Personal loans lender review methodology
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Personal loans are offered by banks, credit unions, peer-to-peer lenders and online lenders — and can be used for a variety of purposes. In fact, the lenders are as varied as the ways you can use a personal loan.
To evaluate lenders, our editorial team uses a 20-point scale known as the Bankrate Score. This scoring model takes into account four key factors: availability, affordability, customer experience and transparency. Once the evaluation process concludes, lenders are then rated with a score from 1 to 5 — the latter being the highest.
Although Bankrate does receive compensation from some of the lenders we review, partnerships do not influence our opinion. Lenders’ scores are solely based on hard data and expert analysis. Our goal is to provide transparent ratings, so you can find the right lender for your needs.
Here’s a closer look at the 20 data points our team of experts research as part of the process.
Availability
- Minimum and maximum loan amounts.
- Approval and funding times.
- Number of repayment terms offered.
- Flexibility to apply with a coborrower or cosigner.
- Minimum income and credit score requirements.
Why we consider this
Affordability
- APR ranges.
- Loan fees.
- Prepayment penalties.
- Flexible repayment dates or grace periods.
- Exclusive rewards and discounts.
Why we consider this
Customer Experience
- Application process.
- Online account management and features.
- Mobile app availability.
- Customer support options and service hours.
Why we consider this
Transparency
- Advertised credit requirements, interest rates and fees.
- Prequalification.