How do we rate loan providers?
When we are analyzing the loan providers on our site, the first thing we check-up upon is if the provider is legitimate. It’s of high importance that all loan providers on LoanScouter can be trusted and don’t cheat or scam customers.
We therefore only cooperate with banks and loan providers with an approved license from the financial supervision. It is therefore only approved and safe loan providers that are listed on our website.
After approving the legitimacy of the bank, we then analyze and rate them by the following categories:
- Customer service
- User experience
- Additional benefits
These categories are rated on a scale from 1 to 5, where 1 star is terrible and 5 stars are amazing. This makes it easier for you to compare and choose which provider to take your loan from.
We determine the loan providers’ customer service, by researching their reviews on different platforms and forums. We find external reviews most relevant, as it gives a bigger picture of the bank itself.
As we research on multiple platforms, our score can (And will) be different from other review sites. Since a customer’s review is often based on a bad experience, we also take out time to read a lot of the reviews, to give an insight into how relevant the reviews and the given score are.
Our rating of their customer service is therefore made from our point of view and analysis of the company.
Our rating of the loan providers’ price is determined by the APR, interest rate, and fees. We compare the prices with other banks and determine the score out from our knowledge of the loan prices in the market.
The User Experience comes down to how easy the loan process is, how well the loan provider’s app or website is to use, and how the experience is in general for you as a consumer.
We, therefore, go through the different websites and apps, to figure out how easy it is to use, if the information is easy to receive, and if there are any kind of special features that makes the experience better.
The payment revolves around how fast the loan provider’s payment is compared to other loan providers.
We take an in-depth look at how long the response time is when you apply for the loan, as well as how long it takes before the requested payment is on your account.
Some loan providers provide offers and benefits, such as the first month without interest, no fees when combining loans, or the option to pay back the full amount without fees.
It can be different what the different loan providers have to offer, or how it affects you as a customer. We will therefore go through both all the offers and how they will have an impact on your decision.
Their score is therefore based on how many additional benefits the loan provider has and how good they are.