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If you need a fast infusion of cash, you’re probably considering a personal loan. This PersonalLoans.com review discusses everything you should know when considering the best platform to find your lender. You’ll learn about the platform’s pros and cons and who can benefit from it most to decide whether it's right for you.
PersonalLoans.com provides the five following key features and more:
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All, or some of the products featured on this page are from our affiliated partners who may compensate us for actions and or sales completed as a result of the user navigating the links or images within the content. How we present the information may be influenced by that, but it in no way impacts the quality and accuracy of the research we have conducted at the time we published the article. Users may choose to visit the actual company website for more information.
PersonalLoans.com is a platform for comparing rates from various lenders. It does not function as a lender, so you won’t receive any money directly from the company. Rather, it connects banks, investors, and other lenders for people applying for loans.
Founded in 2001, it is one of the oldest platforms for finding personal loans, and residents from all 50 states and Washington, D.C., can access the platform. It’s a member of the Online Lenders Alliance and works hard to protect your sensitive information.
As part of our PersonalLoans.com review, we’re highlighting the following services offered by the website.
The three most common types of loans you can receive are as follows:
According to wallethub.com, the average APR for people with good credit is 24.5%. Across all personal loans, APRs range from 5% to 36%, according to Forbes. With PersonalLoans.com, APR rates start at 5.99% and go up to 35.99%.
Different personal loan platforms vary regarding the maximum and minimum amount of money you can apply for. Forbes reveals that when people take out a personal loan, the average is just over $8,000. At PersonalLoans.com, you can apply for a loan ranging from $1,000 to $35,000.
In general, the shorter the term for your personal loan, the lower your APR. PersonalLoans.com offers loan terms between three and 72 months.
As a platform for personal loans exclusively, you can’t find other loan types on the website. For example, if you’re looking for a mortgage lender, auto loans, business loans or student loans you won’t find personal loans helpful.
Our PersonalLoans.com evaluation has revealed that using PersonalLoans.com brings several benefits compared to its competitors.
According to U.S. News & World Report, most people require a minimum credit score of 670 to receive favorable rates on a personal loan, and many lenders have a minimum credit score requirement around that number. PersonalLoans.com is a great option for people with poor credit, and you can get a personal loan with a score as low as 600 or an installment or bank loan with a score of 580.
With PersonalLoans.com, you don’t have to explain how you’ll use the money. You shouldn’t use it for illegal activities, but the company places no other stipulations on how to spend the money.
In general, you can use a personal loan for the following expenses:
PersonalLoans.com has one of the fastest approval and processing speeds of all platforms. You’ll likely receive approval within a matter of minutes or hours. After you’re approved, most people receive their funds within 24 hours.
You’ll receive a better APR than most loan platforms offer if you have good credit and other qualifications. Not many lenders can offer you less than 6% APR, but the most qualified applicants on PersonalLoans.com obtain that rate. If your good credit score gives you many loan choices, PersonalLoans.com might still offer the best rates.
Is PersonalLoans.com legit? Yes, it’s a legitimate platform and not a scam. However, while investigating the platform for our PersonalLoans.com review, we uncovered several disadvantages to using the site.
While many people receive amazing rates on their loans through PersonalLoans.com, some people will have to settle for extremely high rates approaching 36%. With such broad swings in APR, you’ll find it hard to predict what rate you’ll have until you apply.
PersonalLoans.com’s maximum borrowing limit of $35,000 seems adequate, especially considering the average personal loan amount. However, other loan providers offer maximum loan limits of $50,000 or more. This can hinder what you use the money for, so if you need more than $35,000, you’ll need to find a different lending platform.
Lending websites with higher credit limits often use a soft credit pull to obtain a general sense of the risk you pose as a borrower. However, partially because it does offer loans to people with poor credit, PersonalLoans.com uses a hard credit pull, which requires your consent. The average hard credit check lowers your score by up to five points.
Depending on the type of lender you find, you may pay additional fees to borrow money on PersonalLoans.com. For example, most peer-to-peer lenders will charge you an origination fee between 1% and 5% of the total loan amount.
Other lenders might include late fees, prepayment fees, and other penalties. The fees vary between lenders, so always read the fine print before you commit to the loan.
If you have poor credit, you’ve probably already considered using a co-signer to improve your rates and chance of acceptance. One of the biggest disadvantages of PersonalLoans.com is that it doesn’t allow co-signing. Even with low credit, you’ll probably get approved for a loan, but you won’t be able to obtain better rates by partnering with someone with better credit.
What does a PersonalLoans.com reputation analysis reveal? In general, the site has favorable reviews, though, like any site dealing with personal finances, people always find something negative to say.
According to PersonalLoans.com user testimonials, the best features of the site include:
The biggest complaints customers have with the site include a lack of transparency, the excessive personal information the site asks for, and the effect it has on their credit.
Here are the answers to the most common questions about PersonalLoans.com and the personal loan industry.
With all the information in this PersonalLoans.com review, you’re ready to find the best lender for your personal loan. As an Insurdinary affiliate, PersonalLoans.com makes it easy to compare rates so you can decide the best option for your situation. Remember, insurance can protect you from money hardships. Explore our options today and begin your journey toward financial security.