Best Personal Loan From a Bank
How we picked the companies to evaluate:
NerdWallet reviewed and rated personal loan products from traditional national banks and online loan companies that are divisions of banks. These lenders serve consumers in multiple states and have significant online search volume. Some we review are lenders that NerdWallet partners with, some are not.
How we chose the winner:
NerdWallet scored the loan products from banks against six categories and 20 subcategories. We weighted five of the categories in this way:
- 25% - Features that do not negatively impact consumers’ credit scores, including performing soft credit checks to pre-qualify and reporting payments to all three credit bureaus.
- 25% - Features that do not impose added costs for consumers, including no origination fees and lower rates for autopayments.
- 20% - Features that cater to consumers’ needs, including flexible payment structures and refinancing options.
- 20% - Available and convenient customer points of contact and support.
- 10% - Transparency of lender rates, terms, fees and common questions.
The sixth category is unweighted and discretionary. A lender’s rating may be lowered one-half star (on a scale of one to five stars) if it has faced governmental regulatory action in the past five years, been accused by a reputable source of predatory practices or has a poor online reputation based on consumer complaints.
Among the bank and bank-affiliated lenders we reviewed, the one with the highest score was the award winner.
How we verified our data:
NerdWallet writers sent a comprehensive list of 40-plus questions to all loan companies we reviewed. We interviewed lenders to better understand their products and confirm details. NerdWallet writers and editors also cross-checked fees, rates and other features on each company's website. At least three people verified the scores and ratings we gave to lenders.