We can all probably agree that certainty is a rare commodity in life. Surprises, emergencies, and accidents are fairly common, unfortunately.
Whether it's an emergency, home project, or debt consolidation, personal loans can often be a useful tool. However, finding one can be a challenge. The application process alone can be a nightmare at many banks and credit unions.
Personalloans.com is a platform with a unique solution to personal loans. Perhaps they could help you!
In this article, we will provide a complete Personalloans.com review and cover the pros and cons of using their services.
Personalloans.com is a platform that was created to make applying for a loan simple!
The company does not offers loans themselves, but rather connects an individual with one of the lenders in their network.
After submitting an application, an individual may receive multiple loan offers and can review their terms in order to select the one that works best for them.
The platform is free to use and gives individuals no obligation to actually select and agree to a loan.
Personalloans.com is actually not a lender themselves, but rather a platform that joins borrowers and lenders. Their website features a marketplace of lenders that they give their clients access to.
After submitting an application on Personalloans.com, your information will be shared with the lenders in their network. These lenders may then review your information and proceed with an offer. What's great about this company is that most offers are made within 5 minutes after applying.
"We offer a short online loan request form for you to fill out at your leisure. With our secure form submission process, we make it simple for you to get your information in front of our large network of lenders and other third-party lender networks in our network."
The platform is completely free to use and features zero obligation to accept a loan that is offered to you. It is important to note that by accepting a loan, you are authorizing a lender the right to check your credit, which may negatively impact your score.
Interest rates and repayment terms vary by lender, but it is typical that a loan will feature a 3-72 month repayment plan and an interest rate of 5.99%-35.99%.
In order to submit a loan request, a client will need 4 things:
The application itself is actually quite simple. You will need to supply the information listed above as well as the amount of money you are requesting and the loan type and reason.
Once you submit a request, Personalloans.com will then share this information with the lenders in their network. After a review of your information, individual lenders may decide to move forward with your application. This process is incredibly quick. Most clients receive offers within 5 minutes.
Once you receive an offer, you will be invited to go to the lender's website directly. Here, you will need to review the details of the loan. You should pay special attention to the repayment terms, APR (interest rates), and amount offered.
If you accept a loan offer, you can expect the funds to be sent directly to your bank account within 1-5 business days.
Most loans will feature repayment terms of 90 days to 72 months. Typically, the loans clients receive with Personalloans.com will have interest rates between 5.99% and 35.99%.
If you are offered a loan, and after properly reviewing and accepting a loan, you can expect to receive the money through direct deposit into your bank account.
Every lender is different, but most clients receive the funds within 1-5 business days.
The application process with Personalloans.com is secured with advanced data encryption technology. The level of security offers clients confidence that their information will not be shared with anyone outside of the lender network.
Personalloans.com is not accredited with the Better Business Bureau (BBB) and currently has a B- rating. Accreditation with the BBB doesn't necessarily constitute that a company is trustworthy or not.
The company lists its address and phone number directly on their site. They are open to answer any questions you may have and offer both a customer support email and phone number.
Like any loan or credit line with a bank or brokerage, Personalloans.com needs your SSN to provide to their network of lenders. Both Personalloans.com and lenders may use your SSN to perform a soft credit check. If you move forward with an offer, lenders may also perform a hard credit check before finalizing a loan.
This credit check is used to determine the interest rate for a loan offering. Generally, the better the credit, the better the rates. While a strong score is not a requirement with Personalloans.com, it does usually result in better rates.
Additionally, if you fail to pay the loan back, the lender may report the delinquency to a credit bureau.
Unfortunately, personal loans live in an industry where scams are prevalent. By better understanding common scamming tactics, you will be better equipped to make decisions confidently.
Personalloans.com also has a number of guides available for free that details various loan types. These loan guides include the following loan types:
These guides not only feature details about various loan types, but also the best way to seek out that particular loan. They are certainly worth a look!
While short term loans can be beneficial in a bind, they also typically feature short payback terms and high interest. With this in mind, there may be a few other alternatives to consider:
Personal loans can be incredibly convenient. Whether it is needed for an auto loan, home improvement plan, emergency, or other reason, a personal loan can be the solution to a number of life's challenges.
However, applying and being approved for a personal loan can be rather difficult. Personalloans.com has created a platform to make this process easier and far more convenient.
From the comfort of your home, and within just a few minutes, you can submit an application for a personal loan that will be shared among the network of lenders at Personalloans.com. While Personalloans.com is not a lender themselves, they offer clients access to their broad network of lenders.
Most clients receive loan offers within 5 minutes! While each loan will depend on the lender and your unique situation, most loans typically have 3-72 month repayment terms and interest rates of 5.99%-35.99%. Loans range from $1,000 to $35,000.
If you are seeking a personal loan, then perhaps Personalloans.com can help! Check out their website for more information.