Generally, the shorter the loan term, the lower the interest rate offered by most loan companies. Some lenders even offer an autopay discount if you authorize your monthly loan payments to be directly withdrawn from your checking account or savings account. Qualifying for lower rates offered by a lender is dependent on your online loan application, credit history and credit score, whether you get a short-term loan or a long-term loan, loan purpose, and other factors. The better your credit score, the better the interest rate you can qualify for.