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Personalloans.com Reviews

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  • Pros
  • User-friendly website
  • Simple application process
  • Excellent credit is not required
  • Borrow up to $35,000
  • Cons
  • Potential for hard credit checks
  • Not available in every state

Personalloans.com

PersonalLoans.com is personal lender that matches borrowers with investors but with a broader scope. There are many different types of loans including peer-to-peer loans, bank loans and personal installment loans. Because they are able to offer so many types of loans you don't have to have outstanding credit to apply. However, they do recommend that you are not 60 days late on any account when you apply. They also recommend that you have some form of a steady income, in order to qualify.

PersonalLoans.com can connect you to loans from $1,000 up to $35,000 and you can have anywhere between six and 72 months to repay it.

Whether or not your credit will be affected by hard inquiries during the application process is difficult to say. Because PersonalLoans connects you to a variety of lenders, the choice of performing a soft or a hard inquiry is up to them. Typically, soft inquiries are done first, and then a hard inquiry can occur later in the process.

A Range of Rates

The interest rates on loans sourced via PersonalLoans will vary from state to state, and of course from lender to lender. Your credit score and repayment history also have a bearing on the rate you qualify for. While those with better credit will qualify for lower rates, some customers has complained about high interest rates. Rate quotes run from 25% to 150%.

Fees and Costs with PersonalLoans.com

There is no fee from PersonalLoans for their service of connecting consumers to lenders.

When you consider a loan offer that comes to you via PersonalLoans, check the details of the loan agreement from the lender before accepting the loan. Look at loan generation fees, interest rates and other lender fees and policies in case of late payments. Fees and rates will vary with the loan amount, loan term and of course interest rate. Your credit score has a bearing on fees and rates, of course.

Repayment terms call for payments on a bi-weekly or monthly basis, and vary from lender to lender. In some cases the borrower picks the frequency of the payment. Funds are automatically debited from your bank account on the same date each month, as per your preference. This makes repayment easy; you simply need to insure the funds are in the bank on payment day. Be sure to be familiar with the lenders policy regarding missed payment fees.

Online Application Process

The PersonalLoans application form is simple and doesn't take more than a few minutes to fill out. Borrowers indicate the amount of the loan they seek, their credit status and the purpose of the loan. They'll also fill in personal, income and banking information.

To apply for a loan on the site, you must be at least 18 years old, have a social security number and be a U.S. Citizen or permanent resident. You need either a full time job or self-employment income. Alternatively you can have a regular disability income or Social Security benefits. Lenders typically require pay stubs, bank statements, or tax returns to verify your income.

Lenders affiliated with PersonalLoan make a decision on approval based on your application. If you are approved, you are directed to the loan agreement from the lender. It's key to take your time going over the loan agreement. Look over the terms and conditions, loan origination fees, and term of the loan. Calculate the entire loan payback amount, to see how much total interest you'll pay over time. Is this a loan that works with your current financial situation? Are you prepared to make the payments?

Funds are deposited to your bank account upon acceptance of the loan agreement. The amount of time it takes to receive funds varies from lender to lender. Typically, you receive the loan proceeds from one to five days after accepting the loan.

PersonalLoans helps users locate a variety of types of personal loans, with somewhat different requirements to qualify for each type of loan. Peer-to-Peer loans require a minimum credit score of 600 and a monthly income of $2,000 or more. Personal Installment loans require a minimum credit score of 580 and monthly income of at least $2,000, while a Bank Personal Loan requires a minimum credit score of 580 and monthly income of $3,000 or more.

Customer Service at PersonalLoans

The site itself is easy to use and intuitive, with user friendly pages entitled How It Works and FAQ. Most of your questions can be answered from information at the site. You can reach their customer service team during working hours via the toll-free telephone number or email. There is also a contact form on the contact us page.

Company Background

PersonalLoans is based in Houston, Texas. The company works as an entirely online operation, matching lending affiliates and partners with borrowers to a range of personal loan options. PersonalLoans does not actually lend money; it simply matches lenders and borrowers. The company has been around in one form or another since the 1990s compiling a successful track record.

Borrowers can review the Personalloans.com Terms of Use page for a complete picture of the company. Arrow Eagle LLC is a company doing business as (dba) PersonalLoans.com. They are a limited liability company that was chartered under the laws of the Ute Indian Tribe. Arrow Eagle LLC is owned by members of the Ute Indian Tribe. While PersonalLoans has a good reputation and track record, borrowers should be aware that they agree that any legal action brought against the company shall be governed by the laws of the Ute Tribe of Utah.

Loans are not available in every state. Some states only offer one or two of their three loan types. However, they offer most states at least one type of loan, except for Maine and North Dakota.

Verdict - Very Good

If you want to keep banks and peer-to-peer loans as an option, PersonalLoans.com is good for when you want to cast a wide net. You don't need a stellar credit score to qualify for a loan, but you should keep an eye on interest rates.

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Personalloans.com Consumer Reviews

Average Customer Rating

7 out of 10 rating 7 13 User Reviews

User Rating Distribution

Ratings: 10 - 9 3
Ratings: 8 - 7 4
Ratings: 6 - 5 4
Ratings: 4 - 3 2
Ratings: 2 - 1 0
8 out of 10 rating 8 Fast and efficient Interest rate could be lower

Applied and approved for a loan very quickly and the customer service is the best. The interest rate could be better, but I don't have the best credit rating, so I am happy that personal loans have helped me consolidate my debt.

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6 out of 10 rating 6 Friendly customer service reps Very high interest rates

I friend recommended personal loans to me, but when I called, as nice as the customer service team were, the loans they were offering, the interest rates were absolutely ridiculous. I was better off sticking with my debt!

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8 out of 10 rating 8 Money paid into account within a couple of days Ask for a lot of information

I found the initial application process a bit slow and they required a lot of information, however once done and approved the money was in my account the following day.

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6 out of 10 rating 6 Fast approval and process Third party sales calls

I am happy with the loan I got, I even got a good low interest rate. But after 3 weeks of having the loan the sales calls started, with third party companies trying to get me to sign up for more loans. I would avoid them if you don't want the harassment.

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8 out of 10 rating 8 Easy process None

Application was easy and the customer service is excellent.

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6 out of 10 rating 6 Customer services Pre approval time wasting

After being ‘pre approved' for a loan, I called them up and after spending two days getting all the documents sent over, they declined my application! What a waste of time!

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10 out of 10 rating 10 Customer service team No cons

Was always able to get hold of a helpful customer service rep whenever I called and was approved straight away.

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10 out of 10 rating 10 Smooth and quick process None

Customer service is the best and the amount of choice you have with the loan i've never had with any other company.

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4 out of 10 rating 4 None Staff unhelpful

Could not offer me a decent rate for a loan, the rates they were offering were higher then any loan I've ever seen and much higher then my credit cards!! Staff could not seem to answer any of my questions and I was constantly passed from one staff member to another!

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4 out of 10 rating 4 None Passed my information to third parties

I called personalloans.com to enquire into a loan, but decided to leave it when they told me the costs and interest rates. Since then I have had nothing but calls from other loan companies hassling me. They have all my information, so can only think that it was personal loans passing on my details.

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5 out of 10 rating 5 No pros Cannot offer enough

Even though I have a really good credit rating, they only offered me half of what I needed and I was left on hold for ages.

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9 out of 10 rating 9 Smooth process Nothing

Personalloans.com are fantastic. The application is fast and instant decision and the money was in my account the following day. Smooth process from start to finish. The customer service team are really helpful and friendly too.

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7 out of 10 rating 7 Fast and easy Get sales calls from other companies

I have never known a personal loan to be so efficient and quick. THe application process was quick and I was accepted within 10 minutes. The money was then transferred into my bank within a couple of days. Such a relief to be able to consolodate my debts so easily and quickly.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.