Why You Should Trust Us
Between July 23 and Oct. 18, 2024, Investopedia surveyed 59 lenders and collected 45 data points from each to identify the critical factors our readers should consider when choosing a debt consolidation lender. The analysis included a detailed review of APRs, fees, loan amounts, and multiple other features to provide unbiased, comprehensive reviews to deliver unbiased, comprehensive evaluations tailored to readers’ needs. Founded in 1999, Investopedia has been assisting readers find the best debt consolidation companies since 2019, leveraging its expertise to empower informed financial decisions.
Methodology
To assess and rank personal loan providers, we analyzed over 2,600 data points from 59 lenders, including traditional banks, credit unions, finance companies, and fintechs. Our evaluation covered 45 criteria, such as APRs, loan amounts and terms, fees, and customer experience. Data collection, research, and analysis occurred from July 23 to October 18, 2024.
The 45 criteria were grouped into four categories, with 26 accounting for over 1,500 data points being weighted. The remaining criteria were used to add context and editorial depth. Each criterion was scored and weighted to calculate an overall star rating for each lender. The four categories and their weights in our methodology were:
- Loan Costs: 30.00%
- Borrowing Requirements: 24.00%
- Lender Features: 24.00%
- Loan Terms: 22.00%
Learn more about how we evaluated personal loans in our complete methodology.
