7 personal lenders that offer discounts

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

If you need a personal loan but want to keep your interest rate low, look for lenders who offer rate reductions. (Shutterstock)

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

Credible, it’s easy to view your prequalified personal loan rates from lenders who offer discounts – all in one place.

What is a Personal Loan Forgiveness?

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

These discounts reduce your interest rate by a small percentage, often 0.25%. Autopay rebates require you to take monthly payments from your bank account, and relationship rebates are based on your past transactions with a lender. Belonging to a certain organization, such as being a member of AARP, can also lead to a forgiveness on a personal loan.

How Much Are Discounted Personal Loans Worth?

The value of a personal loan discount varies depending on the lender and the amount of the loan. For example, suppose a lender offers an automatic payment discount of 0.25% off their regular interest rate of 9%, which gives 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 for compare personal loan rates from various lenders and see how much you could save on a personal loan.

7 personal 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 rating: 550
  • Discounts: Automatic payment
  • Good for: Quick approval


  • Loan amounts: $2,000 to $36,500
  • Minimum credit rating: 580
  • Discounts: Automatic payment
  • Good for: Lower credit ratings


  • Loan amounts: $5,000 to $100,000
  • Minimum credit rating: 660
  • Discounts: Automatic payment
  • Good for: Borrow a large sum

Marcus of Goldman Sachs

  • Loan amounts: $3,500 to $40,000
  • Minimum credit rating: 660
  • Discounts: Automatic payment
  • Good for: National Availability


  • Loan amounts: $5,000 to $100,000
  • Minimum credit rating: don’t divulge
  • Discounts: Automatic payment
  • Good for: Flexible repayment terms

Universal Credit

  • Loan amounts: $1,000 to $50,000
  • Minimum credit score: 560
  • Discounts: Automatic payment
  • Good for: Borrow small amounts


  • Loan amounts: $1,000 to $50,000
  • Minimum credit score: 560
  • Discounts: Automatic payment
  • Good for: Debt Consolidation

Advantages and disadvantages of personal loans

Before taking out a personal loan, it is important to carefully assess the advantages and disadvantages.

Benefits of a personal loan

  • Fixed monthly payments — You’ll repay a personal loan in fixed monthly installments, which can make it easier to budget and stay on track. You will also have a final payment day (commonly referred to as a “due date”) for loan repayment.
  • 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 loan amounts, sometimes up to $50,000 at $100,000. But you’ll likely need good to excellent credit to qualify for a large amount.
  • Can help you build your credit — Your payment history is the most important factor that makes up your credit score. If you make all of your personal loan payments on time, every time, it can boost your score.

Disadvantages of a personal loan

  • Less flexibility — Fixed monthly payments mean less flexibility. You will have a fixed payment amount each month, and you cannot choose to make a minimum payment like you would with a credit card.
  • Costs – Personal lenders may charge fees, such as origination fees for processing the loan or late payment fees.
  • Get into more debt — If your budget is already stretched, taking on an extra debt payment in the form of a personal loan can make it harder to keep up with your payments.
  • Can hurt 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 typically take to apply for one:

  1. Check your credit. All lenders have different credit score requirements, so it may be worth checking your credit score before shopping for the good personal lender. This way, you can get an idea of ​​which lenders you will qualify for. Generally, the better your credit score that is, the more you will qualify for lower interest rates, larger loan amounts, and more favorable loan terms. Check your credit file for any errors that may be hurt 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 co-signer.
  2. Compare the prices. 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 fees charged by lenders to choose the best one for your situation.
  3. Choose a lender and apply. Once you have chosen a lender, you will complete a full application. You will need to provide personal information and supporting documents regarding your identity and income, such as bank statements, pay stubs, and W-2 forms.
  4. Receive loan funds. If you are approved, you will sign a loan agreement and the lender will fund your loan, usually by direct deposit to your bank account. This can take anywhere from one to seven business days, although exact funding times vary from lender to lender.

If you’re ready to apply for a personal loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

About Joan Ferguson

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