PersonalLoans.com
If you find yourself needing financing for a home project, debt consolidation, or to save money on interest expenses, you have probably looked at personal loans. Personal loans provide flexible financing for consumers for a fixed interest rate and monthly payment. However, if you have spent any time researching personal loans and trying to find the best terms for you and your budget, you quickly realize how many options there are available on the market.
- Free service
- Competitive Rates
Pros
- Simple online application
- No fees for the service
- Access to many lenders
Cons
- F-rating From the Better Business Bureau
- Personal information required to apply, including social security number
Benefits Of Personal Loans
Before we start the review, it’s essential to understand why personal loans can be helpful and how they fit into a personal finance strategy.
Banks and online lenders issue personal loans so consumers can pay for projects, consolidate debt, and more.
When one applies for a personal loan, the lender generally asks what the funds will be used for: refinance an existing loan, pay off other lenders, or tackle a home improvement project.
As long as the funds are used to help alleviate financial stress or add value to the consumer’s life, they can be great tools to help get ahead on your finances.
One of the significant benefits of personal loans over other forms of credit such as credit cards is that there is a set payoff date with fixed payments which makes it easy to budget, and you can see your progress as you pay off your balance. This is in stark contrast to a revolving credit line such as a credit card on which you can keep charging and perpetually pay interest without lowering your overall balance.
Credit cards also usually have higher interest rates, making them a poor choice for financing large purchases because the interest will ultimately cost much more than what you would pay with a personal loan.
Back to top ↑How Does PersonalLoans.com Work?
Personalloans.com is an online Marketplace that connects applicants to a variety of lenders for personal loans.
Founded in 2017, personalloans.com has helped thousands of customers connect with lenders for personal loans ranging from $1,000 to $35,000. The personalloans.com service is free for applicants and customers because they charge the lender for connecting them with customers.
It’s important to note that they also may receive compensation for sharing your information with third-party marketers and Affiliates. Before you apply, ensure you are comfortable with your data being sold to paste third-party.
Back to top ↑Application Requirements
The application process for personalloans.com is very straightforward. Potential applicants select an option on the homepage to describe why they are applying for a loan, including medical expenses, refinancing, moving costs, and more.
Once you begin the application, personalloans.com will ensure you meet their criteria, including proof of income, employment information, and other personal details. Applicants generally have a minimum income of $2,000 per month and a minimum credit score of 580 For the best chance of application success.
Other requirements include proof of citizenship and a checking account with your name on it.
Back to top ↑Fees And Rates
Although the personalloans.com service is free, many of the lenders charge an origination fee that can range between 1% and 8% of the overall loan amount.
For example, if you take out a $30,000 loan with a 5% origination fee, you will pay a $1,500 origination fee, leaving $28,500 to be deposited into your bank account.
Interest rates with personal loan.com lenders range from 5.99% up to 35.99%, depending on creditworthiness, income, and other factors.
Back to top ↑Customer Service
Personalloans.com offers plenty of educational material on their website, putting loan guides for bad credit, fast cash, debt consolidation, and more. However, if you want to speak with a customer service representative directly, they provide various options, including telephone number, email address, and more.
They also offer an affiliate program for customers who want to refer other people to the personalloans.com program.
It’s important to note that personalloans.com has an F-rating from the Better Business Bureau, but there is limited data on their better business profile so perform due diligence before applying.
Back to top ↑Final Thoughts
Personal loans are undoubtedly a powerful financial tool to help consolidate your debt, finance a large project, and save money on interest.
If you want to save time on searching for an optimal personal loan, online marketplaces such as personalloans.com can be an excellent way to find a lender and apply for a loan quickly. If you are comfortable with sharing your personal information with third-party marketers, and you need a loan between $1,000 and $35,000, personalloans.com may fit your budget nicely.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
