[Fox Business] 7 personal loan lenders that offer discounts
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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.
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 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.
If you’re looking for a personal loan and want to save on interest, these seven Credible partner lenders offer personal loan discounts:
Avant
LendingPoint
LightStream
Marcus by Goldman Sachs
SoFi
Universal Credit
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Before taking out a personal loan, it’s important to carefully consider the advantages and disadvantages.
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:
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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