2021 personal loan Annual Moneyfacts Star Ratings revealed

Established high street banks and challenger banks alike have been awarded the Moneyfacts 2021 Five and Four Star Ratings in the personal loan sector today.

A full list of providers that have been given the coveted Moneyfacts 2021 Five and Four Star Ratings can be found on our personal loan star rating page.

When deciding who to award the Star Ratings to, a team at Moneyfacts review thousands of products across 16 categories in which extensive analysis of more than 2,000 data fields is done to make the final choice.

Commenting on today’s personal loan Star Rating announcement, Samantha Owens, star ratings and personal finance analytics manager at Moneyfacts, said: “In the current climate, finding a great rate on a loan is essential, but ensuring it has the flexibility needed should circumstances change will also be an important feature for many consumers.

“The Moneyfacts Annual Star Ratings for unsecured personal loans look further than the headline rates, highlighting what else the loan has to offer. The highest ratings will be awarded to those with the most features, from the application process through to paying off the loan, while also looking at the features and charges applicable during the term of the loan, allowing individuals to filter down for their own needs.”

When considering the unsecured personal loan products, the features that were reviewed included:

• Maximum sums insured
• Footprint-free quote
• Instant decision
• Application methods
• Early repayment charge
• Deferment periods
• Minimum and maximum advances
• Minimum and maximum terms
• Payment methods
• Overpayment without early repayment charge
• Debt consolidation limit
• Incentives
• Joint application
• Loan top-up options
• Online statements
• Payment holidays
• Risk-based pricing
• Same-day funds
• Unpaid charges.