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Bankrate - Personal Loans Review

Andrew Omalley Andrew Omalley Last update:
Est. APR
3.09%-35.99%
Max loan
$100,000
Term
6-144

Overview

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.

Loan types Personal Loan, Low-interest Rates, Bad Credit Loans, Good Credit Loans
Loan amount $600-$100,000
Repayment term 6 months to 12 years
APR 3.09%-35.99%
Minimum credit score Varies
Lender type Marketplace
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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

Bankrate Cons

  • Not a direct lender
  • No live chat

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 3.09%-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. 

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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.

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Address

1675 Broadway, 22nd Floor, New York, NY 10019-5820

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.