Bankrate Reviews

Bankrate isn’t a direct lender, so the application process may be different depending on the lender you ultimately choose. With that in mind, using the personal loan comparison tool is straightforward.

Start by considering what type of personal loan you need, the amount, and the purpose of the funds. Use a personal loan calculator to figure out an estimate of how much you’ll need to pay every month. Don’t forget to include any origination fees or pre-payment penalties.

Bankrate’s network includes lenders that work with borrowers with nearly any credit score and profile. That includes those with limited or poor credit history, as well as those with good credit.

Your credit score and other factors, such as income and debt-to-income ratio (DTI), will determine what types of loans you qualify for, and at what rates. If you have spotty credit or don’t qualify on your own, consider applying with a co-signer.

Bankrate has a pre-qualification process that takes only a few minutes to complete. By pre-qualifying, you can get an idea of which rates are available without hurting your credit score.

Once you’ve selected a lender, head over to their page to finish the application process. Although documentation vary, be ready with the following information:

• Government ID (ex. driver’s license or state-issued ID)
• Social Security Number
• Income verification (ex. tax returns, pay stubs, or an offer of employment)
• Bank statements
• Proof of residency (ex. utility bills or renter’s agreement)

Time to funding depends on the lender. Some lenders offer same-day or next-day funds, while others take 1 to 2 weeks.

Since Bankrate is not a direct lender, the application procedure may vary depending on the lender you ultimately select. Keeping this in consideration, utilizing the personal loan comparison tool is easy and uncomplicated.

1.  Start by selecting the requested loan amount 
2.  Choose the loan purpose
3.  Select your current credit score 
4.  Select your employment status
5.  Select your gross annual income
6.  Continue by filling more personal details
7.  Provide information about your debt and credit history.
8.  Review the terms of the loan and click on the “Apply” button.

In order to get a quote estimate and get matched with potential lenders, head over to Bankrate’s main website and choose the loan product you want. In this case, it’d be for a home purchase, home refinance, or home equity. The application process is slightly different depending on which option you choose.

For the home purchase option, start by choosing the home type you’re looking for (ex. purchase or refinance). From there, choose your filters for:

• Mortgage type
• Zip code
• Purchase price
• Down payment (percentage)
• Credit score
• Loan term
• Etc.

This will give you a list of possible home lenders to choose from. Select the one that best meets your requirements, based on the basic information provided (ex. loan term, APR, and upfront costs). Bankrate will then direct you to the bulk of the online application, which requires more specifics, such as:

• Property type (ex. townhome, condominium, single-family home…)
• How you’ll use the property (ex. primary home or rental property)
• Whether it’s your first time buying property
• Where you’re at in the homebuying process (ex. offer pending or researching options)
• Whether you’d like to work with a local real estate (choosing yes requires more info)
• Estimated purchase price for the property
• Estimated down payment and credit score
• Military and employment status
• Whether you’ve had a recent foreclosure or bankruptcy
• Your gross annual income

This process only takes a few minutes to complete. Once it’s done, you’ll get to choose between seeing additional quotes or only the original one. At this point, provide your basic contact information so Bankrate can connect you with the best lenders in their network.

Once you’ve chosen an offer, proceed to that lender’s application process and go from there. The time to approval and funding vary based on the lender.