Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
PrimeRates is a company that was founded to help consumers learn more about credit cards, auto loans, and personal loans. It functions as an online resource and marketplace that allows you to pre-qualify for loans.
All you have to do is answer a few questions about your personal financial situation and it gives you an estimate of the type of rate you’ll get and whether you’re likely to get approved by particular lenders.
What Are the Benefits?
When you’re looking for a new credit card, a personal loan, or an auto loan, you might get overwhelmed by the many options. With marketplaces like PrimeRates, you’re able to go to one place, input a few details, and get a quick estimate about how much money you could qualify to borrow from different lenders and how much you would pay in interest. These services can save you a significant amount of time on research and allow you to get a loan and get on with your life.
The benefit of using PrimeRates is that it has several different types of loans you can learn about in one place. While some marketplaces focus on qualifying you for student loan refinance, or for personal loans, PrimeRates is a one-stop shop if you need a credit card, personal loan, or auto loan. This allows you to save time if you want to compare the costs of a personal loan versus an auto loan, for example.
PrimeRates’ reviews and resources provide in-depth information on personal finance topics. Some articles cover whether you should get a personal loan for an engagement ring or whether you should get a personal loan or transfer your debt to a zero-percent interest credit card, for example.
If you need to learn more about personal finance or understand the pros and cons of particular financial choices, you can quickly learn what you need to know by reading their articles.
What Are the Costs?
There are no direct costs to the consumer, as PrimeRates makes money when you take out a loan with one of their lending partners. It’s important to remember that while PrimeRate states on its site that its information is objective, its advertiser disclosure says the compensation PrimeRate receives from partners can impact how and where products are placed. Be careful not to assume that the first loan or credit card they list is the best one – it could just be the one the company gets the highest compensation for.
The downside of PrimeRates is that it carries fewer partners than some other websites. While PrimeRates’ online application is quick, you might be able to complete a similar pre-application at another loan marketplace and get estimates for more lenders – including the ones that PrimeRates lists.
Also, while it plans to offer quotes on auto loans, it has yet to launch that part of the business. It offers over 25 credit cards, but the credit cards are listed across six different web pages, possibly making it harder to directly compare the offerings of one card to another. For that reason, it might potentially become difficult to understand the different selling points of each card.
The Bottom Line
PrimeRates looks like it has the potential to become a great loan marketplace, but its services, partners, and content are currently not as robust as other loan marketplaces. For that reason, you might consider finding another loan marketplace to get a quote.
However, its online application takes very little time to complete, and you can quickly fill one out without wasting too much time. You might just find the loan that is right for you.
Also, it might make sense to check in the future to see if PrimeRates has expanded its offerings. It has the potential to grow and could bring on more partners and offer more services in the future.
Author: Jeff Gitlen