Best Personal Loan From a Bank
How we picked the companies to evaluate:
How we chose the winner:
- Features that do not negatively impact consumers’ credit scores, including performing soft credit checks to pre-qualify and reporting payments to all three credit bureaus - 25%.
- Features that affect affordability for consumers, including no origination or prepayment fees and lower rates for autopayments - 25%.
- Features that offer consumers flexibility, including options to change payment due dates; multiple loan types, amounts and terms; and refinancing options - 20%.
- Features that enhance the customer experience, including available and convenient customer support, mobile apps and financial education - 15%.
- Transparency of lender rates, terms, fees and common questions - 15%.
The sixth category is unweighted and discretionary. A lender’s score may be lowered if it has faced governmental regulatory action in the past five years, been accused by a reputable source of predatory practices or has a poor online reputation based on consumer complaints.
Among the bank and bank-affiliated lenders we reviewed, the one with the highest score was the award winner.
How we verified our data:
EXPLORE the AWARD WINNERS
