p2p loans - fixed rate 1yr vs standard rate 3yrs

[jaykay]

I'm trying to work out the difference between the fixed rate and standard rate loans on Linkedfinance. The fixed rates are lower (usually 8.5%), but they are only for one year. I know that with the standard rate, you are getting the interest rate, but only on the outstanding amount. So if you get 12% rate, that will be 12% of the outstanding amount, which will dwindle after every monthly payment.
Does the same apply to fixed rate loan? Is it just a lower interest rate on the same outstanding amount? So the only advantage is you are paid back quicker on a one year fixed rate loan?

 

[rob oyle]

I think the only differences are that lenders can only offer at the fixed rate that the borrowers are seeking and the term is shorter (that part I didn't know before). I would imagine there are interest and capital repayments on the fixed rate loans also, although I couldn't see that from their FAQ.