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NerdWallet Reviews

8.8

bestfor-icon Comprehensive Financial Guidance

mattlevy
Written by Matthew Levy

About NerdWallet | Read More

8

LS Score

10

Credibility

7

Support

10

Accessibility

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NerdWallet Personal Loans Review

NerdWallet’s personal loan platform simplifies the sometimes difficult process of finding the right loan, tailored to your individual needs. They have a transparent comparison of multiple loan offers and providers in their marketplace, which users can navigate and choose freely. Whether you’re eyeing a home improvement project, considering debt consolidation to save on some costs, or facing some unexpected medical expenses, NerdWallet aims to present you with options that align with your needs. With a user-friendly interface and a commitment to clarity, the platform aims to assist you in making a well-informed decision to secure the best personal loan possible.

NerdWallet Personal Loans Highlight

350

Min Credit Score

4.6-35.99%

APR. Fixed Rate

4.6-35.99%

APR. Variable Rate

Max $100K

Loan Amount

1-7 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

N/A

Other Fees

Varies by Lender

Origination Fee

Varies by Lender

Prepayment Fee

Varies by Lender days

Funding Time

Pros & Cons

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  • con-icon Transparency: NerdWallet provides an unbiased comparison of loans.
  • con-icon Extensive Partnerships: Users get a wide array of loan options.
  • con-icon Educational Resources: Their site offers valuable insights to guide borrowers.
  • con-icon Not a Direct Lender: NerdWallet is a marketplace that connects users to lenders.
  • con-icon Overwhelming Choices: Some users might feel inundated with the amount of options.
  • con-icon Varied User Experiences: The experience can differ based on the lender chosen.

Loan Purpose

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  • Business Loans
  • Car
  • Credit Card Refinance
  • Debt Consolidation
  • Major Purchase
  • Medical Expenses
  • Car Bike Loans
  • Other

Loan Type

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  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans
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NerdWallet Personal Loans Terms & Requirements

NerdWallet’s platform has a wide range of personal loan types, catering to varied needs. You can apply if you need debt consolidation, or home improvements, or a motorcycle purchase, or many other options. You can access both secured and unsecured loans through their partners, as well as fixed or variable-rate loans, which allows for more flexibility depending on what you want. NerdWallet’s multiple options offer solutions for both those with established credit, worse credit, and even newcomers. The requirements they have align with industry standards.

How to Apply

Applying for a personal loan through NerdWallet is a simple process designed to make it easy for you to compare and apply for loans. Some steps are below:

 

Landing Page - Personal Loans
Step 1

Select compare personal loans

Second page nerdwallet
Step 2

Fill the required information

Step 3

Compare lenders

  1. Landing Page: Start by heading to the personal loans section of NerdWallet.
  2. Choose “Compare Personal Loans” and choose your reason for a loan, as well as enter some basic personal and financial details.
  3. Soft Credit Pull (Optional): NerdWallet may give you an option to allow a soft credit pull to better tailor your loan options. This won’t impact your credit score.
  4. Browse Offers: Based on the information you provided, you will be presented with various loan offers from different lenders.
  5. Select and Proceed: Once you’ve chosen a loan company, click on it to proceed. You’ll be redirected to the lenders website.
  6. Final Application: On the lender’s page, complete the final application steps. This will likely include another verification of income, identity, and any other relevant documents. Note that when you apply for a loan, you will likely have a hard check on your credit.
  7. Wait for Approval: After submitting, wait for the lender’s approval. This can vary, but depending on the amount, it is usually a quick process.

Qualification Requirements

Credit score & credit history

 Anywhere from 300 – 850
Income Varies by Lender

Job status

 Varies by Lender

Citizenship/residency

 Varies by Lender
Age Varies by Lender

Debt-to-income ratio

 Varies by Lender

Co-signer

 Varies by Lender

Bank account

Varies on Lender

Required documents

Generally employment verification, banking information, and more. Varies on Lender.

Required Information

Initiating the prequalification process on NerdWallet is straightforward. It begins online, where you’re asked to provide specific personal and financial details to see which loan best fits your circumstances. Here’s what you’ll typically need to have on hand:

  • Name: Your full legal name.
  • Address: Current residential address.
  • Date of Birth: Helps in verifying your age and identity.
  • Proof of Identity: This can be a driver’s license, passport, or state-issued ID.
  • Phone Number: A contact number where you can be reached.
  • Email Address: For correspondence and loan updates.
  • Credit Score (Optional): Some may ask this to help refine your loan options.
  • Social Security Number: Critical for credit checks and identity verification.
  • Bank Account Details: Where you want the loan amount to be deposited.
  • Proof of Income: Recent pay stubs, tax returns, or bank statements to validate your income.
  • Desired Amount to Borrow: How much money you’re looking to get.
  • Loan Purpose: The reason you’re seeking the loan, e.g., home improvement, medical expenses.

Application Steps & Time Frames

  1. Initial Request & Prequalification:
    Upon entering the required information, NerdWallet’s platform typically gives instant feedback on prequalification results, displaying loan options tailored to your financial situation.
    Time Frame: Immediate to a few minutes.
  2. Application Submission:
    Once you select a lender and loan offer, you’ll be redirected to the lender’s official site to complete the application. Here, you’ll provide more detailed information, and a hard credit check might be conducted.
    Time Frame: Depending on the lender and the information required, this can take anywhere from 15 minutes to an hour.
  3. Loan Approval & Funding:
    After your application is reviewed and approved, the loan amount is disbursed to the provided bank account.
    Time Frame: This varies by lender. Some offer next-day funding, while others may take a few business days.

Opinion on Process Complexity:
NerdWallet’s platform is designed to simplify the loan search and application process. Their user interface is intuitive, making it easy to navigate. Their quick prequalification process and the seamless transition to lender websites is a strong feature.

Comparison to Other Lenders:
While NerdWallet isn’t a direct lender, its comparison tool is among the best in the industry. It streamlines the process of finding and applying for a loan, offering a smoother experience compared to directly approaching lenders one by one and trying to make the comparisons yourself.

State Availability

- Available in all states

mattlevy
Written by Matthew Levy

Matthew is a freelance financial copywriter with 14+ years in financial services. He holds a Bachelor of Science degree in Economics with business and finance options and is a CFA Charterholder. He is from Vancouver, Canada, but writes from all over the world.

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FAQ’s

Why do I need to share my bank’s login details with NerdWallet?

NerdWallet’s platform can collate your accounts in a central dashboard, making tailored recommendations that align with your financial provide.

What measures does NerdWallet take to guard my personal data?

NerdWallet uses industry-standard protective measures, such as advanced encryption techniques, to safeguard your data. Their partners, TransUnion and Plaid, are also committed to preserving the integrity of your information.

How does NerWallet access my credit score?

NerdWallet collaborates with TransUnion® to fetch your VantageScore® 3.0.

Customer Support

Engaging with NerdWallet’s customer support was mixed. They do not offer a phone call service, so we were only able to email and wait for a response. It was relatively fast – within 1 business day, as they promised on their website – and they were helpful and addressed our response. It seemed to be a real human being, given the personalized tone of the email, but we were not given any callback option to verify. However, while NerdWallet did offer good comparisons, their primary responsibility was to provide information only on their website and advice. Once you proceed with a third-party brand, the direct support is limited and instead they tell you to contact the chosen brand directly for more specific questions.

Privacy & Security

NerdWallet does take privacy and security seriously. They are extremely transparent with everything they offer and have built their reputation on protecting user safety. Personal information is given the utmost respect, with a robust security infrastructure and clear privacy policies. In their disclaimers, NerdWallet provides detailed information on how they handle data and any security measures taken. As they are an online platform offering financial guidance and tools, they are subject to various regulatory bodies as well, ensuring they operate within or better than established standards. Users need to understand that the platform primarily offers insights and comparisons; they do not have their own financial products. Each entity they list has its own security protocols, and NerdWallet’s responsibility is to provide accurate information, but they are not liable once you go to a third party.

In Conclusion

NerdWallet is a trusted guide for your personal finance needs, aiming to bridge the gap between consumers and the overwhelming amount of financial products available. Its benefits lie in its comparisons and insights, helping you make informed decisions with your unique financial needs. It also has a vast knowledge network of videos and articles to review with many topics available. Its customer support is prompt and helpful, although limited once you go with a third-party loan, for example, where you will need to speak with the respective company directly. Overall, for those seeking clarity for their personal finances, NerdWallet is a reliable starting point.

Brand Disclaimer

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
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