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Bankrate Review

Reviews 771
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Reviews 771
Sally Herigstad
Nov. 29, 2022
3 min read
Sally Herigstad
BankRate Summary
Bankrate is one of the oldest, biggest and most comprehensive financial services news and knowledge hubs. Its comparison tool lets you quickly compare personal loans from different lenders. Bankrate’s aggregator uses a “soft pull” to check your credit, which does not affect your credit score.


  • See your top deals from many lenders at once
  • No “middleman fees” charged


  • Bankrate does not actually make the loan
  • Must enter personal information to pre-qualify for a loan

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Suitable For?

Borrowers who want to make sure they’re getting a good deal

Shopping around with many different lenders takes time, especially if you apply for different loans to see the terms you qualify for. Bankrate allows you to quickly compare and pre-qualify for a loan that meets your needs.

Borrowers with different credit scores levels 

Bankrate works with lenders who offer products for borrowers with every level of credit score. Borrowers with lower credit scores can find lenders that will work with them, without wasting time applying for loans they can’t get. 

Borrowers with higher credit scores can find lenders that give them better terms, based on the scores they’ve worked hard to achieve.

Range of Personal Loans

You may qualify for a loan to consolidate debt, refinance your credit cards, make home improvements, pay for unexpected expenses, or make major purchases, among other things.

Here’s what to expect from lenders who work with Bankrate:

  • Loans available for almost any reason
  • Competitive rates
  • Lowest rates available from some lenders when you use AutoPay
  • Most loan terms starting at 24 months, with some available for as little as 12 months
  • Personal loans ranging in size from as little as $500 or as high as $100,000

Application Process & Requirements

To compare personal loan rates from multiple lenders and apply for a loan, follow these steps:

  1. Click Get Started on Bankrate personal loans.
  2. Answer questions about your name, address, income, and other information.
  3. Compare pre-qualified offers from Bankrate partners. You may have more than one offer from each lender; for example, with different lengths of loan terms. Bankrate also sends you an email with links to the various offers.
  4. Choose a personal loan, and click Next. On the lender website, continue your application. You may be asked to submit pay stubs, tax documents, and personal identification.
  5. Sign loan documents, and receive funds in your account.

APRs, Loan Amounts & Repayment Terms

Personal loans provide cash when you need it quickly and you don’t want to secure the loan with your home, car, or other assets. Personal loans generally carry higher rates than home mortgages or home equity lines of credit, but they have significantly lower interest rates than other options such as payday loans.

Personal loan rates with Bankrate partners vary from 6.24% - 35.99%. Lower rates are usually offered to borrowers who use proceeds to improve their home, have excellent credit, and will pay off the loan in fewer years. 

Borrowers with lower credit scores generally pay interest rates on the higher end of the scale. Even at the highest rate of 35.99%, a personal loan from a lender is a fraction of the cost of a payday loan, which may charge several hundred percent interest and require repayment in a shorter period of time.

Loan terms vary from one year to 12 years, but most loan terms are for between two and seven years.

Privacy & Security

Bankrate may collect information from you directly, or from other sources, including business partners, affiliates, and publicly available sources. Bankrate uses your information to identify you when you use the website, provide products and services, conduct business analytics, and for other purposes. Bankrate follows the privacy laws of the country in which Bankrate first received your information.

According to the company, Bankrate safeguards its computers and uses secured files and buildings, in compliance with federal law to protect your information from unauthorized access and use.

Help & Support

Bankrate doesn’t have a specific support feature for its personal loans aggregator. To receive assistance from the Bankrate staff, fill out the form on their Contact Us page. You will receive an email acknowledgment that your question was received.

How Bankrate  Compares

6.24% - 35.99%6.99% - 35.99%
Min. credit score
Loan amounts
$500 - $100,000$1,000 - $50,000
Loan term
12 - 144 months3- 180 months
Suitable for
Comparing multiple loansComparing multiple loans

Bankrate works with a number of lenders to give you loans. Most terms are similar to those you would find at their competitors. Bankrate’s lenders show higher loan limits than Lending Tree. Bankrate and Lending Tree may give you more lenders to choose from than Credible, which only shows up to six lenders.


Q. What is a personal loan?

A. Personal loans are shorter-term loans generally not backed by collateral such as a car or house. You receive a lump sum and make fixed, regular payments.

Q. Who owns Bankrate?

A. Bankrate is owned by Red Ventures.

Q. How does Bankrate make money?

A. Bankrate charges lenders to advertise on its website.

Q. What criteria does Bankrate use to determine its weekly averages?

A. For purposes of weekly personal loan averages, Bankrate assumes a FICO score of 700, $5,000 loan amount, and 3-year repayment plan.


Bankrate is a trusted personal finance advice and lender comparison site, in business since 1976. In minutes, you can be pre-qualified for multiple personal loans based on your credit score, needs, and other information. 

Physical Address

1675 Broadway, 22nd Floor

New York, NY 10019-5820

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Sally Herigstad
Written by
Sally Herigstad
Sally has been writing about personal finance since 1998 and is the author of “Help! I Can’t Pay My Bills” (St. Martin’s Griffin). She is a licensed real estate broker in Washington state and a retired certified public accountant. She also writes regularly for MSN Money,, and Motley Fool, and has been a guest on Martha Stewart radio and other programs. She writes for BestMoney and enjoys helping readers make sense of the options on the market.
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Trustpilot reviews
See what some customers are saying about BankRate
Poor • Reviews 771
Caroline Pevonka
2 years ago
Great tool for comparison
Great tool for comparing insurance rates
Stephen Tanner
2 years ago
Exactly what I was looking for.
Exactly what I was looking for.
2 years ago
Bankrate was great for comparing
Bankrate was great for comparing my options and all kinds of advice. It's been getting better in last couple years and competes with top tier options like it now.
Hema Dutta
2 years ago
Useful and Timely Information
I received good information regarding current and changing mortgage interest rates and good leads for lenders who offer competitive pricing based on my specific situation and needs.
Melchor Loayon
2 years ago
This will help me in understanding and…
This will help me in understanding and utilizing what I know and want to learn! Thanks for the insight & information!!