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A personal loan can be great to cover an unexpected or planned expense like a medical bill, home project, or credit card consolidation. But different lenders have different rates and fees for personal loans, and if you’ve read the fine print on lender websites, you’ve probably noticed some offer discounts too. Autopay discounts are among the most common discounts you’ll see with personal loans, though you may also come across others. 

Here’s what to know about personal loan discounts, how much they can save you, and what else to consider before you apply. We’ve also rounded up some of the best personal loans with autopay discounts to make it easier to comparison-shop.

Do Personal Loans Offer Rate Discounts?

Yes, some personal loan lenders do offer a discount on their rates. Personal loan discounts are typically a small percentage, such as 0.25% or 0.50%, deducted from your total loan rate. It’s fairly common to see a lender offer discounts for setting up automatic payments from qualifying deposit accounts. But besides autopay discounts, lenders may offer other options to lower your rate. For instance, some have relationship discounts for existing customers. 

While a 0.25% or 0.50% rate discount may not seem significant, it could save you hundreds in interest costs over your loan's term. Let’s compare the potential savings from a 0.50% autopay discount on a $15,000 personal loan with an 84-month repayment term and an 8.25% rate.

Monthly payment

Total interest charges over loan term

Original rate – 8.25%



Discounted rate – 7.75%



While there's not much difference between the two monthly payments, there's a total savings of around $314 just for setting up autopay, which doesn’t typically require much heavy lifting.

How Do Autopay Discounts Work?

If a lender offers an autopay discount, you can generally qualify for it by making automatic payments from a qualifying deposit account — typically a checking or savings account you open with your lender at or before you apply for a personal loan. Some lenders may simply require any checking or savings account to set up autopay. You can then deposit funds into your new account and use it to repay your personal loan. In exchange, your lender will provide you with a rate discount.

As mentioned, autopay discounts are typically small, around 0.25% or 0.50%, depending on the lender. But that small discount can make a big difference depending on how much you’re borrowing, as shown in the example above.

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Best Personal Loans with Autopay Discounts

Loan results will vary based on creditworthiness, loan purpose, loan amount, and other factors.

Best for Flexible Terms: Wells Fargo

Wells Fargo offers personal loans with autopay discounts and flexible repayment terms as short as 12 months or as long as 84 months.

Wells Fargo Personal Loans

  • Loan Amounts$3,000 to $100,000
  • Loan Terms12 - 84 months
  • APR Range7.49% - 23.24%
  • Minimum
    Credit Score
    Not disclosed More Info

    A credit score is used to indicate the creditworthiness of an applicant, but it is only one of several factors considered for approval. These credit scores alone are not guarantees for approval and should only be used as guidelines.

With a Wells Fargo personal loan, you can borrow up to $100,000 and access a competitive APR—as well as no origination fees.


Offering a range of personal loan repayment terms, loan amounts up to $100,000, and competitive APRs, Wells Fargo could be a smart choice for borrowers seeking flexibility. Existing qualified Wells Fargo customers may also benefit from relationship discounts, which can bring your rate even lower. Like other personal loans, Wells Fargo’s loans can be used for several purposes, including debt consolidation and home improvements. Borrowers won’t pay any origination fees or prepayment penalties, though late fees may apply if you miss your payment date. 

Wells Fargo doesn’t disclose its minimum credit score requirements, and it indicates loans may be funded in one to three business days after approval. This is a longer funding time frame than certain competitors. Despite these drawbacks, a personal loan from Wells Fargo does offer solid perks, so it’s worth a look if you’re comparing options. 


  • Large loans of up to $100,000 available
  • Has prequalification option
  • Relationship discounts for qualified existing customers
  • Same-day credit decisions possible


  • Credit score requirements not disclosed
  • Funding time is longer than some competitors

Best for Large Loans: SoFi

SoFi offers personal loans of up to $100,000 with competitive rates and autopay discounts, making it a decent choice if you need to borrow a large sum.

SoFi Personal Loans

  • Loan Amounts$5,000 – $100,000
  • Loan Terms24 – 84 months
  • APR Range8.99% – 29.49%
  • Minimum
    Credit Score
    680 or above More Info

    A credit score is used to indicate the creditworthiness of an applicant, but it is only one of several factors considered for approval. These credit scores alone are not guarantees for approval and should only be used as guidelines.

SoFi's personal loan offering comes with no fees required and a high loan maximum that may be a good fit for those seeking large loans.


SoFi offers a competitive personal loan product that boasts no origination fees, no late fees, and a high maximum loan amount of $100,000. SoFi is one of only a handful of lenders offering loans as large as $100,000. If you need a substantial loan to cover a considerable expense, like a home renovation, SoFi’s high maximum can be a strong option. One standout feature of SoFi is that it offers unemployment protection, which might allow you to pause payments if you lose your job. Same-day funding is also available for qualified borrowers

Read the review


  • No origination fees, no prepayment penalties and no late fees
  • Loans up to $100,000
  • Unemployment protection available
  • Autopay rate discounts
  • Co-borrower allowed
  • Same-day funding available


  • No physical branches
  • High minimum loan amount
  • Good credit likely required

Navy Federal Credit Union offers autopay discounts on its loans and other perks for active-duty military, veterans, and their qualifying family members.

Navy Federal Credit Union

  • Loan Amounts$250 – $50,000
  • Loan TermsUp to 180 months
  • APR Range8.99% – 18.00%
  • Minimum
    Credit Score
    None More Info

    A credit score is used to indicate the creditworthiness of an applicant, but it is only one of several factors considered for approval. These credit scores alone are not guarantees for approval and should only be used as guidelines.

Personal loans from Navy Federal Credit Union come with no origination fees, quick funding, and can be a good fit for borrowers with less-than-ideal credit.


To qualify for Navy Federal Credit Union loans, you’ll need to be a member: you need to be a veteran, active-duty service member, Department of Defense personnel, or eligible military family member. In addition to offering co-signed personal loans for borrowers with less-than-perfect credit, Navy Federal Credit Union also offers secured personal loans. Borrowers won’t pay an origination or prepayment fee, and funding can be available as quickly as the same day. It’s worth putting this lender on your shortlist if your credit isn’t great and you’re looking to compare loan options.


  • Fast funding available
  • Minimum loan amounts as small as $250
  • Lengthy repayment terms up to 180 months for home improvement loans
  • Co-signer option available
  • No origination fee
  • Secured loan options available


  • High minimum loan amounts for longer-term loans
  • Need to be a member to get a loan

Best for Fair Credit: Upgrade

Upgrade has less strict credit score criteria than some competitors, so it’s a decent option for those with fair credit seeking an autopay discount.


  • Loan Amounts$1,000 – $50,000
  • Loan Terms24 – 84 months
  • APR Range8.49% - 35.99%
  • Minimum
    Credit Score
    560 or above More Info

    A credit score is used to indicate the creditworthiness of an applicant, but it is only one of several factors considered for approval. These credit scores alone are not guarantees for approval and should only be used as guidelines.

Borrowers with less-than-stellar credit profiles may find Upgrade personal loans accessible, and its quick funding and flexible payment due dates convenient.


Upgrade offers personal loans that are accessible to those with not-so-ideal credit scores. The low loan minimum of $1,000 also makes it an easy choice for those with small financing needs. However, borrowers in certain states will be subject to higher minimum loan amounts. With this lender, you can expect to pay an origination fee. Borrowers can view their rate before applying without impacting their credit score. Overall, Upgrade is worth considering if you’re looking for a lender that is willing to work with lower credit scores and offers loans with competitive rates and flexible terms.

Read the review


  • Accessible to borrowers with bad credit
  • Flexible loan terms
  • Joint applications allowed
  • Secured loan options
  • Direct payment to creditors


  • Has origination fees
  • No physical branches
  • Higher APRs than some competitors

Best for Fast Funding: LightStream

LightStream offers a generous autopay discount, and same-day funding may be available for those who need quick funding.


  • Loan Amounts$5,000 – $100,000
  • Loan Terms24 – 144 months
  • APR Range7.49% – 25.49% (with autopay)
  • Minimum
    Credit Score
    660 or above More Info

    A credit score is used to indicate the creditworthiness of an applicant, but it is only one of several factors considered for approval. These credit scores alone are not guarantees for approval and should only be used as guidelines.

LightStream is a solid online lender offering no fees, high loan maximums and low-rate personal loans for several purposes.


LightStream offers personal loans for several purposes, including debt consolidation, medical expenses, home improvement, weddings, car purchases and more, making this worth considering for those seeking flexibility. The lender offers relatively low rates compared to competitors, including autopay discounts. Its personal loans also have no origination fees or late fees, which can help keep borrowing costs low. However, borrowers will likely need to have good-to-excellent credit in order to be approved for a LightStream personal loan. Overall, it’s a good lender to add to your shortlist if you’re looking for flexible funding, no fees and a low APR. Lightstream may also disburse loans as soon as the same day you’re approved, making this lender a worthy choice if you need fast funding.

Read the review


  • Low minimum APR
  • No origination fees, no late fees
  • High loan maximum of $100,000
  • Autopay discount
  • Joint applications allowed


  • Rates and terms vary by loan purpose
  • No soft pull prequalification
  • Must have good-to-excellent credit
  • No physical branches

How to Find Personal Loans with Discounts

woman looking at finances


There are a few strategies for finding personal loans with discounts.

  • Check your current bank or credit union: If you have an existing bank or credit union account, consider speaking with a representative there to start. Your lender may offer special rate discounts for loyal customers or autopay discounts. 
  • Research and compare online lenders: While an existing bank or credit union can be a good place to start, it’s also important to compare options from other lenders too. Peruse loan comparison articles in popular financial publications to find lenders that offer discounts, and research individual lenders on your own. 
  • Look in the fine print: As you look at lender websites, review the fine print at the bottom of their personal loan pages and look for terms like “automatic payment discount,” “rate with autopay,” “loyalty discount,” or “relationship discount.”
  • Review a lender's FAQ or help center page: Depending on the lender, information on discounts may also be available on its help center or FAQ pages.
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Should You Choose a Lender Based Solely on Discounts?

Rate discounts can save you money over your loan’s term, but it doesn’t make sense to base your loan decision solely on discounts. Instead, make sure you look at the big picture. Compare personal loan rates and fees from different lenders. Keep in mind rates can vary widely, as individual institutions set their own loan rates. And certain fees, like origination fees, are common with personal loans. 

Quick Tip

A word of caution: Origination fees can be hefty, and they’re often charged upfront. Let’s say you want to borrow $10,000, but the upfront fee to originate the loan is 10%, or $1,000. You’d receive just $9,000 in loan funds after accounting for the origination fee.

Besides rates and origination fees, you’ll want to consider if a lender charges prepayment penalties for paying off your loan early. Also look at loan availability, the different repayment terms available, loan funding time, and borrower eligibility requirements—such as steady income, credit history, credit score, and debt-to-income ratio. Considering factors beyond just discounts will help you choose the best, most affordable personal loan for your situation.

Frequently Asked Questions

  • The lowest rates on personal loans are typically reserved for borrowers with excellent credit. Whether you can negotiate your rate will likely depend on the lender and your situation. Some lenders may be willing to offer a better rate if you’ve prequalified for a lower rate with a competitor, which is why it’s essential to compare loans and find competitive interest rates. But others may be unwilling to lower your rate.

  • Lenders often offer autopay discounts on personal loans. So if you set up automatic payments from a qualifying bank account, typically from the same institution you’re borrowing from, you’ll get a rate discount of 0.25% to 0.50%. Other rate discounts, like relationship discounts, may also apply depending on your lender.

  • While certain lenders may let you negotiate fees on a personal loan, other lenders may not. That said, if you’re applying for a new personal loan, it doesn’t hurt to ask if negotiating your fees is an option. Lower fees will help keep more money in your pocket.


Jessica Ullrich

Jess is a freelance personal finance writer. She's been creating financial and business content for over a decade. Before venturing into freelance writing, Jess was on the editorial teams at Investopedia, The Balance, and FinanceBuzz. She's created content across several verticals, including budgeting, credit, debt, insurance, investing, loans, and side hustles. In her spare time, you can find Jess reading about money, working in her garden, or spending time with family.