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.
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.
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.
Customer reviews and company reputation are two great ways to determine whether or not you might need a personal loan from Personalloans.com. Trustpilot, a website that ranks companies purely from customer reviews, rates Personalloans.com a 8.3/10. Keep in mind that the experiences of one customer are not representative of the company as a whole, but it is important to spot potential issues you may have with the company early nonetheless.
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.