Process & terms

How can I pay my personal loan each month?

Short answer

Standard options: automatic ACH from your checking account (most common), online portal payment from a bank account or debit card, mailed check, or in-person at a branch for bank loans. Most lenders charge fees for debit-card and credit-card payments; ACH is free.

Context

Setting up autopay is the most reliable option because it prevents missed payments. ACH from checking is free at all major lenders; debit-card payments often carry a $5-15 convenience fee; credit-card payments are usually disallowed or carry 2-3% processing fees.

For in-person payments, banks and credit unions accept cash, check, or money order at their branches. Online-only lenders don't have branches; mail payments work but take 5-7 days to process, which can cause late marks if not timed carefully.

Editorial

Reviewed by: Compliance Review
Last reviewed: May 22, 2026

Glossary: ACH transfer

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