Fixed Rate Personal Loan

What is a fixed rate personal loan?

With a fixed rate personal loan, the interest rate and term of the personal loan are fixed at the time of application. The minimum term usually is 1 year, whereas the maximum term is five years, in most cases. The maximum amortization period is 20 years (240 months), depending on the amount, purpose and applicant's ability to pay. However, the amortization period and term must be equal for personal loans amortized for 60 months of less. To create freedom from the worry of unpredictable events, one should also consider an optional Personal Loan Insurance Plan which includes, Life Insurance, Disability Insurance and/or Payment Protector Insurance due to involuntary loss of employment.



Personal Loan Center.