This service can connect you with a lender in an emergency — but isn’t transparent about its partners.
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.
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.
| Product Name | Personal Money Network Payday Loans |
| Min. Amount | $100 |
| Max. Amount | $1,000 |
| Loan Term | Varies |
| Loan Security | Unsecured |
| Turnaround Time | Same 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 |
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.
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.
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.
From its lax credit requirements to its fast process, there are a few perks of getting connected with a lender through Personal Money Network:
Consider these potential drawbacks before using Personal Money Network’s online connection service:
| 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 |
You must meet the following requirements to get connected with a lender:
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.
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:
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.
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.
Answers to more questions you might have about Personal Money Network.
Yes. Personal Money Network doesn’t charge you a fee to be connected with 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.
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.
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.
Personal Money Network Payday Loans is not currently available on Finder
Have you considered Smart Advances?
Smart Advances was designed to help you request the loan you need, for any reason.
Anna Finder
Editor
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