LoanWinners Rating System - How We Rate Lenders
We are proud to present our meticulously developed scoring LoanWinners system. Its primary goal is to objectively review and compare multiple lenders’ personal loans and services across the net.
To make our rating methodology as helpful and efficient as possible, we developed a handful of unique comparison criteria. After evaluating and combining individual factors, we finally state the overall rating, which varies from 1 to 10.
Below, you’ll see a breakdown of the seven different scores and their grading criteria we take into account when reviewing. That way, you will always know what to expect from a lender after a glance at its LoanWinners Score.
Questions about our methodology?
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Examining APRs is undoubtedly the most critical segment of our reviewing process. Hence, we always invest a lot of effort to make it as thorough as possible. Generally, any maximum APR below 18% is exceptionally low, while APRs above 40% get listed as a bad deal. In such a case, we usually advise you to look for a personal loan elsewhere.
|Max APR||Over 42%||39.01% to 42%||36.01% to 39%||33.01% to 36%||30.01% to 33%||27.01% to 30%||24.01% to 27%||21.01% to 24%||18.01% to 21%||Below 18%|
|Min APR||Over 19%||17% to 18.99%||15% to 16.99%||13% to 14.99%||11% to 12.99%||9% to 10.99%||7% to 8.99%||5% to 6.99%||3% to 4.99%||Around 3%|
Do you wonder how we came up with these levels? Well, we always keep our eyes on the average interest rates for personal loans. These help us determine the average, which was 9.50% in Q2 of 2020 and build on from there.
Loan Repayment Term
|Months(m)/Years(y)||< 3 m||< 6 m||12 to 24 m||12 to 24 m||2 to 3 y||2 to 3 y||3 to 5 y||3 to 5 y||5 > y||5 > y|
Of course, we go deeper when necessary. For instance, we know that the average repayment term for a new-car loan depends on the applicant’s credit score. So, we will always make sure to mention such details in our in-depth and honest lender reviews.
Maximum Loan Amount
|Max Loan Ammount||Under $2,000||$2,000 to $5,000||$5,001 to $7,500||$7,501 to $9,999||$10,000 to $14.999||$15,000 to $19.999||$20,000 to $34,999||$35,000 to $49,999||$50,000 to $74,999||$75,000+|
|Customer Satisfaction||No customer service||Poor customer service||Subpar customer service||Bearable customer service||Acceptable customer service||Average customer service||Decent customer service||Good customer service||Excellent customer service||Exceptional customer service|
|Customer Satisfaction||Only one support channel||Only one support channel||2 support channels||2 support channels||3 support channels||3 support channels||4 support channels||4 support channels||Over four support channels||Over four support channels|
|Fees||Three or more payments (late, origination, prepayment, and non-sufficient funds)||Three or more payments (late, origination, prepayment, and non-sufficient funds)||Three fees (late, NSF, and origination fees)||Three fees (late, NSF, and origination fees)||Two fees (No origination fees, but NSF and late fees)||Two fees (No origination fees, but NSF and late fees)||One of the four fees||One of the four fees||No fees at all||No fees at all|
Approval And Turnout Time
|Approval Time||Over a week||Over a week||5 to 7 business days||5 to 7 business days||3 to 5 business days||3 to 5 business days||1 to 2 business days||1 to 2 business days||Same day transfers||Same day transfers|
Why do some companies have different scores on our pages?
The majority of brands take pride in a variety of financial solutions for a wide range of clients. Their products and services have different ratings because their offers get scored and compared with other lenders in the same category.
For each review, our editorial team:
- Identifies seven measurable criteria to compare across each lender
- Establishes the rating criteria for every aspect of the products and services of lenders
- Calculates the average of the seven aspect scores to conclude a final LoanWinners Score
Just like you have a credit score based on various criteria, it’s fair that lending companies get rated, too. When we speak of rating, we don’t just focus on one or two segments of a lender’s business venture. We take a holistic stand and carefully examine all terms and conditions to offer our readers an all-inclusive review. The final score is an average of all features a lender has and can be favorable or unfavorable for the borrowers.
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