Autopay is a seldom-discussed feature of personal loans that can actually save borrowers significant amounts of money.
This feature lets you set up payments, so that once a month (or whatever your loan terms are) a payment is made automatically to your lending partner.
This helps you save money in two ways: 1) You won’t be charged late fees for not making a payment on time 2) Many lending partners will offer you lower interest rates for setting up autopay. They prefer to work with the reassurance of a steady, consistent payment system and are willing to reward borrowers for this action.
Best lending partners for personal loans
LendingTree is an online marketplace that offers you – the consumer – the opportunity to compare the larger network of lenders out there side-by-side. LendingTree connects you with lenders who offer personal loans from $1000 to $50,000.
Here’s how the process works: first you apply for the loan and then LendingTree aggregates the best rates for your personal loans and helps match you with the right lender based on your needs and credit quality – matching you with up to five lenders. This way you can match the information side by side to pick the one that is best for you in terms of picking the best interest rates.