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Why Trust Us
Investopedia researchers collected thousands of data points from dozens of lenders (including 20 credit unions) to evaluate the factors most important for borrowers. We used this information to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and other factors. We developed this process to support Investopedia’s mission to provide unbiased, comprehensive financial product reviews and help you make the right financial decisions. Investopedia launched in 1999 and has been researching and evaluating personal loan lenders since 2019.
How We Choose the Best Credit Union Personal Loans
Investopedia collected over 2,600 data points from 59 lenders, including 20 credit unions, traditional banks, fintechs, and finance companies, to evaluate and rank the best personal loan providers. We identified and collected 45 criteria, including APRs, loan amounts and terms, fees, customer experience, and more. Our criteria and ratings are also informed by speaking to hundreds of borrowers about their personal experiences with personal loan lenders about the process. Research and data collection began on July 23 and concluded on October 18, 2024.
We arranged the 45 criteria into four over-arching categories. We then scored and weighted 26 criteria (1,500 data points) to develop our independent, overall star rating for each lender, using the remaining criteria for background information. The four categories and their weights for this project are:
- Loan Costs (APRs, origination and late fees, autopay discount): 30%
- Borrowing Requirements (Secured loans, membership requirement, minimum credit score, and four other factors): 24%
- Lender Features (Online experience, educational resources, pre-qualification, and seven other features): 24%
- Loan Terms (Loan terms and amounts, funding time, approval process): 22%
Investopedia’s compliance team monitors changes to key details, like interest rates and fees, to maintain data integrity. Our compliance team members then update our database and pages to ensure both are accurate as of the date on the byline.
Learn more about how we evaluate personal loans in our complete methodology.
Nguồn: https://marketeconomy.monster
Danh mục: News