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Personal Money Network can connect you to a short-term lender within a few minutes by filling out a quick online form. But with no contact information and partner lenders that charge high fees, you may want to consider your options carefully before signing the dotted line.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
What is Personal Money Network?
Personal Money Netwwork is an online connection service that works with people looking to take out a variety of loans, including both short-term loans and larger personal loans. How much you can borrow depends on your personal financial situation, where you live and the type of loan you’re interested in:
Payday loans and cash advances. For borrowers who only need a small amount, a payday loan or cash advance may be appropriate. The lenders in Personal Money Network’s network offer loans between $100 and . Like many short-term loans, the amount will be due — with interest and fees — within two to four weeks.
Installment loans. Personal Money Network has lenders offering installment loans up to $5,000, and unlike payday loans and cash advances, you’ll have multiple months to pay back what you borrow.
Personal loans. Although harder to qualify for, Personal Money Network has lenders that offer unsecured personal loans between $6,000 and $35,000 that don’t require collateral. Personal loans up to $5,000 will get an instant decision, while loans above this amount will take longer.
Like most connection services, Personal Money Network doesn’t charge a fee to match you with its partner lenders. If approved, you’ll be redirected to the lender’s website where you’ll find out what interest rate, fees and terms you qualify for. For a typical payday loan from one of Personal Money Network’s partner lenders, you can expect to pay a fee of $15 to $30 per $100 borrowed, depending on local and state laws..
Remember to budget for a payday or installment loan. If you aren’t sure you’ll be able to repay the loan on schedule, consider alternatives instead. Lenders often charge extra fees and interest for late or missing payments, which can send you into a cycle of debt that can be difficult to get out of.
State availability
Personal Money Network doesn’t offer its services to residents of Georgia, New York, Pennsylvania, South Dakota, Vermont or West Virginia. If you live in one of these states, you can visit our state directory to see what lenders are available where you live.
What are the benefits of using Personal Money Network?
From its lax credit requirements to its fast process, there are a few perks of getting connected with a lender through Personal Money Network:
Bad credit OK. As long as you meet Personal Money Network’s minimum income requirement, you’ll likely qualify for a loan with one of its lenders — even with a less-than-perfect credit score.
No collateral required. The lenders in Personal Money Network’s network offer unsecured loans. You won’t have to worry about providing any collateral — like with auto title loans — in order to get funds.
Offers from multiple lenders. By filling out Personal Money Network’s quick online form, you may be matched with multiple lenders that can offer you the financing you need. This makes comparing offers to find the best deal much easier.
Quick process. It takes less than 10 minutes to fill out Personal Money Network’s online form and get a decision from one of its partner lenders. And if you’re approved, you may be able to get your funds as soon as the next business day.
What to watch out for
Consider these potential drawbacks before using Personal Money Network’s online connection service:
No contact information. Personal Money Network doesn’t have a phone number or email listed on its website to get in touch with customer service, which can be a red flag. Be careful when submitting your personal information and make sure the lender you’re connected with is legit before agreeing to a loan.
May perform a credit check. Some of the lenders in Personal Money Network’s network may check your credit or report a missed payment to one of the three major credit bureaus, which could lower your score.
Bank account required. Since Personal Money Network and its network of lenders only operate online, you’ll need to have a bank account in order to qualify. If you don’t currently have one, you can browse our list of lenders that don’t require a bank account to find another option.
Not available in all states. You won’t be able to get connected with a lender through Personal Money Network if you live in Georgia, New York, Pennsylvania, South Dakota, Vermont or West Virginia.
How does Personal Money Network compare to other lenders?
Updated April 3rd, 2020
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Be cautious of limited information and high fees
Although Personal Money Network seems to have a lot of information available on its website, it’s not exactly informative. Worse yet, the lack of contact information makes it hard to know where to go when you have questions. And since Personal Money Network doesn’t list interest rates and fees for its partner lenders, you’ll want to ask about costs before agreeing to any loan. Short-term loans often come with high interest rates that can leave you paying double or even triple the amount you initially borrowed.
In general, yes — though no website can ensure your information stays 100% safe. Personal Money Network does its part by using a 256-bit SSL security system, which encrypts any information you enter online to keep it secure. However, like all short-term loan brokers, it sends your information to various lenders in its network. This can be useful at first, but it might lead to emails and calls from lenders long after you’ve taken out the loan you needed.
What does the Internet say about Personal Money Network?
Unlike many of its competitors, Personal Money Network actually has reviews — rare for a connection service. However, not everything is glowing praise. As of January 2019, Personal Money Network only receives a TrustScore of 6.5 out of 10 based on 135 reviews on Trustpilot. Many complained of poor customer service — though these comments were left back in 2016, making it difficult to judge how Personal Money Network has been doing recently.
Meanwhile, its Better Business Bureau (BBB) page doesn’t have much information available. It’s not accredited with the BBB, though it does earn an A+ rating based on factors like transparency and time in business.
Am I eligible?
In order to get connected with a lender through Personal Money Network, you must:
Have an income of at least $1,000 a month.
Have an active checking or savings account.
Be a US citizen or permanent resident.
Be at least 18 years old.
How do I get started?
Provided you have all the information you need nearby, it should only take about five to 10 minutes to fill out Personal Money Network’s online form. Follow these steps:
Visit Personal Money Network’s website and click Apply Now.
Enter your ZIP code and select how much you’d like to borrow. Click Get Started.
Enter information about yourself, including your address, date of birth and income.
Read over Personal Money Network’s terms of use as well as its privacy and marketing policies. Click Next.
Select how long you’ve been at your current address and whether you rent or own your home. Click Next.
Enter your employer’s name, phone number and your starting date. Click Next.
Select your next two pay dates, then enter your routing number and account number. Click Next.
Enter your Social Security number along with your driver’s license or ID number and the issuing state. Click Submit.
It takes about three minutes for Personal Money Network to process your request and provide suggested lenders. If you’re connected with a lender, you will be redirected to the lender’s page to complete your application.
I was connected with a lender. Now what?
You’re all done using Personal Money Network. Instead, you’ll be redirected to the lender’s website, where you can finish up your application. If approved, you’ll receive your loan funds directly from the lender.
Be sure to read your contract over carefully before signing the dotted line. Short-term loans tend to be costly, so you’ll want to know the exact fees and interest rates you’ll be charged before agreeing to anything.
Bottom line
Personal Money Network is a good option when you need a short-term loan and don’t have the time to compare multiple lenders. But its lack of contact information can make it a risky move if you think you might have questions about the process.
Yes. Personal Money Network doesn’t charge you a fee to be connected with a lender.
Since Personal Money v relies on an online approval system, you can expect to be connected with a lender in as little as two to three minutes.
Yes. In order to complete the online form with Personal Money Network, you must have a checking or savings account.
It depends on the lender you’re connected with, but you can usually expect to receive your funds within one to two business days after you’re approved.
Since Personal Money Network isn’t a lender and doesn’t handle repayments, you’ll need to contact your lender if you think you won’t be able to make a payment. If you do miss a payment, your lender may choose to report it to one or more credit bureaus, which could lower your credit score.
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