Getting the Best Loan for You: A Review of Quicken Compare Loans

Finding the right loan can feel overwhelming. With so many options out there, how do you know which lender is the best fit? That’s where services like Quicken Compare come in. They take your financial situation into account and match you with lenders that make sense. But are they really all they claim to be? I reviewed Quicken Compare to find out.

A Quick Intro to Quicken Compare

Quicken Compare is a loan marketplace, meaning they work with multiple lenders to find you options. The idea is that by comparing rates and fees across lenders, you can get the lowest cost loan for your needs.

According to their website, they partner with over 20 top national lenders. When you provide your information, they match you with up to 5 personalized loan offers.

Pros of Using a Loan Marketplace

There are some nice advantages to using a loan marketplace over going directly to a lender:

• More options By working with multiple lenders, you get more loan offers to consider. This increases your chances of finding the best fit.

• Pre-qualification: Marketplaces like Quicken Compare usually only show you loans you pre-qualify for based on your credit and income. This saves you from applying only to get rejected.

• Less legwork: A marketplace does the work of gathering offers and presenting them to you. You don’t have to fill out 20 applications yourself.

• Fee transparency Marketplaces like Quicken Compare claim to show all costs and fees upfront allowing an apples-to-apples comparison.

What Real Customers Have to Say

I looked at 151 customer reviews of Quicken Compare on Trustpilot to see if the service lives up to its promises. Here’s an overview of what I found:

• 4.3 out of 5 star average rating – This is a pretty good overall rating. It indicates most customers have a positive experience. However, it’s not a perfect score.

• 74% 5-star reviews – Nearly three-quarters of reviewers gave Quicken Compare the highest rating. These customers raved about the experience.

• 12% 1-star reviews – On the flip side, 12% of reviewers gave the lowest rating possible. Their experiences shed light on potential downsides.

• 47 verified purchasers – Almost a third of the reviews came from verified customers who actually used the service. This lends more credibility.

Now, let’s dig into the pros and cons mentioned across the 151 Quicken Compare reviews:

Pros Reported by Real Customers

• Fast process: Many reviewers were impressed by how quickly they got matched with lenders and moved through the process. Quicken really seems to live up to its name for speed.

• Great rates: Customers appreciated the low rates they secured through Quicken Compare. For many, the savings made using a marketplace worthwhile.

• Helpful support: Numerous reviews highlight helpful, responsive support staff who explained the process and answered all questions.

• Easy experience: Lots of reviewers described the process as “quick” and “easy” compared to alternatives. The marketplaces takes much of the work off the customer’s plate.

Cons Highlighted in Less Positive Reviews

• Mismatched lenders: Some customers felt the lenders they were matched with weren’t the best fit for their financial situation. The algorithm doesn’t always get it right.

• Pushy salesmanship: A portion of reviewers accused Quicken Compare staff of being overly pushy or using high-pressure sales tactics. This created a negative experience.

• Lack of transparency: While transparency is touted as a marketplace benefit, some customers didn’t feel all costs or loan details were fully explained.

• Long process: Though many enjoy the speed, not everyone has such a fast experience. Some reviews contradict the claims of a quick and easy process.

Should You Use Quicken Compare for Your Loan?

Quicken Compare enjoys mostly positive reviews from verified users. For many, it provides a smooth process and great rates. However, it falls short for some. No service is right for everyone.

Here are a few things to consider before using Quicken Compare or any loan marketplace:

• Your credit: Marketplaces rely heavily on credit scores. If yours needs work, a smaller lender may provide more options.

• Your financial situation: Those with more complex finances may need an advisor who can customize options. Marketplaces use an algorithm that can miss nuances.

• Your patience: If you want results in the next few days, a marketplace can expedite things. If you have months to shop around, going direct may provide the greatest care.

• Your preferences: If having the absolute lowest rate is most important, a marketplace like Quicken Compare may satisfy. If you value high-touch customer service, you may prefer working with an advisor.

The right option comes down to aligning your priorities with the marketplace’s strengths. Quicken Compare does offer real benefits like fast approvals and potential savings. But it also has limitations to be aware of. Taking time to research your options pays off when finding the perfect loan.