PersonalLoans.com personal loans review September 2018 | finder.com

PersonalLoans.com personal loan review

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Discover personal loan options from a variety of lenders all in one place

Product NamePersonalLoans.com Loan Connection Service
Min Loan Amount$500
Max. Loan Amount$35,000
APR2.47% (As low as)
Interest Rate TypeVariable
Minimum Loan Term.25 year
Maximum Loan Term6 years
RequirementsDepending on the size and terms of the loan that you are seeking, there are several criteria that you may need to meet in order to be eligible for certain lenders.

Pros

  • Quick delivery of funds.
  • Transparent loan terms.
  • No prepayment penalty.

Cons

  • High APRs of up to 35.99%.
  • Must be 18 or older
  • Must have a Social Security number
  • Be a legal U.S citizen or permanent resident
  • You must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits
  • Must have a valid checking account

Do you qualify?

You must have a credit score of at least 600 to qualify for a loan through PersonalLoans.com. In addition, you must:

  • Be a US citizen, a permanent resident or in the US on a valid long-term visa
  • Be at least 18 years old
  • Have a valid bank account
  • Have an income
  • Not have accounts that are overdue by 60 days or more at the time of application
  • Not have current or recent bankruptcies, debt that exceeds current income, or charged-off account activities in recent history
  • Live in an eligible state

You aren’t eligible to use PersonalLoans.com if you live in:

  • Arkansas
  • Georgia
  • New York

How does PersonalLoans.com work?

PersonalLoans.com is a connection service that allows you to submit one application to be considered by a wide network of lenders. If approved, you will get to choose between offers crafted for your specific needs. Depending on the lender and timing, you could even get your funds within one business day.

Once you receive the funds, you can use them as you’d like as long as it’s for a legitimate purpose. That just means you don’t get to do anything illegal with the funds. Repayments will vary between lenders, so it’s important to go through the details of the loan term before accepting an offer.

What are the benefits of PersonalLoans.com loans?

While there are many different benefits to using the PersonalLoans.com network, here are a few of our favorites:

  • Three loan types to choose from: Depending on the type of loan that you are seeking, you may be able to choose between peer-to-peer loans, personal installment loans, or a bank personal loan. Each of these three loan types has unique access to lenders and may be customized in certain ways to best meet the needs of the borrower. For example, fees tend to be lower for a peer-to-peer loan, while a bank personal loan may have a lower credit score limit for borrowers.
  • Access to multiple lenders: Instead of having to shop all over the place to find the kind of personal loan that you’re looking for, PersonalLoans.com allows you to submit your information to one system and review offers from a number of lenders who may be interested in providing your personal loan. This can save you time and energy, while giving you the opportunity to compare multiple lenders quickly and easily.
  • Easy applications: For new borrowers, the application for a personal loan can be completed in just three basic steps. Once the application is complete, your loan request will be matched against potential lenders to discover the right personal loan provider for you. If you have any trouble completing the application, the customer support team is available throughout the process.
  • Quick delivery of funds: Perhaps one of the best features of the personal loans through this program is the rapid delivery rate of funding. In many cases, funds can be deposited directly into the your account within the span of a single day, although it may take longer depending on the lender that you partner with.
  • Transparent loan terms: As you compare various personal loan providers, it can be tricky to determine what kinds of terms each lender offers. With PersonalLoans.com, you’ll receive a simple loan agreement that lists out all terms and conditions, including the total lifetime cost of the loan and the time frame that is covered for repayment. All of these terms can be reviewed before you make a decision.
  • Available when you need it most: Whether you’re looking to take a quick getaway or splurge on a big ticket item, a personal loan can help you to access funds quickly. With PersonalLoans.com, you can choose the amount that you’d like to borrow and set preferences for loan terms and conditions, making it easy to get cash when you need it the most.

With personal loans available from $500 up to $35,000, PersonalLoans.com offers access to numerous lenders who can help you to get cash quickly. If you have a credit score of 580 or higher, you can receive loan offers with transparent lending conditions from some of the nation’s top lenders in a matter of minutes with the aid of PersonalLoans.com.

What should I look out for?

  • Possible payments twice a month. You might have to make payments on your loan twice a month if you borrow through PersonalLoans.com. While it might not change how much your loan costs, you’ll need to keep that in mind while you’re budgeting your monthly repayments.
  • Not available in all states. You can’t use PersonalLoans.com if you live in New York, Georgia or Arkansas.
  • Choices are limited to its network. Even the best loan connection services can’t to link you with every lender that’s out there. That’s because they rely on a network of affiliate lenders. PersonalLoans.com is no exception.
  • It’s not a lender. This isn’t necessarily a bad thing, but it’s important to keep in mind that PersonalLoans.com is only a connection service. If you have any problems after you complete your loan application, reach out to your lender.

Compare more personal loan providers

Rates last updated September 25th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

Is PersonalLoans.com legit?

It is. PersonalLoans.com legally operates as a connection service in almost all 50 states. It’s a member of the Online Lenders Alliance (OLA), a trade organization that sets industry standards. But just because it’s legit doesn’t mean that it’s right for everyone.

Better Business Bureau (BBB) and Trustpilot ratings

The BBB and Trustpilot tell two different stories of PersonalLoans.com. It’s not accredited with the BBB, which gives it a failing grade. The BBB doesn’t give reasons for individual grades, but bases them on factors like transparency, advertising practices and how the business handles customer complaints. There are almost no reviews on the PersonalLoans.com BBB page, but there are five customer complaints.

It does somewhat better on Trustpilot, scoring an 8.3 out of 10 based on eight customer reviews. Around three-fourths of those reviewers also rated its services as excellent.

What customers say

I will definitely be using this company again if I need a loan in the future. I needed something fast to help with my home renovations and I hadn’t been approved anywhere else. This really helped move things along with the renovating and the rates were fair. — Josh, Trustpilot

Everything was pretty easy to understand and I felt safe using the lenders in their network. My only complaint is that I didn’t get my loan the same day… — Angelo, Trustpilot

There aren’t many customer reviews online, but the few that are there are positive. Most customers seemed to be pleased with how quickly they got their funds and the quality of customer service. The one negative review on the BBB website and BBB complaints however show that some customers have had less-than-wonderful experiences.

One customer wrote that after they’d been denied for a loan they found through PersonalLoans.com, the lender reached out to them and asked for an upfront fee — which is a huge red flag. Two people filed a complaint about their credit score being affected by the application. In these cases it’s difficult to tell what happened because PersonalLoans.com didn’t respond and the soft credit pull it uses shouldn’t impact your credit score at all.

PersonalLoans.com safety

While you’re applying online, PersonalLoans.com uses industry-standard SSL encryption to protect your personal information. Encryption works by scrambling your information so it’s more difficult for a third-party to access.

However, you must agree to let PersonalLoans.com to share your information with its affiliate lenders. This is standard for connection services, but customers are sometimes unpleasantly surprised by phone calls and emails from lenders that can continue even after they found financing.

How much will it cost me?

Rates will vary based on the lender who you borrow from. Because of this, you’ll want to carefully go over every offer before accepting one. Remember that you’re also not obligated to accept any of them if they don’t quite fit what you want out of your loan.

After accepting a loan, you will be able to make repayments by electronic transfer. Some lenders may have other options, so it’s important to check.

Payments are usually due monthly, but there can be other repayment terms available. If at any time you don’t believe you’ll be able to make a payment, you should contact the lender directly, as they may be able to work with you to help avoid a late fee.

How can I apply for a personal loan through PersonalLoans.com?

Before you start your application, first make sure you meet PersonalLoans.com’s eligibility requirements. You might also want to have your personal information and documents on hand before you apply.

Eligibility requirements

To get connected with a lender, you must:

  • Have a 580+ credit score for installment loans or a bank personal loans
  • Have a 600+ credit score for peer-to-peer loans
  • Be a US citizen, a permanent resident or hold a valid US visa.
  • Be over 18
  • Have a valid bank account.

You also can’t have any accounts that are more than 60 days overdue or any recent bankruptcies, debt that exceeds current income, or charged-off account activities in recent history.

Documents and information

During the application process, you may also be asked to provide the following documentation:

  • Your name, contact information and date of birth.
  • How much you want to borrow and the purpose of the loan.
  • Your credit score range.
  • Your annual individual income.
  • Verification of stated income

How to get connected to a lender

  1. Click the Go to site button on this page.
  2. Enter your email address and hit Get Started.
  3. Fill out basic personal information and how much you’d like to borrow before hitting Continue to Step 2.
  4. Complete the form with more details on you and your employer. Read the privacy policy, terms and conditions and e-consent form before checking the box and hitting Submit Your Request.
  5. Wait for PersonalLoans.com to process your request. This could take a few minutes and shouldn’t affect your credit score. If you one of its lenders approves you, it’ll redirect you to a loan offer.
  6. Follow the lender’s directions to complete and sign your application.
  7. Wait for your funds to be disbursed.

This whole process could take as little as one business day.

I got a loan through PersonalLoans.com. Now what?

PersonalLoans.com won’t be able to help you much any more: You’re now in your lender’s hands. Do some research on your lender to see if they have any perks that you can take advantage of. For example, many offer a discounted interest rate if you sign up for autopay.

Keep track of your accounts even if you sign up for autopay — machines make mistakes too. If you notice any irregularities, reach out to customer service as soon as possible.

I didn’t get connected. What can I do?

You can reapply at any time by logging into your account and filling out the application. However, you might want to look into why you were rejected. If you aren’t sure of your credit history, request a copy of your credit report to look for errors. Notice something wrong? You can correct it by calling the credit bureau and the company involved.

Bottom line

When you’re looking to borrow cash quickly and efficiently, PersonalLoans.com is a great place to start. With high maximum borrowing limits, access to a large number of lenders, and a commitment to transparency in lending, PersonalLoans.com can help you to cover emergency expenses, consolidate your debt, or even make improvements on your home. You can learn more about personal loans and compare your options by visiting our personal loans guide.

More about PersonalLoans.com

PersonalLoans.com is owned by ArrowEagle LLC, which is also owns loan connection service SignatureLoan.com. ArrowEagle is registered as a limited liability company owned and chartered by the Ute Indian Tribe — meaning that it follows Ute tribal laws rather than US laws. It also means it isn’t regulated by the US government. Since they don’t provide you with loans, you aren’t necessarily at risk of getting high interest rates that are typical of tribal lenders and this generally shouldn’t affect your experience.

What you need to know about tribal lending

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