Bankrate personal loans review: Compare multiple lenders in one place.

What makes Bankrate shine

Bankrate stands out for its easy-to-use website and prequalification form, which can help you quickly narrow down personal loans with top lenders in the industry. Instead of having to fill out multiple forms on different lenders’ websites, you just need to fill out a single form — saving you time and effort.

And while you’ll need to provide the last four digits of your Social Security number, Bankrate doesn’t perform a hard credit check. This means you can prequalify with multiple lenders with no impact on your credit score. You can also compare other products on the site, including credit cards, auto loans, business loans, high-yield bank accounts, investments and more.

Bankrate also offers comprehensive reviews of the top lenders in the industry, so you can learn more about a lender and if it’s a good fit for you. It also has multiple financial calculators — including a personal loan payment calculator — to help you determine the affordability of monthly payments before you apply.

Where Bankrate falls short

Bankrate isn’t a direct lender, and you can’t apply for a personal loan with them. Instead, it matches you to lenders and provides rates based on the information you supply. After prequalifying, you’ll need to apply with the lender to determine the rate and terms you’ll get — which may differ from Bankrate’s quotes.

Some customers have complained that the rates quoted through Bankrate did not match what lenders offered. You also don’t know which lenders you’re comparing, since it doesn’t list them on its website. And its application form doesn’t ask if you want to add a coapplicant or cosigner to your loan. Some lenders work with coapplicants or cosigners, so this would be a useful filtering question.

Bankrate loan details

Minimum credit score/credit range	Not stated
APR	4.60% to 35.99%
Loan amounts	$1,000 to $100,000
Terms	2 to 12 years
Approval turnaround	Generally within 1 business day
Availability	All states
Origination fees	Varies by lender, but typically from 0% to 10%
Other fees	Varies by lender

How to qualify for Bankrate

As a comparison marketplace, Bankrate doesn’t have any set eligibility requirements. Anyone can use the service to compare personal loans and other products. But your credit score, income and other factors ultimately determine if you qualify for a loan through one of its partners.

The Bankrate site states that most borrowers who qualify for a personal loan need a minimum credit score between 610 to 640. However, some of its lending partners — including Upstart — will go as low as 300 if you meet its other eligibility criteria.

How to apply with Bankrate

To prequalify for a personal loan with Bankrate, you’ll need to provide the following information on its application form:

• Loan amount and use.
• Your approximate credit score.
• Employment status and income.
• Address and contact information.

After entering this information, you’ll be prompted to create an account and provide your birthdate and the last four digits of your Social Security number. Providing inaccurate information will result in your application not being processed.

If you’re not ready to prequalify yet, you can also use the Bankrate website to read reviews about lenders and use its online calculator to estimate your monthly payments on a personal loan.

How Bankrate compares to other lenders

Compared to direct lenders, Bankrate offers a way to compare multiple loans and other financial products with a single application. It provides a good starting point in your search for a personal loan, giving you an idea of the kind of rates you may qualify for based on your credit score.

But compared to other personal loan marketplaces like Credible, LendingTree and Fiona, it tends to get lower customer reviews online — with some customers complaining about getting inundated with too many calls, or conversely, not being presented with enough options.

Bankrate reviews and complaints

BBB accredited	No
BBB rating	C-
BBB customer reviews
Trustpilot Score	2.7 out of 5 stars, based on 780 customer reviews.
Customer reviews verified as of	14 August 2023

Bankrate gets mixed reviews on the Trustpilot website, with about half of reviewers giving it an “excellent” review and the other half giving it less-than-stellar reviews. It also has a large proportion of negative reviews compared to other loan comparison sites like Credible, LendingTree and Fiona.

Negative reviews of Bankrate on Trustpilot tend to center around an excessive number of phone calls after filling out the form, not being presented with enough bad credit loan options and not getting Bankrate’s promotional bonuses, even after fulfilling the requirements.

More positive reviews mention that it’s a great tool for comparing rates and that it presented offers that were better than other sites’ offers. Others were happy with the ease of the online application and were pleased that lenders immediately contacted them about loans that fit their needs.

Is Bankrate legit?

Yes, it’s legit. Bankrate was founded in 1976 as the Bank Rate Monitor and is headquartered in New York, NY. It aggregates rate information from over 4,800 institutions on more than 300 financial products. It’s used by 100 million people every year.

Frequently asked questions

What is the minimum credit score required to qualify with Bankrate?

Bankrate doesn’t have a minimum credit score requirement but states that most personal loan borrowers have a minimum credit score between 610 and 640. However, some of its partners accept scores as low as 300.

Does Bankrate offer bad credit personal loans?

Yes, it’s possible to search for bad credit personal loans on Bankrate. It has a search page specifically devoted to bad credit loans from lenders which may accept FICO scores as low as 300.

Does Bankrate have a phone number I can call?

Yes, it’s 1-855-733-0700, but you may have to leave a message and wait for a call back.