Best Business Term Loan lenders in South Africa for 2025
- Written by Wesley Vos
- Updated
Business Term Loans
Lula: Best for fast approvals
Pros & cons
Pros
- Fast approval with funds available in 24 hours
- No collateral required, making access easier for SMEs
- Transparent costs with no hidden fees
- Flexible repayment options with no early repayment penalties
- Simple online application process completed in minutes
Cons
- Higher monthly fees for the first few months (2%-6%)
- Limited repayment terms of only 6 or 12 months
- Minimum turnover of R500,000 required for eligibility
Our take
Overview
Lula, founded as Lulalend in 2014, is a South African fintech company that specializes in providing quick and easy funding solutions to small and medium enterprises (SMEs). Their primary products are capital advances and revolving capital facilities, both designed to give businesses rapid access to funds with minimal paperwork. Lula offers unsecured business loans, meaning no collateral is required, and businesses can apply entirely online and get approved in as little as 24 hours.
The company stands out for its flexibility, offering repayment terms of 6 to 12 months and no early repayment penalties. This makes Lula a popular choice for businesses looking to improve cash flow, purchase inventory, or fund expansion projects. With transparent pricing and easy-to-understand terms, Lula has built a strong reputation for supporting SMEs in South Africa.
Key Facts
- Loan Amount: Lula offers business loans ranging from R10,000 to R5 million, providing quick capital for small and medium-sized businesses.
- Repayment Terms: Choose repayment terms of 6 or 12 months, offering flexibility for businesses with short-term financing needs.
- Interest Rates: Interest rates range from 2%-6% per month, depending on your chosen repayment plan.
- Collateral Requirement: No collateral is required, making it easier for businesses to access funding quickly.
- Approval Speed: Businesses can get approved and receive funds within 24 hours, making Lula a fast and efficient option.
- Early Repayment: There are no early repayment penalties, allowing businesses to save on interest costs by repaying early.
Known qualification & document requirements
- Business must have been in operation for at least one year.
- Minimum annual revenue of R500,000 required.
- Basic business and financial information needed (recent bank statements or VAT number for verification).
Fees
- Monthly costs are between 2%-6% of the advanced amount for the first 2-4 months, depending on the plan.
- No initiation or service fees, and no early repayment penalties.
Time to receive funds
Once approved, Lula aims to disburse funds within 24 hours, making it one of the fastest business lenders in South Africa.
Illustrative Example
Loan Amount: R100,000.00
Repayment Terms: 12 months
Interest Rate: 2%-6% monthly
Monthly Instalment: R11,166.67
Total Cost of Credit: R34,000 (interest)
Total Repayment: R134,000
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from Lula.
Business Term Loans
Bridgement: Best for early repayment discounts
Interest (APR)
From 1.7% per mo
Loan Amount
R20k-R5m
Loan Term
1-12 mo
Apply on partner site
Pros & cons
Pros
- Fast funding, with approvals within 24 hours
- No hidden fees, with a single transparent fee structure
- Discounts for early repayment, helping reduce the overall cost
- No collateral required, making loans accessible to more businesses
- Simple online application process
Cons
- Annual turnover requirement of R500,000 may limit smaller businesses
- Loan terms are capped at 12 months, which may not suit all business needs
- Not available to businesses with less than 6 months of trading history
Our take
Overview
Bridgement is a South African fintech lender that offers fast, flexible business funding solutions for small and medium-sized enterprises (SMEs). Established in 2017, Bridgement provides various financing options, including business loans, revolving lines of credit, and invoice financing. Their goal is to help businesses improve cash flow, seize growth opportunities, and cover operational costs with minimal hassle. What sets Bridgement apart is their use of technology and data science to offer near-instant decisions on loan applications, with funding available within 24 hours. With loan amounts ranging from R20,000 to R5 million, Bridgement is focused on providing easy access to funding without requiring collateral, making them a popular alternative to traditional banks.
Bridgement’s application process is streamlined and entirely online, allowing businesses to apply and get approved within minutes. Once approved, businesses can manage their funds through an online dashboard, where they can withdraw what they need and even benefit from discounts for early settlement. With fixed rates starting at 1.7% per month, Bridgement emphasizes transparency—no hidden fees, no early settlement penalties, and simple pricing. Their financing solutions are particularly useful for businesses that need to bridge cash flow gaps or invest in growth.
Key Facts
- Loan Amount: Bridgement offers business loans ranging from R20,000 to R5 million, giving businesses flexible funding solutions for different needs.
- Repayment Terms: Repayment terms are 1 to 12 months, ideal for businesses seeking short-term capital.
- Interest Rates: Interest rates start at 1.7% per month, ensuring transparency and affordability based on business health.
- Collateral Requirement: Bridgement does not typically require collateral, making it accessible for businesses without significant assets.
- Approval Speed: Bridgement provides 24-hour approval and funding, ensuring businesses can access working capital quickly.
- Early Repayment: Early repayment discounts are available, allowing businesses to settle their loans early and save on interest.
Known qualification & document requirements
- Must be a registered business in South Africa.
- Minimum annual revenue of R500,000.
- Minimum trading history of 6 months.
- Business financials integrated through accounting software like Xero or Sage, or uploaded manually.
Fees
- A single fee is charged per withdrawal, with no ongoing monthly or facility fees.
- Interest rates start at 1.7% per month, depending on credit and financial health.
- No penalties for early settlement.
Time to receive funds
Bridgement offers a fast turnaround, with loan decisions made within 24 hours. Once approved, funds are typically available on the same day.
Illustrative Example
- Loan Amount: R100,000.00
- Repayment Terms: 12 months
- Interest Rate: 1.7% per month
- Monthly Instalment: R10,183
- Total Cost of Credit: R22,200 (interest)
- Total Repayment: R122,200
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from Bridgement.
Business Term Loans
Nedbank: Best for comprehensive business services
Interest (APR)
0.85% per mo
Loan Amount
R50k-R1m
Loan Term
12-120 mo
Apply on partner site
Pros & cons
Pros
- Wide range of loan amounts and flexible terms
- Competitive interest rates from 10.25%
- Comprehensive support services for businesses
- Tailored solutions for both small and large businesses
- Strong reputation and personalized service
Cons
- Fees vary and may depend on risk profile
- Credit score and collateral often required
- Application process can take time depending on loan size
- Not ideal for businesses with poor financial history
Our take
Overview
Nedbank is one of South Africa’s leading banks, with a rich history and deep experience in providing financial solutions for businesses of all sizes. They offer a wide range of business loan products, including short-term, medium-term, and long-term loans, designed to help businesses grow and manage their operations effectively. Nedbank’s business term loans are ideal for businesses looking to fund expansion, acquire assets, or cover operational costs with flexible repayment terms ranging from 12 months to 10 years.
Their business banking services are well-regarded for their tailored solutions, which cater to both small enterprises and large corporations. With over 500 dedicated bankers across 200 locations, Nedbank offers personalized service and expert advice, making it a trusted partner for businesses in South Africa.
Key Facts
- Loan Amount: Nedbank offers business loans ranging from R50,000 to R1 million, catering to a broad range of businesses needing capital for growth.
- Repayment Terms: Flexible repayment terms of 12 to 120 months, making it suitable for both short-term and long-term business financing.
- Interest Rates: Interest rates start from 10.25% (approx. 0.85% monthly), depending on the business’s credit rating and risk profile.
- Collateral Requirement: Collateral may be required depending on the loan amount and risk assessment.
- Approval Speed: Loan decisions typically take 3-5 business days, providing businesses with a reliable funding timeline.
- Business Support: In addition to loans, Nedbank offers extensive business banking services, including financial planning and cash management.
Known qualification & document requirements
- Minimum trading history of 12 months for established businesses.
- Credit history assessment and collateral may be required.
- Financial statements and tax returns required.
- Business plan outlining income and expenses.
- Proof of assets and liabilities for collateral purposes.
Fees
- Initiation fees and monthly admin fees vary based on the loan amount and term.
- Fees are customized based on the applicant’s risk profile and credit score.
Time to receive funds
Once the loan is approved, funds can typically be disbursed within 3-5 business days, depending on the completeness of the documentation and the loan amount requested.
Illustrative Example
Loan Amount: R100,000.00
Repayment Terms: 60 months
Annual Interest Rate: 12%, dependent on credit rating
Monthly Instalment: R2,224.44
Total Cost of Credit: R33,466.69 (interest)
Total Repayment: R133,466.69
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from Nedbank.
Business Term Loans
FNB: Best for loyalty rewards
Pros & cons
Pros
- High loan amounts up to R10 million
- Flexible repayment terms from 3 months to 5 years
- Quick approval process within 48 hours
- Multiple application channels for convenience
- Loyalty rewards for good credit performance
Cons
- Collateral may be required for larger loan amounts
- Higher interest rates for borrowers with lower credit scores
- Fees vary depending on risk profile and loan amount
- Business must have a trading history of at least 12 months
Our take
Overview
First National Bank (FNB) is a leading financial institution in South Africa, well known for its wide range of products and services that cater to both individuals and businesses. With a history dating back to 1838, FNB has built a reputation as a reliable and innovative financial service provider. Its business term loans are designed to offer flexible financing options that help businesses grow, manage cash flow, or fund capital projects.
FNB’s business loans provide access to capital up to R10 million, with repayment terms of 3 months to 5 years, making them suitable for both short-term operational needs and long-term expansion. With an easy online application process and quick approval times, FNB is highly regarded for its customer-centric approach and expert business support.
Key Facts
- Loan Amount: FNB offers business loans ranging from R2,000 to R10 million, supporting businesses of all sizes.
- Repayment Terms: Repayment terms are 3 months to 5 years, giving businesses flexibility based on their financial goals.
- Interest Rates: Interest rates start at 10.5% (approx. 0.88% monthly), with rates adjusted according to the business’s credit score.
- Collateral Requirement: Collateral may be required for larger loans, depending on the business’s creditworthiness.
- Approval Speed: Approval is usually completed within 48 hours, providing rapid access to funds.
- Loyalty Rewards: FNB offers loyalty rewards for businesses that maintain a good credit standing and consistent repayment history.
Known qualification & document requirements
- Must be a registered business in South Africa.
- Minimum trading history of 12 months.
- Positive cash flow and good credit record required.
- Financial statements, tax returns, and relevant business documentation required.
- Collateral may be required depending on loan amount.
Fees
- Transparent fee structure with no hidden costs.
- Initiation and monthly admin fees vary based on the loan amount and risk profile.
Time to receive funds
Once approved, funds are typically available within 48 hours, with faster processing times for certain loan amounts and pre-qualified clients.
Illustrative Example
Loan Amount: R100,000.00
Repayment Terms: 60 months
Annual Interest Rate: 12%, dependent on credit rating
Monthly Instalment: R2,224.44
Total Cost of Credit: R33,466.69 (interest)
Total Repayment: R133,466.69
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from FNB.
Business Term Loans
Standard Bank: Best for flexible loan terms
Interest (APR)
0.83-1.25% per mo
Loan Amount
R50k-R5m
Loan Term
12-60 mo
Apply on partner site
Pros & cons
Pros
- Competitive interest rates linked to the prime rate
- Flexible loan terms up to 60 months
- Available to both new and existing customers
- Quick funding process once approved
- Access to larger loan amounts for business growth
Cons
- Collateral may be required for higher loan amounts
- Initiation and monthly service fees apply
- Strict documentation and qualification requirements
Our take
Overview
Standard Bank is one of the largest financial institutions in South Africa, with a longstanding reputation for providing comprehensive banking solutions tailored to individuals and businesses. Established in 1862, the bank has grown to become a trusted name across various sectors. Standard Bank offers a range of business financing solutions, including business term loans, designed to support businesses at different stages of growth.
The Business Term Loan is ideal for funding capital expenditures, business expansion, or managing cash flow. Offering flexible repayment terms of up to 60 months, Standard Bank provides competitive interest rates linked to the prime rate, making it a suitable option for businesses looking for reliable, long-term financing. The loan caters to both existing customers and new clients.
Key Facts
- Loan Amount: Standard Bank offers business loans ranging from R50,000 to R5 million, allowing businesses to finance expansion and capital projects.
- Repayment Terms: Terms range from 12 to 60 months, providing flexibility for businesses looking for mid- to long-term funding.
- Interest Rates: Interest rates are linked to the prime rate, ensuring competitive pricing based on market conditions.
- Collateral Requirement: Collateral may be required for larger loan amounts, depending on the business’s risk profile.
- Approval Speed: Funds are typically available within 48 hours of approval, ensuring timely access to capital.
- Business Support: Standard Bank also offers tailored business solutions, such as overdrafts and asset financing.
Known qualification & document requirements
- Must be a registered business in South Africa
- Minimum trading history of 12 months required.
- Financial statements, cash flow projections, and business plan.
- Identification and proof of address for owners and business representatives.
- Collateral may be required depending on the loan amount.
Fees
- Initiation fee of 1.51% of the loan amount.
- Monthly service fee of R69.
- Additional fees may apply based on the risk profile.
Time to receive funds
Once approved, funds are generally available within 48 hours, provided all required documents are submitted and verified.
Illustrative Example
Loan Amount: R100,000.00
Repayment Terms: 60 months
Annual Interest Rate: 12%, dependent on credit rating
Monthly Instalment: R2,320
Total Cost of Credit: R39,200.00 (interest)
Total Repayment: R139,200.00
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from Standard Bank.
Business Term Loans
Capitec: Best for personalised support
Interest (APR)
0.83-1.25% per mo
Loan Amount
R50k-R5m
Loan Term
12-60 mo
Apply on partner site
Pros & cons
Pros
- Competitive rates linked to prime
- Flexible repayment terms up to 60 months
- No extensive business plans required for application
- Personalized service with dedicated relationship bankers
- Suitable for various business needs, from expansion to debt consolidation
Cons
- Collateral or personal suretyship may be required
- Must have at least 2 years of business operations
- Documentation requirements include financial statements and management accounts
Our take
Overview
Capitec Bank, founded in 2001, has become one of South Africa’s largest retail banks, with over 21 million active clients. Initially focused on personal banking, Capitec expanded into business banking after acquiring Mercantile Bank in 2019. Through this acquisition, Capitec now offers a range of business loans designed to meet the needs of small to medium enterprises (SMEs). Their Business Term Loan is tailored to help businesses finance capital expenditures, expansions, and other growth-related activities.
Capitec’s business loans are known for flexibility and competitive rates linked to the prime lending rate, ensuring businesses benefit from market fluctuations. With repayment terms of up to 60 months and personalized support from relationship bankers, Capitec has positioned itself as a key player in providing accessible and straightforward business loans in South Africa.
Key Facts
- Loan Amount: Capitec offers business loans from R50,000 to R5 million, helping businesses finance operations and expansion.
- Repayment Terms: Repayment terms range from 12 to 60 months, offering long-term flexibility for businesses.
- Interest Rates: Interest rates are linked to the prime lending rate, providing competitive and adjustable loan terms.
- Collateral Requirement: Collateral or personal suretyship may be required, depending on the loan size and business profile.
- Approval Speed: Loans are approved and disbursed within 3-5 business days, making the process swift for businesses in need of capital.
- Business Support: Capitec provides relationship banking services, ensuring ongoing support throughout the loan term.
Known qualification & document requirements
- Must have a Capitec business account.
- Minimum of 2 years of business operation.
- Personal suretyships, bonds over property, or other collateral may be required.
- Signed financial statements and up-to-date management accounts.
- 6 months’ bank statements (for new clients).
Fees
- Fees vary based on business profile and credit demand.
- Interest rates are linked to prime, providing flexibility as market rates fluctuate.
Time to receive funds
Once approved, funds are typically available within 3-5 business days, depending on the completeness of documentation and loan amount.
Illustrative Example
Loan Amount: R100,000.00
Repayment Terms: 60 months
Annual Interest Rate: 12%, linked to prime
Monthly Instalment: R2,224.44
Total Cost of Credit: R33,466.69 (interest)
Total Repayment: R133,466.69
*Please note this is just an illustrative example. Your rate and fees will depend on your personal risk profile. To get an accurate quote, request one directly from Capitec.
Compare business term loan rates with Fundrate's top picks
Lender | Best For | Est. Apr | Loan Amount | Loan Term |
|---|---|---|---|---|
Lula | Fast approvals | 2-6% per month | R10k-R5m | 6-12 months |
Bridgement | Early repayment discounts | From 1.7% per month | R20k-R5m | 1-12 months |
Nedbank | Comprehensive business services | Approx 0.85% per month | R50k-R1m | 12-120 months |
FNB | Loyalty rewards | Approx 0.88% per month | R2k-R10m | 3-60 months |
Standard Bank | Flexible loan terms | 0.83-1.25% per month | R50k-R5m | 12-60 months |
Capitec | Personalised support | 0.83-1.25% per month | R50k-R5m | 12-60 months |
Pros and cons of business term loans
While business loans can provide crucial funding, they aren’t ideal for every business. Weigh the pros and cons before committing.
- Predictable monthly payments aid budgeting
- Often lower interest rates available
- Can improve business credit rating
- Access to large loan amounts
- Longer repayment terms offer flexibility
- Collateral may be required
- Strict eligibility, including strong credit
- Longer approval process than alternatives
- Early repayment penalties may apply
- Inflexible repayment schedule once set
What is a Business Term Loan?
A business term loan provides a lump sum of capital that you repay over a set period with regular instalments. It’s an ideal solution if you’re looking to finance specific, larger projects, like equipment purchases, business expansion, or other high-cost investments that contribute to your company’s growth. Business term loans in South Africa come with flexible options, such as short-term loans (several months) to long-term loans (several years), and they usually have fixed or variable interest rates, making it easy to plan and budget for repayments.
Loan Use Cases
Common scenarios where a business term loan can benefit your business:
- Working Capital: Cover operational expenses during slow cash flow periods without impacting your daily budget.
- Equipment Purchases: Invest in essential machinery, vehicles, or technology to enhance business operations.
- Inventory Financing: Buy bulk inventory at discounted rates, ensuring you’re well-stocked for peak business periods.
- Expansion or Renovation Projects: Use funds to open a new location or renovate an existing one, helping you reach more customers.
Loan Eligibility Factors
What do lenders require to qualify for a business term loan?
Meeting specific criteria can boost your approval chances:
- Minimum Revenue Requirements: Many lenders require that you demonstrate consistent monthly or annual revenue, ensuring you can manage loan repayments.
- Time in Business: Lenders often prefer businesses that have been operational for at least 6-12 months.
- Credit Score: Both personal and business credit scores impact eligibility, with higher scores potentially qualifying you for better interest rates.
- Industry Type and Business Registration: Some lenders have specific requirements depending on your industry or type of business entity, such as registered Pty Ltd or sole proprietorship.
Credit Score Impact and How to Improve It
How does your credit score affect your loan options?
Your credit score directly influences the interest rate and terms you’re offered. A higher credit score generally translates to lower interest rates and better loan terms, while a lower score may limit your options or increase the cost of borrowing.
Tips to improve your credit score:
- Make Timely Payments: Pay bills on time to build a positive payment history.
- Reduce Outstanding Debt: Lowering credit balances improves your credit profile.
- Check Your Credit Report: Regularly review your credit report to spot and correct errors.
- Avoid Multiple Applications: Too many credit applications can reduce your score; apply only when you’re ready.
Interest Rates Breakdown
Understanding interest rates for business term loans:
Interest rates vary depending on the lender, loan term, and your financial profile. Here’s what to expect:
- Typical Interest Rate Ranges: Business term loan rates in South Africa generally range from 9% to 72% APR.
- Fixed vs. Variable Rates: Fixed rates offer consistent payments, while variable rates fluctuate, affecting monthly instalments.
- Factors Influencing Rates: Business financials, credit score, loan amount, and loan term all affect the interest rate you’re offered.
What is APR?
APR (Annual Percentage Rate) reflects the overall cost of borrowing, including both interest and fees, making it a valuable tool for comparing loan offers.
Repayment Terms and Flexibility
Typical repayment options for business term loans:
Most business term loans offer repayment terms ranging from 1 to 7 years, giving you flexibility based on your cash flow.
- Early Repayment Options: Some lenders allow early repayment without penalties, potentially saving you on interest.
- Seasonal Repayment Plans: Certain lenders offer seasonal payment schedules, which can align with your business’s cash flow cycles.
- Balloon Payment Structures: For certain loan types, you might have smaller monthly payments with a larger final payment, useful if you expect revenue to increase in the future.
Comparison with Other Business Loan Types
How does a business term loan compare to other financing options?
- Lines of Credit: Offers ongoing access to funds for fluctuating cash needs, often with higher interest rates than term loans.
- Merchant Cash Advances: Provides an advance based on future sales, but it generally comes at a higher cost.
- Invoice Factoring: Advances funds based on outstanding invoices, which can be a quicker but more expensive option than a term loan.
A business term loan is usually more structured and suited for planned expenses, while alternatives may offer flexibility for immediate, short-term needs.
Regulatory and Legal Considerations in South Africa
Key regulations and protections for business term loans:
- National Credit Act (NCA): While primarily focused on consumer credit, certain protections may apply to small businesses, particularly around transparency.
- Required Disclosures: Lenders must clearly outline fees, interest rates, and repayment terms upfront.
- Borrower Protections: The NCA and other South African laws ensure that lenders maintain transparency in their practices, providing some protection to smaller businesses from excessive fees or unfair terms.
Alternatives to Business Term Loans
Other financing options if a term loan isn’t the best fit:
- Lines of Credit: For flexibility in ongoing expenses.
- Merchant Cash Advances: Useful for businesses with high card sales but come with higher fees.
- Crowdfunding Platforms: If you’re looking for alternative sources without traditional lending, crowdfunding may suit specific project-based funding needs.
How to Apply for a Business Term Loan
A step-by-step guide to applying for a business term loan:
- Eligibility Assessment: Ensure your business meets revenue, time in operation, and credit score requirements.
- Document Preparation: Gather essential documents like financial statements, business registration, and a business plan.
- Application Submission: Apply online or in person, depending on the lender’s requirements.
- Approval Process: Lenders may review your financials, credit history, and purpose for the loan, with potential conditions attached.
- Receiving Funds: Upon approval, funds are typically disbursed to your business account, allowing you to proceed with your planned projects.
FAQs
What is the typical interest rate for business term loans in South Africa?
Interest rates for business term loans in South Africa generally start from around 9% to 72%, but they can vary based on the lender, loan amount, and the business’s credit profile.
How long does it take to get approved for a business term loan?
Approval times vary by lender. Banks may take 5-10 business days, while fintech lenders like Lula or Bridgement can approve loans in as little as 24-48 hours.
What documents do I need to apply for a business term loan?
Typically, you’ll need financial statements, bank statements, business registration documents, and proof of annual revenue. Some lenders may require a business plan or collateral.
Can I qualify for a business term loan if I have bad credit?
It’s more difficult to qualify for a business term loan with bad credit, but alternative lenders may offer loans with higher interest rates. Lenders generally prefer a good credit score and a solid business history.
Are there any additional fees associated with business term loans?
Yes, most lenders charge an initiation fee and sometimes a monthly service fee. Additionally, there may be early repayment penalties with some lenders.
What is the maximum loan amount I can apply for?
The maximum loan amount typically ranges from R2 million to R10 million, depending on the lender and the business’s financial standing.
How long can I take to repay a business term loan?
Repayment terms for business term loans generally range from 1 month to 5 years, with some lenders offering terms as long as 10 years for large amounts.
Are there penalties for early repayment?
Some lenders charge early repayment penalties, but others, such as Bridgement, may offer discounts for settling the loan early.
Do I need collateral to qualify for a business term loan?
Many lenders require collateral, such as property or equipment, especially for large loan amounts. However, fintech lenders like Lulalend and Bridgement offer unsecured loans that don’t require collateral.
How do business term loan interest rates compare between banks and alternative lenders?
Banks tend to offer lower interest rates, often starting around 10%, but the approval process is longer and more stringent. Alternative lenders like Lula may offer higher rates, ranging from 2%-6% per month, but with quicker approvals and less paperwork.
How we choose our best business loan lenders
To select the best loans, Fundrate evaluates the most prominent lenders in South Africa. Each lender was ranked focusing on four main categories:
Affordability
This section of the scoring evaluates interest rates, penalties, and fees. Lower rates and fees, along with fewer penalties, contribute to a higher score. Lenders that offer rate discounts, grace periods, and the option to change the due date receive bonus points.
Availability
This category considers factors such as minimum loan amounts, number of repayment terms, eligibility requirements, the option to apply with a co-borrower or co-signer, and the loan turnaround time.
Customer experience
This category includes customer service hours, the availability of online applications, online account access, and mobile apps.
Transparency
For this factor, we assess how clearly information is presented to borrowers on the lender’s website. This includes details on credit requirements, rates, fees, and the availability of prequalification.