When you need to take out a loan but are suffering from poor credit, you might have limited options. PersonalLoans.com can be the solution to your problem as it will help you to meet your financing needs at competitive rates by connecting you to the right lender.
What is PersonalLoans.com?
PersonalLoans.com is a dedicated digital platform that connects borrowers with various lenders. The loan amount, terms, and applicable rates are typical and vary for different lenders. You can choose from a variety of loan types such as peer-to-peer, installment loans, and bank loans. Use these loans for anything from paying rent and taxes, medical procedures, vacations, debt consolidation, home improvement, and more.
What is unique about PersonalLoans.com?
PersonalLoans.com is a lending service platform that offers some of the most flexible terms wherein you can borrow as little as $1,000 up to a maximum of $35,000, with APRs starting from 5.99%, and get repayment periods from 90 days up to 72 months. With that said, you need to have a minimum income of $2,000 per month for peer-to-peer loans and personal installment loans, and $3,000 per month for bank loans.
Why should I trust PersonalLoans.com?
PersonalLoans.com has been in the business of connecting borrowers with lenders for more than two decades. It’s a legitimate platform with reputed lending partners providing loans via professional and safe transactions. Also, it is an OLA member (Online Lender’s Alliance) that ensures honest and fair consumer practices in the online business community.
What are the benefits of PersonalLoans.com?
PersonalLoans.com offers various benefits to its users, some of which are summarized as follows:
What are the drawbacks of PersonalLoans.com?
Although PersonalLoans.com provides a quick and convenient way of getting a loan, it is not free from drawbacks. Some of the drawbacks that borrowers can experience while using the platform include:
How do you qualify for a loan at PersonalLoans.com?
Potential applicants at PersonalLoans.com need to fulfill certain criteria in order to qualify for a loan. Some of these conditions include:
Conclusion
With so many web-based platforms available for connecting lenders and borrowers, PersonalLoans.com is ahead of its competitors with the streamlined and automated application process. In addition to that, the user-friendly web design and the reputed network of lenders make it convenient for potential borrowers to apply for a loan and get it sanctioned in no time. Since PersonalLoans.com is not a direct lender, it is recommended to go through the reviews and ratings about the platform before applying for a loan.
FAQs
Yes. PersonalLoans.com has been in operation for more than two decades. It has helped thousands of customers obtain loans from legitimate lenders through safe and secure transactions.
The credit score of the borrower is not the only factor that is considered while approving a loan. While a credit score of 600 or more improves the chances of getting a loan with better loan terms, the income of the applicant is also taken into consideration. In addition to that, the platform also has a dedicated section for bad credit lending.
Unfortunately, you won’t be able to apply for a loan via PersonalLoans.com if you are not residing in the US. Currently, PersonalLoans.com matches borrowers and users only residing in the US. However, they have indicated their hope to expand their services internationally over the years.
The loan request placed by the borrower is shared with various lenders within the network of PersonalLoans.com and also with other third-party networks. The decision to offer a loan to the borrower generally takes around five minutes to decide. It’s the sole discretion of the lender to decide whether or not to offer a loan and PersonalLoans.com has no involvement in the process. Once the borrower accepts the terms and conditions and the loan offer, it will usually take around one business day to transfer the amount to the checking account of the borrower.
