PersonalLoans.com overview
PersonalLoans.com is not a direct loan provider. It is a service designed to connect you with lenders who might be willing to offer you a loan.
You apply for the loan via PersonalLoans.com for free, and they use their network of lenders to find you the best deal.
They can find you loans between $250 to $35,000.
They do not publish interest rates, but you can expect it to be between 5.99% – 35.99% APR. If you are offered a loan with an APR higher than this, you should avoid it in the vast majority of cases.
The loan repayment time frame typically ranges from 90 days to 72 months depending on the terms of the loan provided by the lender.
For any shorter-term loans offered by lenders, such as installment loans, the repayment time frame may be less than six months.
How it works
PersonalLoans.com have a short online loan request form that we were able to complete in a few minutes.
When complete, your information is securely sent out to their network of lenders & third-party lenders to find loan providers willing to offer you a loan.
If accepted, you will likely immediately see details of the loan offer from the lender, though they may require some further details.
We were referred to my411.com, an auto-lending provider, as we selected a loan for an auto purchase.
If you are approved for the loan and accept the terms of the loan, then your funds may be deposited directly into your checking account as soon as the next business day.
If you are not accepted by any loan providers in the network, they may try and connect you with a credit repair service to improve your credit score (Or, you can read up on our recommended credit score builder Ava here).
Does PersonalLoans.com do a hard credit pull?
Applying for a loan via PersonalLoans.com does likely will entail a hard credit pull. This will impact your credit score.
When you initially apply for the loan, usually only a soft pull is performed. But later in the process, the lender is likely to do a full hard pull.
According to the lending policy, it is the third-party lender who is chosen to fulfil the loan that may run the credit check (not PersonalLoans.com). They may even run multiple credit pulls:
“As such, the lender or lending partner that you are connected with may run a credit check with one or more credit agency. If you have had many credit checks in a given period of time, it is possible that this check may negatively affect your credit score. But, if you are able to make all of your payments on time, the process of taking out and repaying a loan may improve your credit score.”
What is the minimum credit score to use PersonalLoans.com?
Is PersonalLoans.com a good option for those with bad credit? It can be, depending on the loan type.
Below are the typical requirements – but don’t be discouraged if you do not meet all the criteria. There may be some flexibility.
For personal installment loans, the typical requirements are:
• Credit Score: 580+
• Minimum Income: $2,000 per month
• Income Source: Employed, Self-Employed, or Benefits
• Loan Range Given: $250 to $35,000
For bank personal loans, typical requirements are:
• Credit Score: 580+
• Minimum Income: $3,000 per month
• Income Source: Employed or Self-Employed
• Loan Range Given: $250 to $35,000
And finally, for peer-to-peer loans, typical requirements are:
• Credit Score: 600+
• Minimum Income: $2,000 per month, must be verifiable
• Income Source: Employed or Self-Employed
• Loan Range Given: $250 to $35,000
What can the loan be used for?
Typically, a wide range of reasons are permitted. The choices on PersonalLoans.com include:
- Debt Consolidation
- Debt Relief
- Credit Card Refinance
- Emergency Situation
- Auto Repair
- Auto Purchase
- Moving
- Medical
- Business
- Vacation
- Taxes
- Rent or Mortgage
- Special Occasion
- Major Purchase
- Student-Related / Education
- Other
Is PersonalLoans.com safe? Reviews and accreditations
PersonalLoans.com bears the seal of the Online Lenders Alliance on every page of their site.
This mark represents the company’s commitment to the highest standards of conduct, ensuring the best possible experience for their customers, fully compliant with federal law, and working hard to protect consumers from fraud.
The Better Business Bureau (BBB) gives PersonalLoans.com a rating of A, though it does not have the accreditation.
Since the launch in 2015, the reviews on BBB have been positive, with 4.8 / 5 stars and just 8 complaints that have been answered by the company & resolved.
On Trustpilot, 85% of the reviews are 5-stars.
However, Trustpilot gives them a ‘TrustScore’ of 2.2 / 5, which essentially means it cannot verify all the reviews are legitimate. So, I’d take the Trustpilot ratings with a pinch of salt.
On discussion boards like Reddit, I could not find any negative mentions of PersonalLoans.com, which is rare when reviewing loan providers. It may be because they are simply the ‘middleman’ here.
There is a third-party network of providers who may fulfil the loan (898 of them, which we discuss further below) and it is impossible to verify them each individually.
There is an element of trust needed that the providers in the network meet the same high standards PersonalLoans.com holds for itself.
The bottom line on safety: PersonalLoans.com is legit. Whilst we cannot verify all the lenders in their network, we have no reason to doubt their authenticity.
Will PersonalLoans.com share my data?
Yes, they need to as part of their service.
As we mentioned in the overview, PersonalLoans.com searches lenders in their network for willing lenders, and attempts to find you the best price.
Therefore, they are just a ‘middleman’ of sorts, and must pass the details you supplied to them over to lender that will fulfil your loan.
Be aware that this lender may also reach out to you by email, phone, and/or text.
We were given the option to limit the lenders they send your details to & opt out of offers as part of the loan application process. Opting out of credit offers is fine, but the former may limit your chances of receiving a loan.
Personal Loan’s lender network
There are 898 lenders in PersonalLoans.com’s third-party network.
It’s important to read the terms of any loan offer, but this is especially true when you are being referred to a third party. PersonalLoans.com themselves state in their lending policy terms:
“If you receive a loan offer, we strongly suggest that you look up the details on the lender so that you are aware of how to get in touch with them in case you have any concerns or questions. A potential lender or lending partner has their own terms and conditions regarding loan interest rates; the requirements for repayment; and the repercussions of being late on, missing or rolling over a payment.”
The network also includes tribal lenders. These are typically lenders that sit outside of state regulations and can offer loans with much higher interest rates that would be considered illegal if it were a state-licensed lender.
The lower your credit score, the more likely you may be offered a tribal loan with high APR, so be cautious and read the terms and conditions carefully.
Cost & charges
Applying for the loan is free on PersonalLoans.com. The main charge to be aware of is the APR.
Because the loan is being issued by a third party, you should read the terms of the loan you are given to understand any other fees. According to PersonalLoans.com:
- There will likely be charges assessed if you make a late payment.
- If you extend your loan, the finance charge for the original loan needs to be paid on the original due date.
- Should you intend to deviate from your payment plan, make sure that you contact your lender or lending partner immediately to establish a new payment arrangement.
- If your loan payment is rejected for any reason by your banking institution, the lender or lending partner may initiate collection procedures and you will not be able to receive future loans from the lender or lending partner until all of your payment obligations are fully met.
Many lenders will allow you to pay off the loan early penalty-free, but some may charge. Again, read the fine print of your specific loan offer.
They also note that peer-to-peer lenders often collect a loan origination fee of anywhere between 1 to 5% which is deducted from the loan amount given to the borrower.
Essentially, this is just a fee for processing the loan.
Again, the main fee to worry about is the APR. Here are some examples of the total cost of a loan at various interest rates and loan lengths:
| Term | Loan Amount | Rate (APR) | # of Payments | Monthly Payment | Total Payments |
|---|---|---|---|---|---|
| 2 Years | $8,500 | 6.99% | 24 | $380.53 | $9,132.68 |
| 3 Years | $10,000 | 8.34% | 36 | $314.93 | $11,337.64 |
| 4 Years | $15,000 | 10.45% | 48 | $383.69 | $18,417.05 |
| 5 Years | $20,000 | 8.54% | 60 | $410.72 | $24,646.98 |
| 6 Years | $30,000 | 7.99% | 72 | $525.85 | $37,861.25 |
Eligibility and types of loans available
To be accepted for a loan, you must:
- Have a valid ID.
- Have a regular income.
- Have a checking account.
- Have a good credit score.
A good credit score is not essential, but it does mean that you are more likely to get approved and at a lower APR. This is critical to ensure the interest you pay is minimized.
Lenders in these networks generally offer three types of personal loans: peer-to-peer loans, personal installment loans, and bank personal loans.
Customer Service & Support
Whilst PersonalLoans.com have a good record of providing support, we cannot verify all the lenders in the network offer equally prompt assistance.
That makes it difficult to assess how well your specific lender will be able to support you in the event of an issue.
Your primary contact will be the lender from whom you received the loan, but if you need to contact PersonalLoans.com, their details are:
Telephone number: 1-800-772-2274
Email address: [email protected]
Summary: Do we recommend PersonalLoans.com?
The argument for using a service like PersonalLoans.com is that you can submit just one application form, and the service does the hard work of finding a lender that will offer you a loan.
It is the network of lenders that you are getting access to. Theoretically, they can find you a good deal without you needing to submit multiple applications (possibly with multiple hard searches on your profile).
However, the APR on the loan you are offered may be high.
Also, the terms of your specific loan from the lender they choose for you are not set by PersonalLoans.com. You must read the terms and understand if there are any additional fees that may apply.
Overall, PersonalLoans.com is a great choice for a wide range of customers, including those with less-than-perfect credit.
