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Personal loans can be a solid option for a personal loan if you're in need of some quick cash for an emergency expense, debt consolidation, or a big purchase. With so many online lenders out there, it can be tough to know which one is right for you.
In this review, we'll take a closer look at PersonalLoans.com and how it stands out as a loan marketplace to help you determine whether this company would be a good fit for your financial needs and situation.
PersonalLoans.com
PersonalLoans.com
Loan amount
$250 to $35,000
APR
5.99% - 35.89%
Min. credit score
N/A
PersonalLoans.com is an online loan marketplace that connects borrowers with a network of personal loan providers. As an intermediary, the company doesn’t fund loans but rather acts as an aggregator for different lenders.
This enables it to offer loans with various interest rates, loan amounts, and terms. The loans are unsecured, meaning you don't have to submit any collateral to get approved. PersonalLoans.com is headquartered in Tacoma, Washington, and connects borrowers to lenders offering loans from $250 to $35,000 with repayment terms ranging between 90 days to 72 months.
PersonalLoans.com Pros & Cons
Pros:
- Simple and quick application process
- Wide range of loan options and terms through lender network
- Fast funding as soon as the next business day after approval
Cons:
- High APRs for borrowers with poor credit score
- PersonalLoans.com is not a direct lender
- Loan options vary by state
Loans offered by PersonaLoans.com
PersonalLoans.com offers a few different types of loans, including peer loans, installment loans, and short-term or payday loans.
Payday loans: These are small, short-term loans that are due on your next payday. They’re usually meant as a quick fix for emergencies, but the high interest rates can make them difficult to pay back. PersonalLoans.com partners offer short-term or payday loans with a repayment term of 90 days.
Installment loans: These are loans that are repaid in regular, fixed payments over a set period of time, typically ranging from 12 to 60 months. Your loan amount, interest rate, and fees will depend on the terms the lender sets.
Peer loans: Peer-to-peer lending pairs borrowers with an investor looking to loan money. The investor becomes the lender, and the borrower pays back the loan plus interest. Peer lenders usually collect an origination fee and can set their own loan terms and conditions.
To qualify for a personal loan through PersonalLoans.com, you’ll need to meet these general requirements:
- Be at least 18 years old.
- Be a U.S. citizen or permanent resident.
- Have a regular source of income.
- Have a valid bank account.
Exact credit score and income requirements will vary by lender since PersonalLoans.com has such a vast lender network. In general, though, you should aim to have a minimum credit score of at least a 580 to 600 before applying. PersonalLoans.com works with some lenders who cater to borrowers with bad credit, so people with all credit scores are encouraged to apply. However, there is no guarantee that you will be matched with a lender and approved.
For income, you should earn a minimum of $2,000 per month. Self-employed income is also accepted as long as it’s verifiable. It’s also important to maintain a lower debt-to-income (DTI) ratio so lenders can see that you can afford to repay your loan on time. Your DTI is calculated by dividing your minimum monthly debt payments by your monthly income. For example, if you have $700 worth of minimum debt payments each month and your monthly income is $3,000, your DTI is 23% (700 / 3,000 = .23, or 23%).
How to Apply For a Loan with PersonalLoans.com
If you’re interested in applying for a loan through PersonalLoans.com, the process is fairly straightforward and you can get connected with several lenders quickly. While this doesn’t guarantee your approval for a loan, getting preapproved through PersonalLoans.com will save you time and effort when searching for the right lender that will accept your credit score and application.
Below are steps to get started.
- Go to PersonalLoans.com's website and fill out the loan request form.
- After submitting the form, you’ll be presented with loan offers from lenders in PersonalLoans.com’s network.
- Review the loan offers carefully and choose the one that best meets your needs.
- Complete the application process with your chosen lender. This will include sending supporting documents such as proof of income and a bank account and proof of address.
- If approved, e-sign the loan agreement and wait for the funds to be deposited into your bank account.
Keep in mind that each lender will have its own terms and fees, so carefully review the loan agreement to make sure you understand your monthly payment, total borrowing amount, interest rate, and any other charges before signing it.
While PersonalLoans.com may be a great option for some people, there are other alternatives to consider as well.
LendingClub
Multiple loan types
LendingClub Loan
Multiple loan types
LendingClub Loan
Loan amount
$1,000 - $40,000
APR
9.57% - 35.99%
Min. credit score
600
LendingClub is a peer-to-peer lending site that offers personal loans from 24 to 60 months. Unlike traditional banks, LendingClub allows you to borrow directly from investors who are looking to earn a return on their investment.
The application process is simple and quick, and you can get a loan decision within minutes. The starting interest rates for personal loans are much higher than PersonalLoans.com, and range from 9.57% - 35.99%. Loan origination fees range from 3% to 8%.
Avant
Low origination fee
Avant Loan
Low origination fee
Avant Loan
Loan amount
$2,000 - $35,000
APR
9.95% - 35.99%
Min. credit score
550
Avant is another online lending platform that offers personal loans, with loan amounts ranging from $2,000 - $35,000. What sets Avant apart is their willingness to accommodate consumers with low credit scores. They claim to approve loans for those with a credit score as low as 550. Avant also offers the ability to see potential loan options before submitting an application, so you know exactly what you’re signing up for.
The platform also offers quick funding, as approved loans can be deposited within one business day. Although Avant tends to have higher interest rates (ranging from 9.95% - 35.99%), it's a good choice for those who might not be able to get approved for a loan through other platforms.
SoFi
Large loans
Sofi Personal Loans
Large loans
Sofi Personal Loans
Loan amount
$5,000 - $100,000
APR
8.99% - 25.81%
Min. credit score
650
SoFi is an online lending platform that offers a wide array of personal loans, along with mortgage refinancing, student loan refinancing, and investment accounts. Their personal loans are offered in loan amounts from $5,000 - $100,000. Loan terms are flexible, but maximum loan amounts are higher.
SoFi also offers low interest rates as well as no origination or late fees, and no prepayment penalties. Their rates range from 8.99% - 25.81%. SoFi has plenty of benefits. The platform tends to be favored by those with high credit scores, but the lender is open to a broader range of credit types.
Summary
If you’re looking for a personal loan, PersonalLoans.com can be a convenient option. It’s easy to use and partners with multiple lenders, which increases your chances of getting approved.
However, keep in mind that interest rates can be high, and not all lenders in its network offer loans to borrowers with lower credit scores. Be sure to compare several lenders to find the one that best meets your needs.
Frequently asked questions (FAQs)
Is PersonalLoans.com a legitimate lender?
Yes, PersonalLoans.com is a legitimate company that helps connect borrowers to lenders that are likely to approve them for a loan. PersonalLoans.com is not a lender and does not issue loan funds. However, this company partners only with lenders that comply with federal, state, and local laws including the Federal Truth in Lending Act (TILA).
Is it hard to get a loan from PersonalLoans.com?
Getting a loan through PersonalLoans.com is very easy. The loan request form can be filled out in just a few minutes, and you’ll quickly get offers from lenders that you may not have known about or considered. To improve your experience and increase your chances of getting approved, it’s important to make sure you meet the basic requirements, such as having a minimum credit score of 580 to 600 and an income that proves you can afford to repay the loan amount you’re seeking.
Does PersonaLoans.com offer bad credit loans?
Yes, PersonalLoans.com encourages people with any type of credit score to apply. Some lenders in its loan network specialize in helping borrowers with bad credit. Remember that these loans will often have higher interest rates and higher fees.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
