WASHINGTON, Aug. 18, 2020 /PRNewswire/ -- U.S. News & World Report, the global authority in rankings and consumer advice, today launched Best Loan Companies Ratings, a five-star system to help consumers compare more than 60 lenders as they seek to conserve cash when buying a home, paying for emergency expenses or consolidating debt.
U.S. News will rate the best loan companies semiannually in two major loan categories, Best Mortgage Lenders and Best Personal Loans. The ratings appear on U.S. News lender profiles and are accompanied by relevant information about each lender, such as minimum credit score requirements.
"Homebuyers and those seeking personal loans have a lot of choices in today's market when it comes to finding a lender that's right for them," said Kim Castro, editor and chief content officer at U.S. News. "Along with our informational content that educates consumers on the process of getting loans of all types, the new ratings provide a simple way for them to narrow down their options, ultimately saving them time and money."
U.S. News scored lenders in three categories – affordability, customer service and eligibility – based on several factors, and then assigned ratings based on a weighted, cumulative overall score. Factors for Best Mortgage Lenders include customer service ratings, interest rate, minimum down payment, minimum FICO score, online features and product availability, while factors for Best Personal Loans include customer service ratings, interest rate, maximum loan term, minimum and maximum loan amounts, minimum FICO score, online features, and origination fee. For further details on how the ratings were calculated, see the methodology.
In addition to Best Mortgage Lenders and Best Personal Loans, the best loan companies in many other categories are identified periodically. U.S. News also publishes content to help consumers make informed decisions on mortgage refinancing, home equity loans, student loans, business loans, debt consolidation and more. Consumers can find advice about the loan application process, learn how to evaluate lenders and save money on costs, and more.
About U.S. News & World Report
U.S. News & World Report is the global leader in quality rankings that empower people to make better, more informed decisions about important issues affecting their lives. A digital news and information company focused on Education, Health, Money, Travel, Cars and Civic, USNews.com provides consumer advice, rankings and analysis to serve people making complex decisions throughout all stages of life. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.
SOURCE U.S. News & World Report