If you need to borrow money for any reason, a personal loan may be exactly what you need. The best personal loans offer financial certainty: fixed interest rates, fixed repayment timelines, and fixed monthly payments that make budgeting a breeze. The funds you borrow can usually be used for anything you want, and fees for personal loans are often very minimal.
PersonalLoans.com is an online loan marketplace that connects consumers with loan products from a wide range of participating lenders. Their online process can help you get a personal loan for up to $35,000 without ever leaving your home, and you may be able to have your loan funded in as little as one business day.
If you’re in the market for a loan and are considering using PersonalLoans.com, keep reading to learn more about their process, how their loans, work, and potential downsides of using this service.
PersonalLoans.com: Key Takeaways
- Borrow up to $35,000 and have cash in your bank account as soon as the next business day
- Loan terms up to 72 months
- Secure an APR between 5.99% and 35.99%
- Apply online and from the comfort of your home
- Installment loans available for those with credit scores over 580
PersonalLoans.com: An Easy Way to Find Affordable Loans Online
While PersonalLoans.commakes it possible to connect with lenders offering personal loans, they don’t lend the money themselves. The company operates as a loan platform instead, connecting consumers who use the website with the best personal loans from their partners.
To be eligible for a personal loan through this platform, you need to have a valid form of identification, a checking account, a good credit score, and proof of income you can use to repay the loan. You also need to be at least 18 years old and a U.S. citizen or permanent resident. While PersonalLoans.com installment loans are available for consumers with credit scores as low as 580, those with lower scores will likely pay higher interest rates — sometimes much higher.
Applying for a personal loan through this platform is easy, and as you might expect from the name, you can fill out your entire loan application online. Once you provide basic information like your name, your address, your Social Security number, the reason for your loan request, and your employment information, PersonalLoans.com will search their network to figure out which of their partners can offer you a personal loan with the best rates and terms.
If you’re approved for a loan based on the information you provided, you’ll be redirected to a loan agreement you can consider. At that point, you’ll want to take special care to read through all the terms and fine print along with the monthly payment and repayment timeframe.
There’s no obligation to accept any loan you’re offered through the platform, but you can get access to your funds as soon as the next business day if you do agree to the terms of your offer. From there, you’ll be able to set up an online account management page that will let you monitor your loan balance, make payments, and change your account settings as required.
PersonalLoans.com: What to Watch Out For
The main downside of using PersonalLoans.com is the fact that it doesn’t do the lending on its own. Instead, this website uses partners to fund the loans consumers apply for. This may not be a problem in the end, but it does make it difficult to do any research on lenders ahead of time. Ideally, you’ll apply for a loan with PersonalLoans.com and get approved, but still take the time to research the specific lender offering you a loan before you move forward.
Also note that interest rates on these loans can be rather high depending on your creditworthiness. Currently, PersonalLoans.com says they offer loans with rates between 5.99% and 35.99%, with the highest rates going to those with the shakiest credit. That’s more than double the APR on the average credit card as of October 2018.
Another disadvantage that comes with using this website is the fact that they only offer personal loans in amounts up to $35,000. They also don’t explicitly say which states they do and do not offer loans in, although it’s reasonable to guess they have various lenders offering personal loans in all 50 states.
Finally, PersonalLoans.com cannot seem to confirm whether applying for a loan through their platform will result in a hard pull or a soft pull on your credit. They note in their FAQ section that they or their partners may do one or the other to determine your loan eligibility. If you’re someone who’d like to check whether you’re eligible for a personal loan without a hard pull on your credit report, this website may not be for you.
How We Rate PersonalLoans.com
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how PersonalLoans.com stacks up:
|PersonalLoans.com at a Glance|
|Affordability (interest rates, fees, and terms)||🌕🌕🌕🌕🌑|
|Availability (credit requirements, geographic reach)||🌕🌕🌕🌑🌑|
|Ease of Use||🌕🌕🌕🌕🌑|
The Bottom Line
If you need access to cash and have a stable income and employment situation, a personal loan could be exactly what you need. Unlike credit cards, personal loans tend to come with fixed interest rates, repayment terms, and monthly payments. Borrowing a lump sum with a predictable payment can also make it possible to achieve your goals without the risks and temptation that usually come with using a credit card.
The best part about PersonalLoans.com is the fact that they work with multiple lenders to see which one offers the best rates and terms. Consumers almost always save money when they shop around, and PersonalLoans.com steps up to do the hard work for you.
- When You Should (and Shouldn’t) Use a Personal Loan
- When Using Other Loans to Pay Off Student Debt Is a Good Idea
- Best Personal Loans for 2018
- Personal Loan vs. Credit Card: Which One Should I Choose?
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