Company profile
Bankrate has more than four decades of experience in aiding people when it comes to making smart financial decisions. The New York-based company started out life as a bank industry print publisher and now has an extensive online offering.
The focus of this particular review is on the personal loans offered at Bankrate. While it is not a direct lender, Bankrate has comprehensive comparison tools that allow you to shop around and find the best personal loan lenders for your exact needs.
The marketplace has been trusted by a huge range of individuals over the years when they have been searching for the best personal loan option.
Good for
Those people who are looking to compare the personal loan offerings from the best lenders in a quick and efficient manner.
Bankrate Pros
- Deals with trustworthy lenders
- Wide range of personal loans to check out
- Easy to use comparison tool
- More than four decades of experience
- Most loan terms starting at 24 months
- Competitive rates
Bankrate Cons
- Not a direct lender
- No live chat
- Must enter personal information to pre qualify
Application Process
As Bankrate is a marketplace rather than being a direct lender, the exact application process is going to be different depending on which lender you ultimately decide to go with when getting a personal loan.
When you are using the personal loan comparison tool at Bankrate, you will need to follow a few steps. You initially need to calculate how much money you need to borrow, making sure to take into account the origination fees that will get deducted from the loan.
Depending on your credit score, you might get more favorable rates and loan terms if you have a co-signer. You can then complete a quick pre-qualification process that allows you to see what rates different lenders offer without negatively impacting your credit score.
You’ll then be given a range of different lenders that you can check out to see. Which offers the best terms. Once you have chosen a particular lender, you will then need to finish the application process.
This will usually be pretty standard, seeing you provide typical personal and financial information to the lender, including tax returns, ID, and pay stubs. The time it takes for your application to get approved and for you to receive your funds will be dependent on the lender.
Terms & Requirements
When you are looking for a personal loan, each lender will have its own set of terms and requirements that you have to take into account. While we can’t list the exact terms and requirements for each of the lenders that Bankrate presents, we have given you a good general overview of what you can expect.
Loan Requirements
Most of the personal loans that you see with Bankrate will be unsecured, so you do not have to put up any collateral to get the funds.
The eligibility for a personal loan will depend on what lender you go for. However, there are some requirements that generally stay the same across the board. You normally need to be at least 18 years old and you have to either be a US citizen, permanent US resident or have a relevant visa.
Co-signers are an option with most lenders but will not be necessary. The credit score requirements and preferred debt-to-income ratios will also vary from lender to lender.
Loan Terms
The APRs will vary depending on current market rates, as well as your personal situation. People will often get a better APR if they have a decent credit score. The range of APRs at the time of writing this review was 4.60%-35.99%.
Each lender will have its own loan amounts range that it will be willing to give to borrowers. You can get a loan for as little as $600 and up to $100,000. At Bankrate you can quickly filter through the different types of personal loans, including those focused on people with particularly bad credit scores or especially strong credit scores.
Repayment Terms
The loan term lengths vary widely when you look at the options available through Bankrate. Generally, you’ll be looking at loan term lengths of between 2 and 6 years on average. However, you can find a term length of as little as 6 months and up to 12 years.
Some of the lenders will offer you an autopay discount. There might also be early repayment penalties in place, as well as late fees depending on the lender.
Privacy & Security
Bankrate has built up a good reputation over its more than four decades in business. Its goal is to help people to make better financial decisions and it takes its work very seriously.
Bankrate ensures that the sharing of all sensitive information is done in a way that is fully encrypted and safe. This allows people to be comforted by the fact that there are extensive security and privacy protocols in place when using Bankrate.
Customer Support
There is a vast range of helpful information that you can find right throughout the Bankrate website. This includes a useful help center and FAQ sections. If you are looking to speak directly with the Bankrate customer support team, you can send them correspondence through the on-site email form. There is also the option to contact them through a variety of social media channels.
Final Thoughts
Bankrate is a very good resource for people who want to get a personal loan but they don’t know where to start. The handy personal loan comparison tool allows you to quickly see what options will be open for you to pursue.
There is also plenty of information that helps you understand the process of getting such a loan without any confusion. Therefore, Bankrate is a good option for those people who are shopping around for a personal loan.
Address
1675 Broadway, 22nd Floor, New York, NY 10019-5820