Fixed-rate vs variable loan ratePersonal loans can come in two different rate types: You can get a fixed-rate loan and a variable rate loan. Depending on the lender’s availability and assessment of your repayment ability, you might be offered either one of these types, or both.In a fixed interest rate personal loan plan, you will not have to worry about how much to pay each month as the amount will remain the same throughout your loan term. In contrast, if you choose for a variable-rate loan, you will need to stay alert to any changes in interest rates so that you may adjust your monthly payments accordingly.A tip is that you should decide on which personal loan rate to pick based on how flexible you want to make your repayments. If you intend to repay your loan sooner, it is recommended that you obtain a variable interest rate loan, as these loan agreements typically do not charge early repayment fees.