Personal Money Store payday loans review May 2019 | finder.com
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Personal Money Store payday loans review

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Borrow up to $1,000 — even if you have bad credit.

Personal Money Store 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.

What is Personal Money Store?

Personal Money Store 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 Store’s network offer loans between $100 and $1,000. Like many short-term loans, the amount will be due — with interest and fees — within two to four weeks.
  • Installment loans. Personal Money Store 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 Store 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 Store 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 Store’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 Store 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 Store?

From its lax credit requirements to its fast process, there are a few perks of getting connected with a lender through Personal Money Store:

  • Bad credit OK. As long as you meet Personal Money Store’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 Store’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 Store’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 Store’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 Store’s online connection service:

  • No contact information. Personal Money Store 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 Store’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 Store 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 Store if you live in Georgia, New York, Pennsylvania, South Dakota, Vermont or West Virginia.

How does Personal Money Store compare to other lenders?

Updated May 20th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
$250
As soon as the next business day
Checking account with ACH, proof of income, Social Security number, ages 18+
Get rewarded for making on-time repayments with better rates and terms on future loans.
Varies by state
1 business day
Steady source of income, checking or savings account, not currently in bankruptcy, ages 18+
Its satisfaction guarantee means you can return the full loan amount within 72 hours if you change your mind.
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.

Compare up to 4 providers

Be cautious of limited information and high fees

Although Personal Money Store 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 Store 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.

Is it safe to use Personal Money Store?

In general, yes — though no website can ensure your information stays 100% safe. Personal Money Store 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.

Once you’re connected, make sure you understand how direct lenders work

What does the Internet say about Personal Money Store?

Unlike many of its competitors, Personal Money Store actually has reviews — rare for a connection service. However, not everything is glowing praise. As of January 2019, Personal Money Store 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 Store 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 Store, 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 Store’s online form. Follow these steps:

  1. Visit Personal Money Store’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 Store’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 Store 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 Store. 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 Store 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.

Not sure Personal Money Store is right for you? Compare other short-term loan brokers or read our guide to payday loans to learn more about how they work.

Are payday loans available in my state?

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