PersonalLoans.com 2022 Review
PersonalLoans.com Overview
Since 1998, PersonalLoans.com has provided a simple way for consumers to connect to an online network of lenders and lending partners to receive a personal loan. These loans can be used for a variety of reasons, including debt consolidation, medical expenses, auto repair, vacations, and home improvement. Our PersonalLoans.com review will help you decide if the website is right for you.
PersonalLoans.com is a loan marketplace. That means that rather than funding personal loans themselves, PersonalLoans.com has a network of reputable lenders and lending partners that you can access by simply filling out a form on their website. To find out if you are eligible, you must provide information regarding the amount you want to borrow, your credit type, the reason for your loan, and basic personal information such as your income.
After receiving your loan request, affiliated lenders decide whether or not to approve your loan. If your information is not verified by the lender, they may deny the loan or ask for corrections. This whole process only takes a matter of minutes.
PersonalLoans.com offers three types of loans: peer-to-peer loans, which connect you with investors like individuals or companies; bank personal loans, which are funded by traditional financial institutions; and installment loans, which are funded by other finance companies.
PersonalLoans.com Pros
- Loans for all credit types.
- Wide range of loan amounts: Loans range from $500 to $35,000.
- Available nationwide.
- Quick loan request decision and funding: If approved, you can receive your funds in as little as one business day.
- Network of lenders: They offer a large network of online lenders that provide installment loans, bank loans, and P2P loans.
- Excellent customer support: PersonalLoans.com's customer support has overwhelmingly positive reviews from their clients.
- Additional resources: PersonalLoans.com's website contains additional resources, including an informative FAQ section and a detailed guide on how the process works.
PersonalLoans.com Cons
- Because PersonalLoans.com does not directly provide the loans, they cannot guarantee the loan terms, pricing, and interest rates.
How Does PersonalLoans.com Work?
PersonalLoans.com is a loan marketplace, not a direct lender. That means that rather than being a lender itself, it serves as an intermediary between borrowers and lenders. You can apply on PersonalLoans.com to get loan offers from multiple companies.
When you apply, PersonalLoans.com reviews your application, financial details, and credit situation. Based on the information you provide, PersonalLoans.com will try to match you with lenders that are likely to approve you for a loan.
PersonalLoans.com sends your info to those partner lenders and those lenders send back loan quotes. You can view the quotes to compare the interest rates and fees and then choose the best loan for your needs. If you choose to move forward with one of the loan offers, you’ll finish the application process on that lender’s website.
Products Offered
PersonalLoans.com, as the name implies, focuses on providing personal loans to its customers. These are flexible loans that you can use for almost any purpose.
However, the company matches you with lenders offering three different types of personal loans:
Loan Type
- Peer-to-Peer loans
- Details: These loans are funded by everyday investors who want to invest in personal loans.
- Credit Score: 600+
- Minimum Income: $2,000 per month, must be verifiable
- Income Source: Employed or Self-Employed
- Loan Amount: $1,000 to $35,000
- Details: These loans are funded by everyday investors who want to invest in personal loans.
- Installment loan
- Details: These are traditional loans offered by companies focused on lending
- Credit Score: 580+
- Minimum Income: $2,000 per month, must be verifiable
- Income Source: Employed, Self-Employed, or Benefits
- Loan Amount: $1,000 to $35,000
- Details: These are traditional loans offered by companies focused on lending
- Bank personal loans
- Details: These are traditional loans offered by a bank or credit union rather than a specialized lender
- Credit Score: 580+
- Minimum Income: $3,000 per month, must be verifiable
- Income Source: Employed, Self-Employed, or Benefits
- Loan Amount: $1,000 to $35,000
- Details: These are traditional loans offered by a bank or credit union rather than a specialized lender
PersonalLoans.com - How to Qualify?
Like any loan, the most important factors in your ability to get a loan from PersonalLoans.com are your credit score and financial situation.
The higher your credit and your income, the better your odds of getting a loan. PersonalLoans.com will also consider your existing debt. The less you already owe, the better your chances of qualifying. These factors also influence the interest rate – the price – of the loan.
There are a few minimum requirements you must meet to qualify.
- No recent bankruptcies or charge-offs, accounts over 60 days late, or a track record of late payments
- Income of $2,000 or $3,000+ per month depending on loan type
- Credit score of 580 or 600+ depending on the loan type
PersonalLoans.com - How to Apply?
PersonalLoans.com makes applying for a loan simple. You can handle the entire process from the PersonalLoans.com’s website.
The application is relatively basic, asking you for some details such as your income, approximate credit rating, other debts you may have, and your reason for applying for a loan. PersonalLoans.com takes that information and submits it to its partner lenders.
If its partner lenders think that you’re a good applicant, they’ll send quotes to PersonalLoans.com. PersonalLoans.com will let you review the quotes from each lender that sends one, giving you a chance to compare the interest rates, repayment terms, and fees.
If you like one of the offers, you’ll have to complete the application process on that lender’s website. That will involve a bit more paperwork and a hard pull on your credit. If none of the offers look good, then there’s no obligation to get a loan.
Terms & Requirements
PersonalLoans.com has a few requirements for its borrowers. To be eligible for a loan, you must meet these requirements:
- You must be at least 18 years of age.
- You must have a valid Social Security number
- You must be a US citizen or permanent resident - You must be employed full-time, be self-employed, or receive Social Security or disability benefits.
- Lenders and lending partners may require a form of income verification such as a pay stub
- You must have a valid checking account.
- You cannot have debt that can’t be covered by your current income.
PersonalLoans.com Pricing
- There are no setup fees, prepayment fees, or membership charges.
- Loan amounts range from $500 to $35,000.
- Interest rates range from 5.99% to 35.99%.
- Repayment terms range from 3 months to 72 months.
- Depending on the type of loan you take out, origination fees range from 1% to 5%.
For Whom PersonalLoans.com is Good?
PersonalLoans.com is a loan marketplace, which makes it ideal for people who want to shop around for multiple loan offers but who don’t want to put in the effort to submit lots of loan applications with different lenders.
It can also be a good choice for people who have had trouble qualifying for loans in the past. Because PersonalLoans.com has a large network of partner lenders, it can try to match you to a lender that is willing to work with you. One application gives you the chance to get approved by many lenders, so you might consider PersonalLoans.com or another loan marketplace if you have less than perfect credit.
PersonalLoans.com Alternatives
PersonalLoans.com is one of many lending marketplaces out there. It’s always a good idea to shop around and get multiple loan offers to make sure you can get a good interest rate.
If you’re in the market for a personal loan, consider these other lenders.
Summary
PersonalLoans.com provides an excellent platform for borrowers to be connected with online lenders and various types of loans, including bank loans, installment loans, and P2P loans. Interested individuals can contact PersonalLoans.com to learn more.
Contact PersonalLoans.com
Address: PersonalLoans.com 560 E 200 North, Suite 18 Roosevelt, Utah 84066 Email: [email protected] Phone: 1-800-772-2274 Hours: Monday through Friday, 6 am to 7 pm PST
Frequently Asked Questions
How does PersonalLoans.com compare to other lenders?
Rather than directly providing you a loan, PersonalLoans.com connects you to a network of lenders who offer a variety of loan types that best fit your credit profile.
How can I contact PersonalLoans.com?
PersonalLoans.com can be contacted through email at [email protected] and by phone at 1-800-772-2274.
What are PersonalLoans.com's business hours?
Representatives at PersonalLoans.com are available Monday through Friday from 6 am to 7 pm PST.
What types of personal loans does PersonalLoans.com offer?
PersonalLoans.com is not a direct lender but rather works with a network of lenders. Their lenders offer peer-to-peer loans, installment loans, and bank loans.
Will my credit score be affected by a credit pull?
PersonalLoans.com and the lenders they work with may initially do a soft pull on your credit (which does not damage your score) to check if you are eligible. Lenders may do one or more hard credit pulls later on in the loan process, which does damage your score by a few points.
Can I use PersonalLoans.com if I am not in the US?
PersonalLoans.com currently only serves US residents, but they have stated that they plan to work with international lenders and customers in the future.
Does PersonalLoans.com offer any other services?
PersonalLoans.com states that they plan to offer additional services in the future, such as credit monitoring and credit reports for customers.
What should I do if I miss a payment?
If you think you won't be able to make your payment due date, contact your lender immediately. They may be able to help you work out a solution such as a new payment arrangement or offer you a later courtesy due date.
Is PersonalLoans.com legit?
Yes, PersonalLoans.com is legit. It has been helping borrowers find loans since 1998.
Is PersonalLoans.com Trustworthy?
Yes, you can trust PersonalLoans.com. It can help match you to many legitimate lenders.
Is PersonalLoans.com a direct lender?
No, PersonalLoans.com is a loan marketplace that matches you to other lenders, not a direct lender.
What are the reasons you may need a PersonalLoans.com loan?
You can use personal loans from PersonalLoans.com for almost any reason, including home improvement, debt consolidation, an unexpected bill, or a large purchase.
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