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:

  • Security: PersonalLoans.com protects any information shared on the platform with advanced data encryption technology. This ensures that any confidential information shared by the users cannot be accessed by any third party. It also provides peace of mind to the users and allows accessing the platform from the comfort of their homes. The company assures the users on security matters on its home page


  • Flexible options: PersonalLoans.com offers flexible lending options in terms of the amount and repayment period. This enables borrowers to borrow as little as $1,000 up to a maximum of $35,000. They can also repay the loan amount as early as 90 days with up to 72 months depending on the type of loan and the credit taken. This information is provided upfront on their rates web page.
  • Accessibility: Depending on the loan requirement, borrowers can choose from a wide range of options. This includes peer-to-peer loans, installment loans, and bank loans. The loan terms and the credit score required for each of these loans vary. This allows borrowers to choose the loan type depending on their credit requirements. The types of loans available to borrowers are listed on this web page of the official company website.
  • Straightforward process: PersonalLoans.com features a quick, simple, and straightforward process for placing an online loan application. Just by following a few steps, your information will be shared with a large network of lenders and third-party platforms that they are associated with. You can receive the loan amount to your account as early as one business day upon successful completion of your loan application. The loan process is described in clear and simple terms on this page of PersonalLoans.com.

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:

  • APR: Although PersonalLoans.com mentions an APR range of 5.99 to 35.99% they also disclose that the range could be higher depending on the lender. Generally, the lending rates are higher for tribal lenders in which case it will be difficult to know the highest applicable rate with certainty.
  • Fees: While the loan origination fee for peer-to-peer lenders varies from 1% to 5% it may vary depending on the company you are borrowing from. There’s no way of knowing the applicable fees unless you get the loan offer.
  • Impact on Credit: It might be possible that the lenders associated with PersonalLoans.com or other associated third-party lenders may do a soft pull during the initial stages of lending and a hard pull during the later part of the loan process to decide on the eligibility of the borrower. This can have an adverse impact on the credit score. 

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:

  • For bank personal loans and personal installment loans, you need to have a credit score of 580 or more, and 600 or more for peer-to-peer loans. Moreover, this is only recommendatory as having the recommended credit score will improve your chances of landing a loan.
  • Your minimum income should be $2,000 per month for both personal installment and peer-to-peer loans and $3,000 per month for bank personal loans.
  • If you are living in the US, you can secure a loan anywhere in the country without any restrictions.
  • You should be at least 18 years old with valid identification.
  • You must have a checking account.


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.


Is it safe to apply for a loan at PersonalLoans.com?

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.

Am I eligible for a personal loan with a credit score of 500?

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.

Can I apply for a loan if I am not from the US?

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.

How long does it take to process a loan request?

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.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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