How Forbes Advisor Rates Personal Loans

Forbes Advisor’s mission is to make smart financial decisions simple for our readers. As a result, we review personal loan products to help borrowers find the best loans for their specific situation.

Forbes Advisor personal loan reviews and rankings are objective, honest and unbiased. Advertising partners have no influence over scoring.

This methodology is only applicable to Forbes Advisor Personal Loans content.

To evaluate lenders, our editorial team relies on a 100-point system that considers five categories most crucial to prospective borrowers. Once evaluated, we rank lenders on a scale of one to five, with five being the highest score possible.

Loan Costs

	Loan costs we review We check minimum and maximum annual percentage rates (APRs), discounts and loan fees—including origination fees, late fees and prepayment penalties—to evaluate the cost of borrowing from a lender.   Source: Forbes Advisor staff research
	Why it’s important to consumers: Loan rates and fees affect the monthly loan payment and overall affordability of a loan, key factors that determine a borrower’s payments when repaying a loan.

Loan Details

	Loan details we review We review disclosed repayment terms and loan amounts to understand which loans offer borrowers the greatest financial support and flexibility.   Source: Forbes Advisor staff research
	Why it’s important to consumers: Features like a wide range of loan amounts or repayment terms can contribute to a loan’s appeal by giving borrowers customizable loan options.

Eligibility and Accessibility

	Eligibility and accessibility factors we review We review loan eligibility requirements, such as minimum credit scores and whether co-signers are accepted. We also assess the geographical availability of a loan.   Source: Forbes Advisor staff research
	Why it’s important to consumers: Loan approval requirements determine the accessibility of a loan and which applicants are eligible.

Customer Experience

	Customer experience factors we review We review borrower benefits, customer support and mobile loan features to measure the overall experience of borrowing from a lender.   Source: Forbes Advisor staff research
	Why it’s important to consumers: A website that’s easy to navigate, customer service that’s accessible and convenient loan management tools can improve the borrowing experience.

Application Process

	Application processes we review We review the ease of applying, including whether a lender lets you prequalify without a credit check and apply online. We also consider how quick the application is to complete and the timeline for approval and loan funding.   Source: Forbes Advisor staff research
	Why it’s important to consumers: When borrowing, the convenience and speed of a loan application process could make one loan better than another.

We tailor recommendations to readers by adjusting methodologies based on what’s most important to each borrower. As a result, you may find that a lender has varying star ratings across different articles.

Best Personal Loans

When evaluating the best personal loans, we prioritize loan cost, loan details and eligibility requirements. We chose the best lenders based on these category weights:

• Loan cost. 35%
• Loan details. 20%
• Eligibility and accessibility. 20%
• Customer experience. 15%
• Application process. 10%

We also use this methodology for our individual lender reviews.

Best Debt Consolidation Loans

For the best debt consolidation loans, while we look closely at loan costs, terms and eligibility requirements, we also award points for lenders who pay creditors directly. We chose the best lenders based on these category weights:

• Loan cost. 35%
• Loan details. 20%
• Eligibility and accessibility. 20%
• Direct payment to creditors. 15%
• Customer experience. 10%

Best Online Personal Loans

When researching the best online personal loans, we look for lenders that offer online applications and competitive interest rates. We chose the best lenders based on these category weights:

• Loan cost. 35%
• Loan details. 20%
• Eligibility and accessibility. 20%
• Customer experience. 15%
• Application process. 10%

Easiest Personal Loan To Get

For the easiest personal loans, we put an emphasis on eligibility requirements and accessibility along with loan costs. We chose the best lenders based on these category weights:

• Eligibility and accessibility. 30%
• Loan cost. 25%
• Loan details. 20%
• Customer experience. 15%
• Application process. 10%

Best Emergency and Fast Personal Loans

We score emergency loans and fast personal loans based on the speed of the application process and eligibility requirements—two factors that are key when you need a quick loan. We chose the best lenders based on these category weights:

• Application process. 30%
• Eligibility and accessibility. 25%
• Loan details. 20%
• Loan cost. 15%
• Customer experience. 10%

We’re committed to bringing you unbiased ratings and information. Our team with a cumulative experience of over 20 years uses data-driven methodologies to evaluate financial products and companies. In addition to our meticulous research process, our articles undergo multiple levels of editing and fact-checking before publication.