Sooner or later, everyone needs money quickly. If those funds are not sitting in a savings account somewhere, people may need to look at taking out a personal loan. Read this review to see how PersonalLoans.com is a place where you can easily go to apply for a personal loan.
What is PersonalLoans.com?
PersonalLoans.com is an online lending marketplace. It offers three types of loans—installment, bank, and peer-to-peer. The loans range in size from $1,000 to $35,000, with interest rates between 5.99% and 35.99%. The length of a loan can range from 3 to 72 months.
PersonalLoans.com is not a direct lender. They are an online aggregator that connects borrowers with lenders. No fees are charged to the consumer for applying for a loan through the website.
Why Use PersonalLoans.com?
The obvious reason for using PersonalLoans.com is it is free. However, that isn’t the only reason to look at the site if you need a personal loan. Let’s review what benefits PersonalLoans.com offers to its users.
PersonalLoans.com specializes in helping people to find the personal loans they need with lenders they can trust. Whether you’re dealing with unexpected expenses, trying to rebuild your credit, or planning a project, a personal loan can give you the freedom and flexibility to handle whatever comes your way. You can use the money for anything you need. Pay a medical bill, and replace that leaking roof. Consolidate your credit card debt. A personal loan costs less than a high-interest payday loan and may even have a lower interest rate than your credit card. These loans are paid back in installments, a series of fixed monthly payments, for up to five years. Most are not secured, so you don’t need collateral like your home or a vehicle.
It’s always best to compare lenders to find the best option for your needs. That takes time and can be a daunting experience if you do it yourself. Fortunately, online marketplaces allow you to easily find lenders.
- Finding a lender is fast and easy. Simply submit your request online, from your home or even from your smartphone to review the personal loan offers you qualify for
- It is free. There’s no membership required, and it’s free.
- Access to a large network of lending partners gives you more options and increases your chance of getting approved.
- PersonalLoans.com is a member of the Online Lenders Alliance whose code of conduct and best practices ensure that its customers are fully informed and receive fair and responsible treatment in an online lending market compliant with federal law.
Let’s review each of the benefits of finding a loan through PersonalLoans.com in more detail:
Online Lenders’ Alliance Member
By being an OLA member, the company is committing to fair and honest practices. It agrees to:
- Comply with all federal laws and regulations
- Protect consumers against fraud
- Provide reasonable cancellation policies
- Remove any false or misleading information or advertising
Having an OLA membership illustrates the company’s commitment to these practices.
Flexible Terms
Some online portals and associated lenders limit repayment plans, and have strict terms and conditions and rigid loan amounts. PersonalLoans.com offers a range of loan amounts, with the largest amounts exceeding the typical $10,000 cap. The repayment terms are also generous, with a minimum of 90 days and a maximum of 72 months.
Different Types of Loans
PersonalLoans.com offers three different types of personal loans:
Peer-to-Peer Loans
These loans result from borrowers being directly connected to investors. That means a borrower is receiving a loan directly from an individual or company. When the terms are confirmed, the borrower makes fixed monthly payments to the investor. The interest rates are often lower on peer-to-peer loans; however, every situation is different. Typical loan requirements are:
- 600+ credit score
- Verifiable monthly income of $2,000
- Employed or Self-Employed
- Loan amounts between $1,000 and $35,000
Installment Loans
Every state has rules for personal loans, such as the maximum loan amount and interest rates. Lenders or lending partners may use a range of factors beyond credit scores and repayment history. Consumers should understand the applicable state and federal laws before finalizing a personal installment loan. The typical requirements for an installment loan are:
- 580+ credit score
- Monthly income of $2,000
- Employed, Self-Employed, or Benefits
- Loan amounts between $1,000 and $35,000
Bank Loans
Some financial institutions allow consumers to request a personal loan online; however, the loan process must be completed in person at a local branch. If approved, the funds will be deposited into a bank account or be available at the branch. Most bank loans will be fixed rates with a defined repayment period. Individual terms and conditions should be discussed with local branch personnel. The typical requirements for a bank loan are:
- 580+ credit score
- Monthly income of $3,000
- Employed or Self-Employed
- Loan amounts between $1,000 and $35,000
How to Qualify for a Loan Through PersonalLoans.com
Aside from loan-specific requirements, lenders will typically require the following information.
- Age and residency status: All potential borrowers must be U.S. citizens or permanent residents, at least 18 years old, and provide a valid social security number.
- Income: You must have a verifiable source of regular income. Are you employed full-time, self-employed or receiving regular financial benefits like Social Security? Be prepared to provide a pay stub.
- Banking Details: Do you have a checking account? Most lenders with PersonalLoans.com directly deposit their funds into your valid checking account when your loan is approved.
- Credit Score: Have you checked your credit report recently? Do so before you apply to be sure that everything is in order. Keep in mind that you can apply no matter what your credit score is, though customers with higher credit scores will typically qualify for lower interest rates.
What lenders really look for when deciding to approve a loan is a pattern of financial responsibility. Have you paid your bills on time? How much debt are you currently carrying? Will it affect your ability to make your payments? Recent bankruptcies and low credit scores make getting approved for a loan more difficult, but depending on the lender, the amount you want to borrow, and your current circumstances, you may still be able to find a willing lender. Terms and conditions will vary depending on where you live, so be sure to check the applicable laws in your state.
Are There Any Fees?
Peer-to-peer lenders charge a loan origination fee of 1% to 8%. The fees can vary for both personal and peer-to-peer loans. The fees will be outlined in the loan offer, so it is crucial to review the agreement carefully. Look for origination fees, late fees, and prepayment penalties. PersonalLoans.com does not charge for its service.
How to Get Started
The process for getting a loan begins when an online request form is submitted on the PersonalLoans.com website. The request involves providing the following information:
- Personal information such as an address, contact information, and birthdate
- Loan information such as amount requested, credit rating, driver’s license, and social security numbers.
- Account information for where the funds should be deposited.
Providing the information does not oblige the consumer to accept any offers.
After the form is submitted, PersonalLoans.com runs the application through its proprietary algorithm. The algorithm sorts through its lenders to find the best matches for a borrower’s needs. Not every lender is willing to work with every borrower. By limiting the results to those lenders most likely to submit an offer, PersonalLoans.com saves the lender and the borrower time and frustration.
The next step in the process is reviewing the offers that are returned. Some loans may be a better fit in terms of repayments or the length of the loan than others. Before deciding on a loan, read the terms and conditions of each offer carefully. Until an offer is accepted, potential borrowers are under no obligation to move forward.
Once an offer is accepted, the final documents are prepared, and the paperwork is signed. Unlike secured loans, unsecured loans can see the funds released within 24 hours. When the funds are deposited, the borrower is free to spend the funds as desired.
