales 2000
Australia
Credit Union Australia Ltd or CUA is a Public Company,
800 Bourke Street
Docklands, Victoria 3008
Australia
NAB - National Australia Bank head office featuired in the
25 Pelican Street
Surry Hills, New South Wales 2010
Australia
Police Bank loans with flexible terms and fast approvals,
121 Cardigan Street
Carlton, Victoria 3053
Australia
Loans are the major offerings made by BankVic that includes
2 Park St
Level 47
Sydney, New South Wales 2000
Australia
Operating since 1869, The Royal bank of Canada (RBC) is
(1854 Finance Enquiries since 09-04-2016 10:50AM)
60 Margaret Street
Level 33
Sydney, New South Wales 2000
Australia
Mizuho Bank Ltd. was formed in the year 2013, with the
(3548 Finance Enquiries since 08-02-2016 01:05PM)
408 Brunswick Street
Fitzroy, Victoria 3065
Australia
Firefighters Credit Union serves all fire personnel with
(1361 Finance Enquiries since 29-10-2016 02:15AM)
222 High Street
Kew, Victoria 3101
Australia
BankMecu banking products include home loans, car loans,
(7626 Finance Enquiries since 04-05-2015 01:08PM)
88 Phillip Street
Sydney, New South Wales 2000
Australia
Established in Australia in 1988, the Royal Bank of Scotland
(4315 Finance Enquiries since 22-02-2016 09:39AM)
Preparing for retirement is a challenging thing for most people. It’s so easy to get caught up in the present that you forget about your financial well-being in the future. The unfortunate thing is that most people do not spend enough time planning for retirement.
The forex market is the most active and liquid exchange platform in the world. Similar to the ASX, the forex market allows investors to trade security instruments; specifically, forex traders deal in fiat currency. this paper discusses profiting from currency exchange fluctuations in the Forex
Looking to cut inefficiencies in your business? Of course you are, or at least you should be. Cloud computing allows you to run your small business more efficiently while saving you time and money, read on to see how Cloud Computing can help your business boost it's output.
