PersonalLoans.com Review 2024

PersonalLoans.com Application Process

Once you’ve decided to enlist the help of PersonalLoans.com, simply click on the Get Started button or choose the loan amount from the homepage and enter your email address. When applying for a loan you’ll be required to provide your address, contact information, monthly income, and a few other personal details. All of this will help the site match your profile with suitable lenders, which may perform a credit check to determine your eligibility.

This site requires slightly more personal information than some others. Certain parts of the application process, specifically those involving data about your employer, are unusual for an online personal loan platform. This can be a deal breaker for some applicants, especially since this isn’t the only site where you can get a next-day personal loan.

The only way to apply for a loan is through an online form. Once you’ve signed up, the site will automatically send you loan offers until you find the one that best suits your needs. 

This means you don’t have to settle for the first batch of offers, as you are guaranteed access to some of the best personal loans on the market. Some lenders might contact you directly, which can help you secure more favorable repayment terms before you settle on a loan agreement.

What Do I Need to Apply?

Although the signup process is quick and straightforward, the site will ask you to divulge a bit more data about your employment than other sites do. For example, in addition to your Social Security number, this personal loan marketplace also asks to verify your military service status. Other information you’ll need to provide includes:

• Loan purpose and amount
• Estimated credit score
• Name and date of birth
• Email
• Phone number
• Home address and how long you have resided there
• Whether you rent or own your home
• Employment information
• Gross monthly income
• Drivers license or state ID

You might also be asked to upload some documents, like a scanned copy of your ID and a confirmation of your last tax return. This allows the lender to confirm your identity and get a clearer picture of your financial situation. Each application is reviewed quickly; it usually takes just a couple of minutes before loan offers appear on your page.

The exact terms of the loan and whether you’ll require any additional paperwork depend entirely on the lender you choose. Your credit score will not be affected until you pick a lender and settle on an actual loan offer.

PersonalLoans.com Features

The site is best known for accommodating newcomers and walking them through everything there is to know about applying for a loan and the repayment process. There is a comprehensive knowledge base that users can learn from as they browse through the site’s features.

If you don’t know what APR means or the implications of late payments, you can learn everything you need to know through clear and concise articles.

While there isn’t a calculator on the site, you can still get a rough idea of your loan rates and the monthly payment you may end up with. Located near the bottom of the homepage is a small chart of APR ranges with a breakdown of monthly payments and totals for different loan amounts. 

Meanwhile, you can see how your credit score affects personal loan rates by browsing through the bad credit page. Of course, these are just examples based on previous loans provided through the service. The exact rates are displayed after the site connects you to a lender.

The site protects all of your personal details by employing SSL encryption technology. While the company reviews your application and all of the data you provided, it shares only your contact details with its network of lenders so they can get in touch with you directly. If you want the data expunged, you can contact customer support anytime Monday through Saturday.

All of this won’t cost you a dime. The platform is free to use, allowing you to apply for a loan, browse offers, and learn more about the lending business. The site doesn’t charge you anything, even if you take a loan through its service. Instead, it gets a small payment from the lender.

You are unlikely to avoid a loan origination fee and late payment fees on any of the loans taken through this site. Certain lenders have additional fees depending on the purpose of the loan and their specific terms, so be sure to read carefully through the contract.

Loan Amount and APR Details

The offers here are pretty ordinary compared to loans at other online marketplaces. Here’s a quick look at what APR ranges and terms you can expect:

• Loan amount: $250 to $35,000
• APR: 5.99% to 35.99%
• Origination fee: Depends on the lender
• Other fees: Depend on the lender
• Loan term: 90 days to 72 months
• Repayment options: Monthly or biweekly

Two pieces of information stand out on that list. The first is the slightly higher minimum APR – many other sites cite a low end of 3.99%. The second is the low loan amounts. When compared to some of the best personal loan lending marketplaces, the maximum $35,000 is a low figure. This is especially true for those planning to buy a house, start a business, or borrow money for home improvement.

The site clearly explains how your financial situation affects the offers you get from the lending partners. When you submit the online form and select an offer, you can discuss the details with the lender, including the repayment terms and the date of your first payment.

According to customers, you can expect the money in your account within one business day.

Repayment Terms

The platform has a broad range of payment options, including one that allows you to pay off your loan in less than a year. That’s a lot shorter than many of the other loan sites, not to mention banks. Of course, you still have the option of longer-term loans if you’d prefer. The shortest term is just 90 days, while the longest is 72 months.

Lenders may require frequent payments even if you get the best personal loan. The site states that the shortest gap between payments is two weeks, while the most common is one monthly payment. You might score discounts for early repayment with some lending institutions, so keep your eyes open for these offers. Of course, we can’t stress enough how important it is to make on-time payments.

PersonalLoans.com Customer Reviews

Not much can be found online in the way of customer reviews, and what can be found is a mixed bag. The lender network has an excellent score of 4.6 out of 5 on Trustpilot, though this is based on less than 20 reviews. 

PersonalLoans.com is not accredited or rated by the Better Business Bureau but holds an A- rating, with 4.8/5 customer score.

The Bottom Line

With nearly two decades of experience, PersonalLoans.com is ahead of the pack with an automated and streamlined application process, a reputable network of lenders, and a user-friendly web design. In our review, we’ve outlined many reasons why this is truly a great place for quick loans offered by multiple lenders.