Personal Money Network payday loan review

This service can connect you with a lender in an emergency — but isn’t transparent about its partners.

finder.com’s rating: 3.0 / 5.0

★★★★★

Bottom line: This connection service can help you find a lender in a pinch. But it’s not transparent about its partners and you won’t know where your information is going until after you apply. Read our full review.

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$100

Min. Amount

$1,000

Max. Amount

Same business day to 1 business days

Turnaround time

Details

Product NamePersonal Money Network Payday Loans
Min. Amount$100
Max. Amount$1,000
Loan TermVaries
Loan SecurityUnsecured
Turnaround TimeSame business day to 1 business days
Costs$15 to $30 per $100 borrowed, depending on local and state laws.
Requirements$15 to $30 per $100 borrowed, depending on local and state laws

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Personal Money Network is a good option when you need a short-term loan and don’t have the time to compare multiple lenders. It can connect you to a short-term lender within a few minutes by filling out a quick online form.

But its lack of contact information can make it a risky move if you think you might have questions about the process. In addition, it only works with short-term lenders — so expect high fees.

What is Personal Money Network?

Personal Money Network is an online connection service that can help you find a payday or installment loan. It works by sending your personal information to its partner lenders after you fill out a quick form.

Like most connection services, Personal Money Network doesn’t charge a fee. If approved, you’re 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 around $15 per $100 borrowed.

Is Personal Money Network legit?

Personal Money Network is a legitimate connection service, but that doesn’t speak for the lender you’ll end up borrowing from. You can easily find Personal Money Network’s privacy policy and terms and conditions on its website. And it’s a member of the Online Lenders Alliance, which sets industry standards for payday lenders.

Unlike many connection services, it also offers the option to opt out of future information sharing by emailing contact@personalmoneynetwork.com. This means Personal Money Network will stop sending your information to its partners for marketing purposes. But it doesn’t stop partners that already have your information from contacting you.

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.

Overall, be careful when submitting your personal information and consider your short-term loan alternatives first.

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 in order to get funds.
  • Opt out of communications. You can ask to have Persona Money Network stop passing on your personal information to its partners for marketing purposes.
  • 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 phone number. Personal Money Network doesn’t have a phone number to get in touch with customer service, which can make it difficult to resolve issues with the service.
  • 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, find a lender that doesn’t require a bank account.
  • 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?

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
Get a fair loan designed for immigrants and nonresidents.
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
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Personal Money Network reviews and complaints

BBB accredited No
BBB rating F
BBB customer complaints 1 customer complaints
Trustpilot Score 4.3 out of 5 stars, based on 13 customer reviews
Customer reviews verified as of 25 February 2021

Like many connection services, Personal Money Network doesn’t have many reviews. In fact, its most recent reviews are all from 2015. There is one unanswered complaint from 2019 on its Better Business Bureau (BBB) page — the reason for its F rating. But the site appears to be active.

If you’re connected with a lender through Personal Money Network, check its reviews on Trustpilot and the BBB to ensure you’re working with a legit lender.

Am I eligible?

You must meet the following requirements to get connected with a lender:

  • Regular monthly income
  • Checking account
  • US citizen or permanent resident
  • Over 18 years old
  • Live in an eligible state

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.

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:

  1. Visit Personal Money Network’s website and click Apply now.
  2. Enter your ZIP code and select how much you’d like to borrow. Click Get started.
  3. Enter information about yourself, including your address, date of birth and income.
  4. Read over Personal Money Network’s terms of use as well as its privacy and marketing policies. Click Next.
  5. Select how long you’ve been at your current address and whether you rent or own your home. Click Next.
  6. Enter your employer’s name, phone number and your starting date. Click Next.
  7. Select your next two pay dates, then enter your routing number and account number. Click Next.
  8. 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.

Read our guide to payday loans to learn more or compare other connection services to find a more transparent option.

Frequently asked questions

Answers to more questions you might have about Personal Money Network.

Is it free to use Personal Money Network?

Yes. Personal Money Network doesn’t charge you a fee to be connected with a lender.

How long does it take to be connected to a lender?

Since Personal Money relies on an online approval system, you can expect to be connected with a lender in as little as two to three minutes.

How long will it take to receive my funds?

It depends on the lender you’re connected with, but you can usually expect to receive your funds within one to two business days once you’re approved.

What happens if I know my payment will be late?

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 can lower your credit score.

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