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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.
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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.
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.
PersonalLoans.com Terms & Fees
| Loan Amounts | $1,000 – $35,000 |
| Loan Terms | 3 months to 6 years |
| Repayment Options | Bi-weekly or monthly |
| Origination Fee | Depends on lender |
| APR | Depends on lender |
| Prepayment Fee | None |
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 Term | 36 months |
| Origination Fee (3%) | $450 |
| Funds Received | $14,550 |
| APR | 18.0% |
| 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.
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