- Unspecified number of lending partners
- Loans range from $1000-$35,000
- APRs range from 5.99%-35.99%
The specific requirements for each borrower will vary depending on which lender they are working with. Some lenders require higher credit scores than others, for example. For a comprehensive list of these requirements, see the specific lender you wish to deal with on the PersonalLoans.com website.
Regardless of which lender you opt for, your credit score will be checked, and you can expect to provide basic information such as:
- Loan amount desired
- Bank account information
- Age and US citizenship status
- Reason for the loan (this can be quite general as personal loans are typically used for nonspecific purchases or reasons, unlike mortgages or auto loans that are earmarked for a particular purpose)
State eligibility will depend on the lender as well, and which states participate with the particular lender in question.
PersonalLoans.com’s application process is one of the easiest and fastest available since everything is done online. The entire process can be completed in 4 simple steps:
- Fill out the brief online questionnaire to see if you are eligible for a loan.
- com will process your information and send you lender matches that apply to your circumstances.
- Carefully read over the terms for each offer you are given. Remember, you are under no obligation to accept an offer that is presented to you. Once you’ve chosen a lender, you’ll be in touch with them directly to work out the repayment terms and deposit details for your loan.
- Give the lender your necessary details, and a deposit can be made within one business day of application approval.
Loan Terms Overview
The terms of each loan will vary depending on which lender an applicant is pursuing as well as the specific details of the borrower themselves. Different lenders will have different terms attached to their loans including repayment methods, late or early payment fees, and dates when the repayments are required. Additionally, lenders may alter their terms depending on the credit history and reputation of the borrower and the amount of the loan being taken.
Repayment loan terms can range anywhere from six to 72 months.
Possibly the most impressive feature that sets PersonalLoans.com apart from the competition is the fact that they will work with low and bad credit score applicants. In an attempt to break the “only good credit” stigma of many other personal loan providers, PersonalLoans.com offers financial assistance to borrowers with credit scores as low as 600 (and in some cases even lower). This provides a tremendous service to those who really need the financial aid but aren’t able to meet the steep requirements of most lenders.
Additionally, PersonalLoans.com offers three different types of loans:
- Peer to peer: Borrow money from a lender rather than a bank for looser requirements. These loans can come with an origination fee of anywhere from 1%-5% though, so read the terms.
- Personal installments: These are direct bank loans, but they’re much easier to manage than a typical bank loan.
- Personal bank loans: This is a proper loan from a bank and is available for borrowers with great credit and a steady monthly income that is verifiable.
The various types of loans allow PersonalLoans.com to cater to a wider range of borrowers than the average lender marketplace.
PersonalLoans.com offers a mobile app that’s helpful for applicants who prefer to apply and compare offers via their mobile device. The app is currently available for iOS devices including iPhones and iPads.
PersonalLoans.com only offers loans up to $35,000. While this may be a reasonable amount for paying off a small debt or making a mid-sized purchase, $35,000 will not finance a larger business venture, extensive household renovation, or major event. Potential borrowers should note that the company is owned by the Ute Indian Tribe, meaning that any legal disputes with the company will be resolved under their legal system, rather than a state or federal legal system.
PersonalLoans.com offers an FAQ section with answers to most of the common questions people have when venturing into a personal loan acquisition.
PersonalLoans.com’s website is intuitive and easy to use. The application process is fast, and connects borrowers of all financial backgrounds to a wide range of potential lenders.