PersonalLoans.com Reviews: 2020 Edition

Wondering which are the best places to get a personal loan?

Then the following lending platform review may help you decide!

On this page you will learn more about:

  • What Is PersonalLoans.com and who is it best for
  • How PersonalLoans.com works
  • The terms and requirements of getting a loan with PersonalLoans.com
  • PersonalLoans.com reviews
  • The pros and cons of using PersonalLoans.com
  • The costs associated with using PersonalLoans.com
  • Your privacy and security when using PersonalLoans.com
  • Frequently asked questions (FAQ) about PersonalLoans.com

What Is PersonalLoans.com?

PersonalLoans.com is an online service that connects consumers with large authorized lenders and allows them to borrow money online instantly.

PersonalLoans.com offers a variety of personal loan services, such as debt consolidation, credit card refinance, etc.

While PersonalLoans.com is not a direct lender, it is one of the top loan connection companies which offer a way for consumers to get matched with the best available lenders

personal loans(Image Source: PersonalLoans.com)

Who Is PersonalLoans.com Best for?

PersonalLoans.com is best for those who want quick loans, as well as those that want to borrow money online.

After filling out the free online form, consumers will receive PersonalLoans.com personalized offers. It is a simple and fast process that allows users to view multiple loan offers without having to separately apply with different loan providers. 

Getting Started with PersonalLoans.com

We will now guide you through the process of requesting and signing in for a loan via PersonalLoans.com.

First, go to the official website of PersonalLoans.com and fill out a free application

personal loans(Image Source: PersonalLoans)

Drag the slider to choose the loan amount. You can request an amount between $1,000 to $35,000.

Add your email address and click on Get Started

personal loans(Image Source: PersonalLoans)

In Step1, you will need to provide the following loan information:

  • Loan Amount Requested
  • Credit Type
  • Loan Reason:
    Debt Consolidation
    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
  • Your Full Name
  • Birthday
  • Are You Active Duty Military?

In Step 2, you will need to provide the following information:

  • Email Address
  • Phone
  • Contact Time
  • Address
  • Zip Code
  • State
  • City
  • Length At Address
  • Do You Own Your Home?
  • Income Source
  • Time Employed
  • I Get Paid (weekly, monthly…)
  • Employer Name
  • Employer’s Phone
  • Monthly Gross Income
  • Driver’s License OR State ID
  • Issuing State
  • Social Security Number
  • Bank Account Type

Before you submit your request, make sure you have read the terms and conditions.

personal loans(Image Source: PersonalLoans)

And lastly, you will need to enter your mobile phone. 

personal loans(Image Source: PersonalLoans)

Terms & Requirements

Each lender has specific rates and terms that will be disclosed to the applicant in the agreement.

Once approved, the applicant will receive the funds in a short amount of time – even one business day. 

The loan will then need to be repaid from 90 days to 72 months, depending on the lender. 

The estimated annual percentage rate of the loan (APR) will vary between 5.99% and 35.99%, depending on multiple factors. 

While each lender has its own personal loan requirements, these are the basic needed qualifications to apply:

  • You must be 18 or older
  • You must have a valid social security number
  • You must be a legal U.S. citizen or permanent resident
  • You must have a steady stream of income (employment, self-employment, benefits, disability)
  • You must have a valid bank account
  • Responsible credit history

PersonalLoans.com doesn’t have any credit score requirements when it comes to applying. You can find personal loans for bad credit and personal loans for good credit

However, people with average credit score have a higher chance of getting approved and/or getting better rates. Some lenders require a credit score of 580 or higher. 

Now:

Will PersonalLoans.com pull my credit score?

To determine whether you are eligible for a loan and provide you with PersonalLoans.com personalized offers, PersonalLoans.com may do a ‘soft pull’, which won’t affect your credit score. 

However, before reaching a leading decision, loan providers may do a hard inquiry on your report. This may damage your credit score. 

And lastly, meeting all of the listed requirements doesn’t guarantee loan approval. Getting matched with unique lenders also doesn’t guarantee approval – this is simply a service offering you the possibility to compare multiple lenders and view loan offers

personalloans.com (Image Source: PersonalLoans)

User Reviews

We looked up PersonalLoans.com reviews online and will sum up the customer reviews and complaints. 

Here are the good things consumers had to say about PersonalLoans.com:

  • All of the terms were stated before the customer agreed to anything
  • Getting approved for a loan was a fast and hassle-free process
  • The APR was reasonable
  • No need to go to a bank
  • Good customer service 

review(Image Source: Highya)

And here is a summary of the bad PersonalLoans.com reviews we read online:

  • Some customers didn’t get matched with any lender
  • Customers received a large number of emails and phone calls after applying
  • Some customers had trouble reaching customer service
  • A customer complained that about hard inquiries which damages his credit score

Pros and Cons

Now, let’s check out all of the pros and cons of applying for an online personal loan via PersonalLoans.com. 

Pros

  • Data encryption
  • Free application
  • Reputable partner lenders
  • All of the terms are listed on the website
  • Quick money loans
  • Broad loan range
  • Only a soft pull may be done to match you with lenders

personal loans(Image Source: PersonalLoans)

Cons 

  • Your personal information will be shared with third parties
  • No Better Business Bureau PersonalLoans.com rating
  • Loan amount term varies by lender
  • Approval is not guaranteed
  • Before reaching a final lending decision, providers may do a hard inquiry which can impact your credit score

Features

personal loans(Image Source: PersonalLoans)

Rates & Fees

Using PersonalLoans.com to get matched with lenders is free. Borrowers submit a loan request through PersonalLoans.com and are then matched with lenders.

The extensive network of lenders of PersonalLoans.com determines all of the rates and fees. 

The cost of a personal loan will vary depending on the loan amount, the state you live in, the lending partners, the period of time of the loan, your credit score, etc. 

Lenders may charge an origination fee of 1 to 5% of the loan amount, late payment fees, etc. 

All of the interests and finance charges should be supplied by the lender before signing the loan agreement.

Privacy & Security

PersonalLoans.com uses data encryption to protect your information when you submit your loan request on their website.

They collect the following information about you:

  • The information you provide
  • Tracking data (ISP, your activity on the site, etc)
  • Credit report information from the credit reporting agencies
  • Geolocation data

The data collected is used for:

  • To provide you with the requested services – for business purposes (connecting you with a lender, etc.)
  • Marketing purposes

Your information will be shared with:

  • Network of lenders
  • Third parties 

After you have submitted a loan request, you can contact support to limit the sharing of your data. 

PersonalLoans.com will also obtain a soft pull of your credit report. 

Customer Support

PersonalLoans.com can be contacted via mail, email, phone, or the contact form from their website. 

They also have a FAQ section and How It Works page, which contain answers to any questions you may have prior to applying. 

support(Image Source: PersonalLoans.com)

Final Verdict/Summary

Now let’s talk about what we liked and didn’t like about the lending platform PersonalLoans.com.

What we liked most is all of the information about loans available on their website. 

For example, the PersonalLoans.com debt consolidation article contains info about how to consolidate debt as well as the pros, cons, and some general tips. 

We also liked their ‘How it works’ page which explains the personal loan process. 

So, if you go to PersonalLoans.com to request a loan for your needs, you won’t be kept in the dark about any part of the process.

The other things we liked are common for most lending platforms: you have the option to view and compare different types of personal loans from the comfort of your home. The service is free and simply getting matched with lenders won’t hurt your score. 

What we didn’t like is the fact that your personal information is shared with third-party sites. While this is inevitable, as it is the only way to receive loan offers, customer information is also shared with advertising partners. Again, the purpose of this is to send you relevant offers. 

On the bright side, at least you have the option to contact support and request that they limit the sharing of your personal data. 

FAQ

Q: Is PersonalLoans com legit?

A: Yes, PersonalLoans.com is a legitimate online lending network. While the company isn’t accredited by the Better Business Bureau, you can view the company details.

Here are some signs that a personal loans company is a scam:

  • No physical address listed.
  • The website is not secure (no padlock symbol or no “s” after “http” on the site address).
  • The lender doesn’t require a credit check – all reputable lenders check your credit report before approving your loan. 

Q: How does PersonalLoans.com work?

A: Using the PersonalLoans.com market place to secure a loan is a simple process.

You need to fill out a free online form and provide some basic information, such as:

  • The amount of money you need
  • The loan purpose
  • Basic personal information
  • Basic income information

You will then be matched with lenders that provide personal loans to borrowers. In a way you get pre-approved online – while the loan is not guaranteed, you are matched with the lenders that are most likely to provide you with a loan. 

Q: Why use PersonalLoans.com? 

A: PersonalLoans.com is a good lending option for those that want to review all options when they need to borrow money

It is also great for emergency funding as it is possible to get a loan in one business day. 

Q: Can I borrow money from PersonaLloans.com if I have a bad credit score?

A: PersonalLoans.com will try to match you with a lender even if you have a poor credit score. 

While having good credit isn’t a requirement to use marketplace platforms to get matched with lenders, your credit score will affect your chances of getting a loan, as well as your rates. 

Q: Do I qualify for a PersonalLoans.com loan?

A: There are some basic criteria you need to meet in order to qualify for a loan.

Here are the most common requirements: 

  • Being 18 or older
  • Being a U.S. citizen or permanent resident
  • Having a steady income
  • Responsible credit history 

Q: Will my credit score be affected by PersonalLoans.com?

A: In order to match borrowers in the United States with the best personal loan companies, PersonalLoans.com will do a ‘soft pull’ on the credit report of the applicants. 

However, loan providers may do a ‘hard pull’ before reaching a final decision. Lastly, after you have been approved for the loan, missing payments or late payments can damage your credit score.  

Q: Is my information kept secure when I apply through PersonalLoans.com?

A: All the information you provide to PersonalLoans.com will be encrypted.

Yet, there is no guarantee that your information will be 100% safe, as data breaches can happen. 

PersonalLoans.com collects the information you provide on their website, as well as tracking data and your credit report. 

This information is used to provide you with the service you have requested. It is also used for marketing purposes. 

Your information will be shared with potential loan providers and third parties. 

You also have the option to contact support and request that they limit the sharing of your personal information. 

Q: How does AmOne compare to other lending marketplaces?

A: Compared to other lending marketplaces, PersonalLoans.com is one of the few lending platforms we reviewed that provide detailed information about everything you should need before applying for a personal loan.

Their privacy policy states everything clearly and it is easy to read. They also have a guide on how to apply for a loan using their platform, as well as a very extensive FAQ. 

Furthermore, we noticed useful definitions, disclosures, and articles on their site.

Before you decide which lending platform to use, check out PersonalLoans.com reviews as well as our AmOne, Loans Under 36, Guide to Lenders, Even Financial, 5k Funds and Upgrade reviews.

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