Are you in need of a quick loan to sort out a financial emergency? Or, do you want a personal loan for investment, loan repayment, or a much-needed vacation?
If the answer is yes - then read ahead before this becomes old news.
If you're short of options due to having a bad credit score, you probably understand the importance of working with lenient lenders that issue bad credit loans.
Enter PersonalLoanswhich, although not a direct lender, can come to your rescue in times of need.
This online loan marketplace works by linking you, the loan seeker, to willing lenders that don't mind your lower credit score.
However, despite its solid reputation as one of the best online loan marketplaces in the business, securing a loan isn't exactly guaranteed on PersonalLoans.
Don’t fret - you still only need to fill out an online form and meet some rather friendly requirements.
To help you with this, we’ll use this article to give you a closer look at PersonalLoans, while paying special attention to its features, eligibility criteria, pros, and cons.
Let's get started.
Pros of PersonalLoans
- Straightforward registration and loan application
- Suitable for short and long-term loans
- $35,000 loan limit
- Wide range of loan types
- Easy to use website
- Useful educational resources
Cons of PersonalLoans
- Not a direct lender
- Payday loans attract high interest rates
- Credit check might accompany large loans
What Type of Loan Does PersonalLoans Offer?
Peer-to-Peer Loans
A peer-to-peer loan, also a P2P loan, allows you to borrow cash directly from a willing lender or company without the involvement of a bank.
These loans tend to carry friendly interest rates, especially if you have a good credit score.
PersonalLoans allows you to request a P2P loan online, but you should be prepared to pay a loan origination fee, which usually ranges between 1-5%.
It's also worth noting that you must earn above$2000 p/m and have a credit score above 600 for PersonalLoans to forward your details to its in-network of P2P lenders.
Personal Installment Loans
PersonalLoans also allows you to apply for personal installment loans. These loans are usually processed fast and can be deposited within the same day if you reach an agreement with a willing lender.
To apply for a personal loan, you'll only need to provide your financial and personal information, which will then be reviewed by interested lenders.
Like peer-to-peer loans, you can apply for loans ranging from $1000 to $35,000.
But you'll need a credit score above 580 and earn above $2000 a month for PersonalLoans to forward your details to its in-network lenders.
>>Need a loan fast, even with a bad credit score? Try PersonalLoans>>
Payday Loans
If you're in a financial fix that requires a smaller boost, then you can apply for a payday loan at PersonalLoans. These types of loans are usually short-term and best suited for people with lower credit scores.
While payday loans can come to your rescue in times of need, they often attract high interest rates (unlike bank personal loans) and are therefore recommended as a last resort.
Closer Look at PersonalLoans & Its Features
Wide Range of Loan Products
One of PersonalLoans' standout features is its ability to link loan seekers with a wide range of lenders. In addition to accessing payday loans, you can also apply for long-term loans on PersonalLoans.
It's also worth noting that PersonalLoans has an extensive network of lenders, which allows you to compare loan offers and settle for a lender with the best loan terms.
Same Day Loan Approval
PersonalLoans is one of the best online marketplaces for quick loans. If you apply for a short-term loan like a payday loan, chances are you'll have the cash deposited in a matter of hours.
Large personal loans usually take longer to be processed and even require credit checks. Therefore, you might want to stick to short-term loans if you're in need of a quick financial fix.
Straightforward Loan Application
It's nice that PersonalLoans keeps things simple, courtesy of its easy-to-use website. You don't need to be an expert in navigating the site and applying for a loan.
Even better, there is a 'How it works' button on the home page that explains how everything works in this online loan marketplace.
On average, it can take you about 20-30 minutes to register and apply for a loan on PersonalLoans, which is great considering that you want your loan processed fast.
>>Need a loan fast, even with a bad credit score? Try PersonalLoans>>
Useful Educational Resources
Although mainly an online loan marketplace, PersonalLoans is also a great resource for financial education.
You can learn a lot about debt management, financial discipline, and how to improve your credit score by going through PersonalLoans' 'Loan Guides' section.
Friendly Eligibility Criteria
If you have bad credit, then you'll be glad to learn that you don't need to satisfy tons of requirements for PersonalLoans to have it forward your details to lenders.
Besides being a US citizen above 18, you must either be employed or provide proof of business ownership.
Additionally, you must also earn a regular income and have an active checking account to qualify for a loan on PersonalLoans.
How To Get Started with PersonalLoans
Getting started with this financial institution is pretty easy, especially if you have the relevant personal and financial details at hand.
On average, the PersonalLoans sign-up process takes around 20-30 minutes to complete but can even be shorter if you're fast enough.
Let's take a quick look at how to register and apply for a personal loan on PersonalLoans.
Choose your Preferred Loan Amount
On PersonalLoans' home page, you'll see a 'Get Started' button, which is placed right below a 'Loan Amount’ prompt. Once you've chosen your preferred loan amounts (between $1,000 and $35,000, you should press 'Get started’ to proceed to the next step.
If you've previously created an account with PersonalLoans, you can provide your zip code, SSN (last 4 digits), and date of birth for a quick lookup. However, you can click on the 'Skip Lookup' button if you're a first-timer on the platform.
>>Need a loan fast, even with a bad credit score? Try PersonalLoans>>
Provide Personal Details
The next step after choosing your preferred loan amount is providing your personal details. You'll need to share your first and last name, date of birth, and, as expected, the reason for applying for a personal loan.
Luckily, PersonalLoans provides an extensive list of loan application reasons in the drop-down menu, from moving to debt consolidation, emergency situations, auto repair, and a host of other reasons.
Provide Address
The third step is filling out your address details, which, to be honest, should take no more than a minute. Once you key in your zip code, the online form will automatically fill in your city and state of residence.
You can then press Continue to proceed to the next step, which is keying in your email address and contact details.
PersonalLoans will then prompt you to provide additional details such as how long you've lived in your state of residence and whether you own a home, among several other questions designed to gauge your status as a loan applicant.
Employment, Banking & Credit Info
After you've provided your contact information, the next step is keying in your employment, banking, and credit info.
This is arguably the most crucial step as it determines your eligibility to apply for a loan. You'll need to provide accurate details and state your salary and type of employment.
Your banking and credit info will be assessed by potential lenders, who'll then decide whether to send a loan offer or not.
PersonalLoans.com Reviews
As one of the most respected online loan marketplaces in the country, it's no surprise that it boasts several positive reviews from satisfied clients.
Most clients appear to appreciate the ease of loan application on the platform. The streamlined website and straightforward registration process mean that the personal loans can be processed and deposited in your bank account within a business day.
Another standout feature that PersonalLoans clients appear to love is the availability of different loan products. Besides short-term loans, you can also borrow peer-to-peer loans and longer personal installment loans.
>>Need a loan fast, even with a bad credit score? Try PersonalLoans>>
While most clients appear to love the high loan limit of up to $35,000, several have claimed that it's hard to secure large personal loans on the platform, especially above the $2,000 limit.
However, as can be discerned from online reviews, PersonalLoans is easily one of the best platforms to apply for emergency funding, regardless of your credit score.
You'll only need to meet PersonalLoans’ rather lenient eligibility criteria for your loan request to be forwarded to its in-network lenders.
PersonalLoans Alternatives
MoneyMutual:
<b>MoneyMutual</b> has been around for well over 10 years, making it easy to cement its status as one of the most reliable online loan marketplaces in the country.
While MoneyMutual's loan limit ($5,000) is rather small compared to PersonalLoans' ($35,000), its high loan approval rate makes it a great place to seek short-term loans as alternatives to bank loans.
Qualifying for a loan on the platform shouldn't be a tall order, as you'll only need to earn above $800 every month either from employment or entrepreneurship. You must also be a US citizen above 18 and own an active bank account.
Oh, and it's also nice that MoneyMutual allows clients with bad credit history to submit loan request applications.
And while loan approval isn't guaranteed, you are more than likely to receive a loan offer from lenient lenders on offer, especially if applying for short-term personal loans within the $200-$500 range.
It's also worth noting that MoneyMutual is one of the largest loan sites in operation now, meaning you can get tons of personal loan offers from a variety of lenders.
Be warned, though, that you'll need to review the loan offers to ensure you enter a loan agreement with a lender with friendly loan terms.
For more info, check out our MoneyMutual Review!
Is loan approval difficult due to your bad credit score? Is securing a payday loan a hard task due to your less-than-impressive credit history?
If your answer to these questions is yes, then you should give BadCreditLoans a try.
This online loan marketplace is known to give people with lower credit scores access to funding, which is rather commendable considering millions of Americans live from paycheck to paycheck.
And although the loan limit stands at $10,000, it's best to apply for smaller personal loans as they're much more likely to get approved.
BadCreditLoans also boasts one of the largest lender networks in the country, which increases the probability of receiving loan offers.
But what stands out the most about this bad credit loan marketplace is its dedication to client education, especially when it comes to scams and managing personal finance.
On its website, you'll get to learn a lot about online scams and how cons attempt to prey on desperate clients in need of emergency funding.
Signing up on BadCreditLoans shouldn't take more than 30 minutes. Feedback and loan processing is an equally fast procedure. If approved, you're highly likely to have your personal loan (a short-term one) deposited within a business day.
For more info, check out our BadCreditLoans Review!
Over the years, CashUSA has built a solid reputation as one of the best places to apply for emergency loans. The platform partners with multiple lenders (including tribal lenders) to increase loan options for its clients.
To qualify for a loan at CashUSA, you must be a legal resident or citizen above 18 years. You must also earn no less than $1,000 every month and provide proof of employment for at least 3 months.
Not too many online loan marketplaces compare to CashUSA when it comes to client education. The platform has a dedicated 'Education Center' packed with tons of useful credit and finance-related topics that can help improve your financial health.
For more info, check out our CashUSA Review!
PersonalLoans Reviews FAQs
How Does PersonalLoans Work?
PersonalLoans is an online loan marketplace that works by linking you, the loan seeker, with different payday loan lenders.
To get started, you'll first need to create an account, state your preferred loan amount and provide relevant personal and financial details for PersonalLoans to forward your information to its in-network lenders.
Is PersonalLoans.com Legit?
PersonalLoans.com is a legit online loan marketplace that has helped thousands of clients secure emergency funding.
In addition to using industry-standard encryption, PersonalLoans partners with third-party agencies to monitor the website's security, which is crucial in preventing data breaches or any form of hacking.
Does a Personal Loan Ruin Credit?
A personal loan can ruin your credit score slightly. The slight dip in your credit score usually results from the hard inquiry lenders run on your credit.
Unfortunately, hard inquiry pulls usually show up on a credit report, which can have a negative effect on your credit score.
However, credit checks are rarely conducted when dealing with short-term personal loans like payday loans.
How Do I Know if a Loan Company Is Legitimate?
You will know if an online loan company is legitimate by checking on factors such as site appearance and online customer reviews.
Ideally, a legitimate online loan company should have a neat, well-detailed website with several FAQs to guide new users on how the entire process works.
Additionally, a legitimate online loan platform should have several positive reviews from satisfied clients. While it's perfectly normal to stumble across a couple of negative reviews, a good site should have more positive than negative reviews.
Is PersonalLoans a Direct Lender?
PersonalLoans.com is not a direct lender. Instead, it operates as an online loan marketplace that links loan seekers with willing lenders.
They, in turn, have their own lender loan terms which your application will be checked against.
Therefore, PersonalLoans is not responsible for any personal loan agreement you enter with your preferred lender as its mission is to forward client details to its pool of lending partners.
PersonalLoans Review - Wrapping Up
As is evident from our PersonalLoans.com review, this platform is a great resource for both short and longer-term payday loans.
A large number of in-network lenders means you're highly likely to get a loan offer, even if you have a limiting credit score.
And the fact that you can request anything between $1,000- $35,000 can easily make PersonalLoans your go-to platform for whatever financial needs you might have.
On average, it usually takes a business day for PersonalLoans to deposit short-term payday loans. But for larger loans, you might have to wait for several days as the lenders run credit checks and review your details.
>>Need a loan fast, even with a bad credit score? Try PersonalLoans>>
And since some lenders are known to charge high interest rates, you should always take some time to review loan offers.
To be on the safe side, however, it's best to apply for a loan if there's a genuine need. Although it is easy to have loan applications approved on a site like PersonalLoans, irresponsible borrowing can leave you in a cycle of bad debt, which is something you don’t want to deal with.
Keep your wits about you at all times, and good luck!
