We asked thousands of Australians to rate their personal loan lenders on factors like customer service, features and benefits, ease of application, fees and interest rate, and trustworthiness. Here are the results.
ING has once again been crowned Australia's most loved personal loan brand, taking the top spot in every category for this year's awards. With a competitive rate, no fees and flexible repayment options, it's little wonder.
Loved Brand
Westpac received a score of 4.1, increasing its favour from last year.
NAB also achieved a score of 4.1 from its customers, putting 2 of the big 4 into the most loved lenders.
Although with a slightly lower score than last year, ING was voted the most trusted personal loan provider. With a score of 4.4 out of 5, it was still the clear winner.
Trusted Brand
NAB was given a satisfaction score of 4.2 for its trustiworthiness from customers.
Westpac also receives a commendation for its score of 4.2 for trustworthiness.
ING prides itself on its customer service and so taking out the top spot for legendary service is no surprise. It received a score of 4.3 out of 5 for this category.
Quality Service
NAB was given a score of 4.2 for the quality of its service, showing how close this category was.
Westpac received a score of 4.2 for its customer service.
ING is named as the brand that most customers would recommend. An incredible 99% of respondents said it would recommend ING to family or friends.
Recommended Brand
A still impressive 88% of people said they would recommend NAB as a personal loan provider.
ANZ also saw 88% of its customers say they would recommend the bank as a personal loan provider.
Each year, thousands of Australians rate brands they've used as part of Finder's Customer Satisfaction Awards. Consumers assess brands within a product category across various metrics, including trust, customer service, value and overall satisfaction. Finder partnered with leading data and insights firm Dynata to survey customers and analyse their feedback.
Customers reviewed products they had purchased or used recently, with the recency period varying by category—from within the past year to up to five years.
Surveys continued until each category reached a minimum sample size of 500 to 5,000 responses, depending on the category. Respondents selected a brand from a pre-populated list or entered their own. Responses were recorded as they fell naturally.
We used the following metrics to assess brands and asked customers between 4-8 questions, including:
The final scores were determined exclusively based on the relevant metric. For example, the Most Trusted award was calculated based on responses to the question on how much people trust a brand, while the Most Loved award was based on responses to the question on how much people love a brand.
If a brand or product no longer exists in the market, they were disqualified and excluded from our assessment, meaning that they were ineligible for consideration for any Award (even though responses may have been collected in relation to the relevant brand's product(s) at such time that they were previously available). However, if only the brand's name changed and the products remained the same, the brand was still eligible for consideration for an Award and was assessed by us on the basis of the new brand name. Additionally, brands that did not meet the minimum per-brand sample size were excluded. The threshold ranged from 40 to 100 responses per brand, depending on the category, with most being 100.
The Finder Customer Satisfaction Awards is an independent awards program and commercial partnerships do not influence the results in any way.
Piyush is an insights analyst at Finder and is responsible for developing the methodology for Finder's Product Awards. He holds an MBA from Macquarie University and a MSc in Banking and Finance from the University of London.
Richard Whitten is a money editor at Finder. He has been covering home loans, property and personal finance for the last 7 years.
Rebecca is a senior writer at Finder covering all things money. She has been writing about the home loan market in Australia for 5 years.
Check out the best of the best, judged by experts.
All the Finder Awards
