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Home Banking

PersonalLoans.com Review: Personal Loans For Less Creditworthy Borrowers

Diana Mason by Diana Mason
October 26, 2022 1:08 am CDT
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This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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PersonalLoans.com is a lender-matching service that specializes in quickly and efficiently connecting less creditworthy borrowers to personal loans by utilizing its comprehensive network of lenders and lending partners. Three types of personal loans are available via PersonalLoans.com: peer-to-peer, personal installment and bank personal loans. You can borrow upwards to $35,000 over a term of 6 years maximum.

See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.

Borrower Profile

PersonalLoans.com is designed for people with lower credit scores. However, the average borrower does not have any open accounts with payments more than 60 days late and has not recently declared bankruptcy. Lenders with PersonalLoans.com want to see that you’ve overcome your past issues with credit and are now making your payments in a timely manner.

Personalloans Loans

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to PersonalLoan.com and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but subsequent credit inquiries by lenders, lending partners and affiliates will likely impact your credit.
  • Quick funding. It can take as little as one business day and depends on the lender you partner with.
  • Flexible fund use. A personal loan through PersonalLoans.com can be used for medical expenses, home improvement, automobile repair, travel, debt consolidation, and more!
  • Competitive fixed rate. Depending on which state you live in and your lender, you can receive a respectable, competitive rate.

The Bad

  • Matching service only. PersonalLoans.com is only a connection service. If you have any issues after you complete your loan application, you will need to reach out to your lender directly.
  • Fees. Origination fees depend on the lender and can range from 1% to 5%, and late, insufficient funds and check processing fees are dependent on the lender as well.

Eligibility Requirements

Eligibility varies depending on which type of personal loan you choose.

  • Peer-to-peer loan. Applicants must have a minimum credit score of 600 and must have a minimum monthly income of $2,000. There is no debt-to-income ratio requirement.
  • Personal installment loan. Applicants must have a minimum credit score of 580 and must have a minimum monthly income of $2,000. There is no debt-to-income ratio requirement.
  • Bank personal loan. Applicants must have a minimum credit score of 580 and must have a minimum monthly income of $3,000. There is no debt-to-income ratio requirement.
Learn More at PersonalLoans.com

PersonalLoans.com Terms & Fees

Loan Amounts$1,000 – $35,000
Loan Terms3 months to 6 years
Repayment OptionsBi-weekly or monthly
Origination FeeDepends on lender
APRDepends on lender
Prepayment FeeNone

The Breakdown

PersonalLoans.com is great for those who have less than stellar credit and are deliberately working on raising their credit. Borrowing though PersonalLoans.com is a quick and easy process with no collateral required. Creditworthy applicants can obtain a competitive low APR, and your funds can be used for just about anything.

Sample Loan

Loan Size$15,000
Loan Term36 months
Origination Fee (3%)$450
Funds Received$14,550
APR18.0%
Total Interest$4,522.29
Monthly Payment$542.29

As PersonalLoans.com is just a matching service, don’t expect much in terms of customer care.

Learn More at PersonalLoans.com

Compare Top Personal Loan Providers
Compare all the best personal loan lenders here.
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Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

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