Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

If you need to borrow money, personal loans can be one of the cheapest ways to do so. Many personal loans are unsecured, which means you don’t need to back the loan with collateral like you would with a mortgage loan. Some lenders offer discounts to make personal loans even more attractive to borrowers. Here’s how personal loan discounts work, and seven lenders that offer discounts when you borrow money from them.

Credible makes it easy to see your prequalified personal loan rates from lenders that offer discounts — all in one place.

What is a personal loan discount?

Some lenders lower their interest rates for certain reasons, like signing up for automatic payments or having an established relationship with the lender (this is more common if you apply for a loan at your bank).

These discounts reduce your interest rate by a small percentage, often 0.25%. Autopay discounts require you to have monthly payments taken out of your bank account, and relationship discounts are based on your past dealings with a lender. Belonging to a certain organization, like being an AARP member, can also result in a discount on a personal loan. 

How much are personal loan discounts worth?

How much a personal loan discount is worth varies depending on the lender and loan amount. For example, let’s say a lender offers a 0.25% autopay discount on its regular interest rate of 9%, giving you an annual percentage rate (APR) of 8.75%. On a $15,000 personal loan with a five-year repayment term, this discount would save you $109 in interest over the life of the loan.

Visit Credible to compare personal loan rates from various lenders and see how much you could save on a personal loan.

7 personal loan lenders that offer discounts

If you’re looking for a personal loan and want to save on interest, these seven Credible partner lenders offer personal loan discounts: 


  • Loan amounts: $2,000 to $35,000
  • Minimum credit score: 550
  • Discounts: Autopay
  • Good for: Fast approval


  • Loan amounts: $2,000 to $36,500
  • Minimum credit score: 580
  • Discounts: Autopay
  • Good for: Lower credit scores


  • Loan amounts: $5,000 to $100,000
  • Minimum credit score: 660
  • Discounts: Autopay
  • Good for: Borrowing a large amount

Marcus by Goldman Sachs

  • Loan amounts: $3,500 to $40,000
  • Minimum credit score: 660
  • Discounts: Autopay
  • Good for: Nationwide availability


  • Loan amounts: $5,000 to $100,000
  • Minimum credit score: Does not disclose
  • Discounts: Autopay
  • Good for: Flexible repayment terms

Universal Credit

  • Loan amounts: $1,000 to $50,000
  • Minimum credit score: 560
  • Discounts: Autopay
  • Good for: Borrowing small loan amounts


  • Loan amounts: $1,000 to $50,000
  • Minimum credit score: 560
  • Discounts: Autopay
  • Good for: Debt consolidation

Pros and cons of personal loans

Before taking out a personal loan, it’s important to carefully consider the advantages and disadvantages.

Pros of a personal loan

  • Fixed monthly payments — You’ll repay a personal loan in fixed monthly installments, which can make it easier to budget for and stay on track. You’ll also have a final payment day (commonly called a “maturity date”) for when the loan will be paid off.
  • Low interest rates — Personal loans generally have lower interest rates than credit cards. The better your credit score, the lower the interest rate you can qualify for.
  • High borrowing amounts — Personal loan amounts can be higher than credit card borrowing amounts, sometimes as much as $50,000 to $100,000. But you’ll likely need good to excellent credit to qualify for a large amount.
  • Can help you build credit — Your payment history is the largest factor that makes up your credit score. If you make all your personal loan payments on time, every time, it can boost your score.

Cons of a personal loan

  • Less flexibility — Fixed monthly payments mean less flexibility. You’ll have a set payment amount each month, and you can’t choose to make a minimum payment like you can with a credit card.
  • Fees — Personal loan lenders may charge fees, like origination fees for processing the loan or late payment fees.
  • Taking on additional debt — If your budget is already stretched, taking on an additional debt payment in the form of a personal loan can make it more challenging to keep up with your payments.
  • Can harm your credit — If you don’t make a full payment each month or make late payments, it can hurt your credit.

How to apply for a personal loan

If you decide that a personal loan is the right choice for you, here are the steps you’ll generally take to apply for one: 

  1. Check your credit. All lenders have different credit score requirements, so it can be helpful to check your credit score before you shop around for the right personal loan lender. That way, you can get an idea of which lenders you’ll qualify with. Generally, the better your credit score is, the more likely you’ll qualify for lower interest rates, larger loan amounts, and more favorable loan terms. Check your credit report for any errors that may be harming your credit score, and dispute them with the credit bureau. If you need help qualifying for a personal loan, you can always apply with a cosigner.
  2. Shop around. If possible, get prequalified with each lender you’re considering to see what types of loan terms they’re likely to offer you so you can get an idea of who will give you the best deal. Compare rates, terms, loan amounts, and any fees the lenders charge so you can choose the best one for your situation.
  3. Choose a lender and apply. Once you choose a lender, you’ll complete a full application. You’ll need to provide personal information and supporting documentation about your identity and income, such as bank statements, pay stubs, and W-2s.
  4. Receive loan funds. If you’re approved, you’ll sign a loan agreement and the lender will fund your loan, typically through direct deposit to your bank account. This can take anywhere from one to seven business days, though exact funding times vary from lender to lender.

If you’re ready to apply for a personal loan, Credible lets you quickly and easily compare personal loan rates to find one that suits your needs.


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