Finder: Personal Loans Customer Satisfaction Awards 2023
Customer satisfaction awards that recognize personal loan lenders and search platforms for exceptional customer service based on the real-world experience of Canadian customers.
Welcome to the Finder: Personal Loans Customer Satisfaction Awards 2023
Approximately two-thirds of Canadians cut back on their spending in 2023 with many finding ways to save either by shopping for deals or looking for value.(1) But finding value can be hard, particularly when you don’t have first-hand experience with a brand or product. To bridge this gap, many consumers rely on word-of-mouth recommendations directly from family and friends or through online reviews. But, in a fast-moving, competitive world it can be hard to find that first-hand experience. To help, we turned to the people with real-world experience working with personal loan providers: Customers.
To tap into the power of word-of-mouth, we launched the Finder: Personal Loans Customer Satisfaction Awards 2023. We asked customers for their honest assessment of Canada’s leading personal loan providers and used these results to develop a list that recognizes Canada’s best personal loan providers for 2023.
Winners of the personal loan customer satisfaction awards 2023
The winners of the Finder: Personal Loans Customer Satisfaction Awards 2023 were determined based on the results of a customer survey that dictated each brand’s overall customer satisfaction score. You can read our full methodology below.
Here are the winners for 2023:
Best Personal Loan Alternative Lender
As an Ontario-based alternative lender, Prudent Financial offers home equity and vehicle title loans — even to borrowers with poor or bad credit or those who have experienced bankruptcy. Customers appreciate the firm’s “great service attitude” and this attention to customer needs pushed this personal loan lender to the top of the list with an overall customer satisfaction score of 87.89% and a Finder: ★★★★★ star rating.
Loans from Cashco Financial not only help borrowers find financing but also help to rebuild or build credit. Loan repayments are reported to credit bureaus, and even those with poor or fair credit have options. Customers report that the application process is quick and easy giving this alternative lender an overall customer satisfaction score of 86.55% and a Finder: ★★★★★ star rating.
Best Personal Loan Search Platform
As a personal loan search platform, Borrowell is known for providing many options to its clients. Customers report helpful agents and a user-friendly process. This helped this personal loan search platform rise to the top with an overall customer satisfaction score of 76.45% and a Finder: ★★★★★ star rating.
Like many search platforms, Loans Canada specializes in finding multiple lenders for borrowers through one application. Customers report that the application process is easy and the online site is simple and easy to navigate — giving this personal loan search platform an overall customer satisfaction score of 75.15% and a Finder: ★★★★★ star rating.
Best Personal Loan Traditional Lender
Vancity is a BC-based credit union with a wide range of personal loans, including flexible lines of credit, personal loans over $5,000 and short-term loans to help borrowers rebuild their credit scores. Customers appreciate the personalized service and the credit union’s simple, straightforward process. This gave this traditional lender an overall customer satisfaction score of 86.75% and a Finder: ★★★★★ star rating.
Read our review of Vancity
As a traditional lender, TD offers a great deal of flexibility when it comes to personal loans. Customers appreciate how easy and fast the personal loan application process is with TD Bank and the trustworthiness of this traditional lender. As a result, TD’s overall customer satisfaction score was 86.15% with a Finder: ★★★★★ star rating.
Top 15 Finder: Most Recommended Personal Loan Providers in Canada in 2023
Opinions matter. It’s why firms spend time and money building brand loyalty. It’s why customers — overwhelmed by provider and product choices — will focus on word-of-mouth recommendations.
According to a report from McKinsey & Company, word-of-mouth referrals drive 20% to 50% of purchasing decisions(2) — and the power of personal recommendations actually amplified and accelerated over the last decade with the growth of the digital revolution.
To capture the importance of personal recommendations, Finder created the “Most Recommended” list of personal loan providers in Canada. The only criterion was the percentage of past customers who would recommend the personal loan provider to a friend or family member.
Here are the Top 15 Most Recommended personal loan providers in 2023:
Top 15 Finder: Best-Rated Customer Satisfaction Personal Loan Providers in Canada in 2023
In this digital age, brand reputation matters. Positive online reviews can help build trust and grow a company’s client base. For customers, online reviews help with research and allow for more strategic spending decisions.
According to Brand Rated, a US-based review and affiliate marketing site, 95% of consumers read reviews before buying a product or service.(3)
To capture the importance and power of online reviews, Finder created the “Best-Rated” list of personal loan providers in Canada. The only criterion was how satisfied past customers were when dealing with the personal loan provider or platform.
Here are the Top 15 Best-Rated personal loan providers in 2023:
Finder: Personal Loans Customer Satisfaction Awards 2023 — Selection Criteria
The initial step in determining the short list of personal loan providers was to list lenders currently operating in Canada, including traditional lenders, loan search platforms, and alternative financing sources.
Finder experts ran this long list of loan providers through an independent search traffic database to eliminate niche or smaller-market loan providers. Only brands with a monthly search volume of 10,000 or more were shortlisted. Using this preliminary list, Finder experts added market leaders in the alternative lenders and loan search platform markets — two categories specializing in providing personal loans to borrowers with less than exceptional credit scores. The final result was a list of 29 personal loan providers.
Finder: Personal Loans Customer Satisfaction Awards 2023 — Survey Methodology
Between April and June 2023, Finder experts ran an independent customer satisfaction survey. Almost 1,100 customer responses (1,063) were recorded — with respondents providing detailed opinions on their current lender experience.
In particular, survey respondents were asked to assess, measure and rank their experience with their personal loan providers based on the following criteria:
- How satisfied were you when working with the lender?
- Would you recommend this provider to a friend or family member?
- Explain the rationale for your individual score of this personal loan provider or platform.
To keep customer experience current and relevant, only customers with experience working with a personal loan provider in the last 24 months were included in the survey results.
To be eligible for a Finder Award and 5-Star Rating, brands had to receive a minimum of 15 responses.
Finder: Personal Loans Customer Satisfaction Awards 2023 — Rating Methodology
The Finder: Personal Loans Customer Satisfaction Awards 2023 recognizes Canada’s best personal loan brands across three main categories: Alternative lenders, loan search platforms and traditional lenders.
Each personal loan provider was pre-sorted into an appropriate category type before calculations were completed to determine winners.
While the definition of these categories follows industry standards, for the sake of transparency these are the definitions used by Finder experts:
- Traditional lender. Before there was competition among lenders to offer personal loans, Canadians could only get extended credit from banks, credit unions and, in some cases, larger financial institutions, such as life insurance companies. These days, the traditional lender category continues to capture any lender that is classified as a bank, credit union and, in some cases, the financial arm of a life insurance firm.
- Alternative lender. A company or brand that offers lines of credit or personal loans through in-house financing. This can include private firms as well as publicly traded companies. While there are many different business models in the alternative lender category, the common element is that these lenders have access to their own source of funding and, as a result, do not partner with traditional lenders or shop the market on behalf of their clients.
- Loan search platform. A loan search platform is a relatively newer category in the personal lending marketplace. These companies specialize in matching lenders to customers with the aim of comparing many lending products to find the best option for the client.
To determine the list of winners, Finder experts converted recommended and satisfaction rankings into scores, which were then used to calculate each provider’s overall customer satisfaction score. The breakdown of this calculation was as follows:
- 50% of the overall customer satisfaction score is derived from the average customer satisfaction score
- 50% of the overall customer satisfaction score came from the average “would you recommend” score
In each of the three categories, the personal loan provider with the highest overall customer satisfaction score was awarded the title of Winner, while the highly acclaimed runner-up was awarded the title of Finalist. Brands had to receive at least 15 responses to be eligible for an award.
To obtain a 5-star rating, the overall customer satisfaction score was converted using the following five-star rating range:
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Most Recommended and Best-Rated Winners List
To keep the emphasis on the customer’s voice, Finder experts also chose to publish two “top” lists:
- Top 15 Most Recommended Personal Loan Providers — a ranking of all personal loan providers based on the highest “would you recommend” score and the
- Top 15 Best-Rated Personal Loan Providers — a ranking of all personal loan providers based on the highest “customer satisfaction” score.
These two lists recognize and capture the importance of real-world customer satisfaction and the power of personal recommendations.
No commercial partnerships influenced the results of the Finder: Personal Loans Customer Satisfaction Awards 2023.
Finder: Personal Loans Customer Satisfaction Awards 2023 — Survey Margin of Error
The Finder: Personal Loans Customer Satisfaction Awards 2023 survey results were collected through an online third-party survey provider. The survey was conducted between April and June 2023. The survey asked 506 respondents, representing a stratified representation of Canadians above the age of 18, about their opinions and experience with a personal loan provider. The estimated margin of error for the survey is +/- 3.20%, 17 out of 20 times.
Finder is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians – and more than five million globally – with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on thousands of products and services.
As a global fintech website and app, Finder provides consumers free access to smart money content. Whether it's expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances while saving time and money.
Finder is available to consumers in Canada, Australia, America and the United Kingdom. Initially launched in 2006 by three Australians – Fred Schebesta, Frank Restuccia and Jeremy Cabral – Finder's global reach now includes thousands of products and services in hundreds of financial categories and provides expert content and independent reviews to more than five million users each month.
- Angus Reid Institute: Cost of Living report
- Brand Rated: 9 out of 10 Customers Read Reviews Before Buying a Product
- McKinsey & Company: A New Way to Measure Word of Mouth Marketing
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