PersonalLoans.com review: Legit site to find a personal loan

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When you need to borrow money and pay it off over a long stretch of time, a personal loan is often your best bet. Where credit cards charge variable APRs that can be as high as 24.99%, personal loans offer low fixed rates that never change. Not only that, but personal loans come with a fixed monthly payment you’ll know ahead of time and a definitive payoff date that lets you know when you’ll be debt-free.

In short, a personal loan can be a lot more predictable — and a lot less expensive — than borrowing with a credit card.

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Still, it’s crucial to shop around and compare lenders if you want to score the best deal you can. Keep in mind that personal loan companies consider different factors when it comes to approval, and many charge origination fees and application fees. If your goal is borrowing affordably, you need to compare multiple lenders and loans to find the best option with low or no fees and the lowest interest rate you can qualify for.

Enter PersonalLoans.com — a lending marketplace that lets you fill out a single loan application then see multiple offers from different banks. PersonalLoans.com makes the comparison process easy since you can do it all in one place online and from the comfort of your own home.

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How does PersonalLoans.com work?

Keep in mind that PersonalLoans.com does not lend money itself. Instead, it works as a loan “marketplace” that connect consumers to multiple loan offers. Using this website lets you avoid filling out a ton of loan applications with different lenders. This will save you time and stress!

Is PersonalLoans.com legit? Absolutely. PersonalLoans.com isn’t a direct lender, but it is a reputable company that works with an array of banks, online lenders, and peer-to-peer lending companies to help you find the best deal when you borrow money.

PersonalLoans.com connects you with loans in amounts up to $35,000, and you can typically repay your loan over 90 days to 72 months. Interest rates on their loans range between 5.99% and 35.99% APR depending on your creditworthiness, credit history, and credit usage.

Keep in mind that the best rates will go to those with very good or excellent credit, or any FICO score that’s 740 or above. If your credit isn’t in awesome shape, your interest rate could be on the higher end of the scale.

How to apply for a loan with PersonalLoans.com

Applying for a personal loan through this marketplace is insanely simple. You don’t even have to wear pants!

All you have to do is head to the PersonalLoans.com website and enter basic information such as:

  • Amount you want to borrow
  • Employment information
  • Email address
  • Home address
  • Income
  • Social Security number
  • Date of birth
  • Driver’s license or State ID number
  • Bank account type

Once you fill out the secure application on PersonalLoans.com, affiliate lenders will look over your details and determine if you’re eligible for a loan. If so, you’ll be presented with a handful of loan offers from different lenders. If you like what you see, you’ll have the option to select a loan, read over all the terms and conditions, and agree to the terms of the loan online.

After your loan deal is sealed, you’ll receive the funds in your bank account in as little as one to five business days.

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How to qualify for a personal loan through PersonalLoans.com

Since PersonalLoans.com works with a variety of lenders who all have their own minimum standards, it’s hard to say exactly what you need to qualify. However, they do list some basic information on their website that can help you see where you stand.

For all loans offers through PersonalLoans.com, you also need to be 18 or older with a valid Social Security number. You also need to be a U.S. citizen or permanent resident, and have a valid checking account.

For PersonalLoans.com loans from peer-to-peer lenders like LendingClub and Prosper personal loans, you’ll need a minimum credit score of 600 and at least $2,000 in verifiable income each month. For their standard installment loans, your credit score can be as low as 580 with the same minimum income requirement.

If you happen to get loan offers from a traditional bank through PersonalLoans.com, the minimum income requirement is the same as installment loans — 580. However, you’ll need to earn at least $3,000 per month.

The good news is, you don’t have to fill out separate applications to find out which type of loan you can get. PersonalLoans.com only requires one loan application to see multiple offers from banks and lenders who will compete to offer you the best deal. And, isn’t that the way it should be?

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What is the benefit of getting a personal loan?

Nobody wants to borrow money, but there are times when doing so makes a ton of sense. If you have high-interest debt to consolidate, a personal loan with a low interest rate can help you save money each month and pay off debt faster.

Remember that the average credit card APR is now over 17%, but the top personal lenders offer fixed APRs as low as 5.99%. That’s a big difference, and one that could leave more money in your pocket every single month.

But there are other reasons to consider a personal loan. Maybe you have a leaky roof that desperately needs work, or perhaps your car broke down and you need a loan to get back on the road.

Some people even take out personal loans to cover big home remodeling projects like a room addition or kitchen overhaul. Since you can score a pretty low interest rate and a fixed monthly payment, personal loans can work in this situation, too.

Does PersonalLoans.com charge any fees?

Because PersonalLoans.com doesn’t offer any loans, it’s hard to say whether the loan you’ll qualify for charges any fees. As the borrower, it’s really up to you to conduct due diligence and compare loans based on their fees and other factors.

For the most part, you’ll want to watch out for application fees, origination fees, and prepayment penalties in addition to comparing the interest rates on loans you’re connected with.

An application fee is a small fee some lenders charge when you apply. You should never pay an application fee if you can avoid it.

Origination fees are charged by lenders to originate your loan. These fees can tack on up to 8% of your loan amount, which can be a ton of money! If you borrow $10,000 and pay an 8% origination fee, you would owe an extra $800 on your loan from the start.

Prepayment penalties are charged by lenders when you pay your loan off early. Ideally, you should only accept a personal loan that doesn’t charge these fees. You may have the opportunity to pay your loan off early, after all. Why should you pay a fee for being responsible?

The bottom line: Fees associated with personal loans can and do add up to a lot of money over time, so you should try to avoid them. Fortunately, many of the top personal lenders offer loans with no origination fees or hidden fees. If your credit score is pretty good (740+ in most cases), you should be able to qualify for a personal loan without any fees.

Pros and cons of PersonalLoans.com

Pros:

  • Applying for a loan with PersonalLoans.com is easy and the entire process can be completed online. This means you won’t have to meet with a stuffy loan professional or answer embarrassing questions in person.
  • It’s possible to get instant approval for your loan and have your funds deposited into your bank account in as little as 1 to 5 business days.
  • You can borrow up to $35,000 (if you qualify) and repay it over 90 days to 72 months.
  • You can borrow money for any reason you want.

Cons:

  • PersonalLoans.com isn’t a direct lender, so you don’t know who you’re really applying for a loan with until you submit your application and hear back.
  • Since the entire application process is completed online, you won’t make a personal connection with your lender.
  • You may not get approved for a loan, but you won’t know until you apply.
  • You need to meet minimum credit score and income requirements, which could be difficult if you’re struggling.
  • Once you get loan offers from PersonalLoans.com, you’ll have to read through the fine print to check for fees and other hidden details.

Is PersonalLoans.com right for you?

Since PersonalLoans.com is just a marketplace that lets you compare loans from different lenders, you won’t be working with this company for more than a day. Their main job is making it easy for you to compare more than one loan offer in one place. Once you find the loan you want, you’ll need to do more research to make sure your new lender is legit.

Still, this loan marketplace is worth using. After all, the best way to save on anything is shopping around and PersonalLoans.com lets you do just that. Just like you compare auto insurance policies, new car pricing, and home loans, you’ll need to compare personal loans to get the best deal.

Learn more about PersonalLoans.com >>

Related:

Lending Club personal loans review

Prosper personal loans review

SoFi personal loans review

About Holly Johnson

Holly Johnson is a financial expert, award-winning writer, and Indiana mother of two who is obsessed with frugality, budgeting and travel. Her personal finance articles have been published in the U. S. News, Wall Street Journal, Fox Business, and Life Hacker. Holly is founder of of the family finance resource, ClubThrifty.com, and is the co-author of Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love. Learn more about Holly here.

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