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Suitable For?
NerdWallet is a great option for individuals who are just starting to research personal loans. The platform displays loan terms, interest rates, and loan amounts for dozens of lenders. You can also filter lenders based on your credit score or the amount you want to borrow to get a clearer view of your potential options.
NerdWallet mainly works with online-only lenders, so borrowers who prefer an online loan process will benefit most from this platform. You may be able to use NerdWallet’s tool to get personalized offers, but you’ll still need to apply for a loan through the lender’s website.
NerdWallet is also a good resource for anyone who is new to personal finance or wants to learn more about personal loans. The website has tons of educational guides that explain how personal loans work and how they can be used. NerdWallet also offers guides to alternative loan options such as small business loans, student loans, and home equity loans.
Loan Features
NerdWallet is not a direct lender, but rather a marketplace where you can compare personal loans from multiple providers. NerdWallet displays loans from 15 lenders. You can use personal loans from these companies for everything from refinancing credit card debt to home improvement to paying for emergency expenses.
- Loan amounts from $2,000 to $50,000
- Repayment terms from 1 to 7 years
- Interest rates start at 5.40% APR
Application Process
NerdWallet does not enable you to apply for loans directly through the site. You must visit the lender’s site and go through their application process. However, NerdWallet does have a tool where you may be able to view personalized offers.
The tool requires you to enter information about the amount you want to borrow and what it will be used for. You also need to enter your name, address, phone number, email, and Social Security number. NerdWallet will run a soft credit check, which doesn’t impact your credit score.
If you are eligible, NerdWallet will display several offers. If you see an offer you like, you can apply for it through the lender’s website. NerdWallet will pre-populate your application with information you have already entered to speed up the process.
Notably, you can get a sense of personal loan options available from NerdWallet’s partners without going through the form’s process. NerdWallet offers a comparison table that you can filter based on the amount you want to borrow, your preferred repayment term, your credit score, and your state. The table displays each lender’s range for loan amounts, repayment terms, and interest rates.
Requirements
NerdWallet’s lenders work with a wide variety of borrowers. You can filter the comparison table based on your state of residence and your credit score. NerdWallet has loan partners in all 50 states and partners who offer personal loans to individuals with bad credit. If you’re not sure whether you’ll qualify, you may be able to use NerdWallet’s tool to check offers.
Loan Terms
NerdWallet’s partner lenders offer loans ranging in size from $2,000 to $50,000. Interest rates start as low as 5.40% for borrowers with excellent credit. You can view interest rate ranges for each lender in NerdWallet’s comparison table and check your personalized rates using the platform’s tool.
Repayment Terms
The lenders that NerdWallet works with offer loan repayment terms from 1-7 years. You can view the repayment term range for each lender in the main comparison table and even sort the results by term length.
Privacy & Security
NerdWallet uses SSL encryption to protect the information you submit through the tool. You do not have to sign up for a NerdWallet account, although you have the option to create a password-protected account. There is no personal information required to view the comparison table.
Help & Support
NerdWallet offers a contact form for users to get in touch. There is no phone number or email address to contact.
NerdWallet can display offers from more than a dozen lenders.
FAQs
Do I need a NerdWallet account to see loan offers?
No, you can view offers for a personal loan on NerdWallet, if eligible, without signing up for an account. NerdWallet is free to use.
How does NerdWallet make money?
NerdWallet is free to use. The company is paid by lenders for each borrower that NerdWallet refers to them.
What lenders are available on NerdWallet?
NerdWallet displays personal loan offers from 15 lenders.
How much can I borrow through NerdWallet?
The personal loan providers that NerdWallet works with offer loans ranging in size from $2,000-$50,000.
Summary
NerdWallet makes it easy to compare personal loans from 15 providers. You can view lenders in a customizable comparison table or view personalized loan offers. NerdWallet lenders offer loan amounts from $2,000-$50,000 and repayment terms from 1-7 years. There are loans for borrowers with all credit scores and interest rates start at low as 5.40%. Nerdwallet also offers educational guides for borrowers who want to learn more about personal loans.
Physical Address
NerdWallet, 55 Hawthorne St., 11th Floor, San Francisco, CA 94105
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Methodology
This review is based on information available on the NerdWallet website.
PAID ENDORsem*nT
*Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates.Excellent credit required for low rates and is not guaranteed. Rates for poor or fair credit can be over 36%.
NerdWallet Compare, Inc. NMLS 1617539,https://nmlsconsumeraccess.org/
CA Fin. Lender loans per DFPI Fin. Lenders Lic 60DBO-74812
