Personalloans.com Review, Borrow Up to $35,000 in Unsecured Loans

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Personalloans.com and What They Offer

Personalloans.com is a loan aggregator with a network of lenders who lend between $1,000 and $35,000. They are unique in that they are one of the few networks that have Peer-to-peer lenders, installment loans and bank personal loans.

Personal Loans lenders will lend anywhere from $1,000 to $35,000 in personal loans. Terms of loans vary from 90 days to 72 months (ie 3 months to 6 years). Interest rates vary between 5.99% to 35.99%. You have to be aware that there are tribal lenders within Personalloans.com network and they may offer loans with a higher interest rates. Tribal lenders are governed by Federal and Tribal Laws and not state laws.

Requirements and Qualifications

As PersonalLoans.com offers 3 types of loans (peer-to-peer, installment loans and bank personal loans), they have slightly different employment, income requirement and credit scores for each type of loans. However, you still meet to meet a few basic requirements which I will highlight below before I list the specific criteria for the 3 types of loans. To get approved for loan from lenders, you will need to at least meet the following requirements:

18 Years Old and above - This is the standard age requirement.

Checking Account - You will need to have a checking account because this how funds are deposited after you are approved and e-sign the necessary documents.

Both U.S. Citizens and Permanent Residents Can Apply - NextDayPersonalLoan.com allow both US citizens and permanent residence to apply.

Requirements for Peer to Peer Loans

Credit Score Needed: 600+ (sweet spot is really high 600s to 700 score)
Minimum Income: $2,000 and must be verifiable
Income Source: Employed or Self Employed
Loan Range Given: $1,000 to $35,000

Peer-to-peer lenders tend to charge a 1% to 5% origination fee. And because it is a peer-to-peer loan, the lenders in the network will most likely require income verification.

personal Installment Loan

Credit Score Needed: 580+ (sweet spot is at least 650 score)
Minimum Income: $2,000 a month
Income Source: Employed, Self Employed or Benefits Income
Loan Range Given: $1,000 to $35,000

Unlike Peer-to-peer loans or Bank Personal Loans, you can have benefits income and qualify for an installment loan from the PersonalLoans.com network.

Bank Personal Loan

Credit Score Needed: 580+ (sweet spot of at least 650 score)
Minimum Income: $3,000 per month
Income Source: Employed, Self Employed
Loan Range Given: $1,000 to $35,000

As you can see, you need a slightly higher minimum salary of $3,000 a month to qualify for bank personal loans from the PersonalLoans.com network. You also need to be employed or self employed and you are unlikely to get a bank loan if your income is derived from social security benefits.

Competition

While there are many loan aggregators, there are very few that have peer-to-peer lenders in their network. The only other loan aggregator with P2P lenders is QuickLoanLink.com. Both personalloans.com and quickloanlink.com have P2P lenders, installment loan lenders and bank personal loan lenders in their network. They both accept applications from military personnel and federal employees and also legal residents of the US (those who have SSN).

However, compared to most other loan aggregators, they have slightly higher income requirements, $2,000 to $3,000 vs the $1,000 minimum requirements of most other network lenders. They also accept applications from military personnel and legal US residents, which many other do not.

The main difference between personalloans.com and quickloanlink.com is the minimum amount you can borrow is $1,000 vs $100 respectively. Personalloans.com require you to have good credit to apply whereas Quick Loan Link accepts applicants with not so prefect credit.

Our Take

Personalloans.com is perhaps one of the best loan aggregators that has P2P lenders in their network. Having these lenders in their network increases your chance of getting a loan because P2P lenders tend to be more flexible in how they evaluate credit. This network is for those of you with good credit scores and their minimum income requirements and the fact that their minimum loan amount is $1,000 reflects that.

If your credit is good and you are looking for a personal loan, then I would have no hesitation using Personalloans.com to make lenders compete for your business.

How To Apply for Personalloans.com?

Applying for a loan at personalloans.com is really easy. The online application form can be completed in just a couple of minutes through you have to go through quite a few pages. On the first page, you need to fill out the amount you wish to borrow. On the second page, there is an option for you to get personalloans.com to look up your account if you already have a relationship with them. Most of you will choose the "SKIP LOOKUP" button and proceed from there.

The other information you need to fill out includes your name, date of birth, reasons of taking a loan, address, email and phone number, how long you have stayed at your present address, if you own or rent your home, your employment status, how long have you been employed, how often you are paid, whether you are a military personnel or a spouse, child or dependent of a military member, your monthly income, next payday, employer and work phone number, drivers license and social security number, bank information including type of account, whether you have direct deposit and how long you have been with your bank and finally your credit score (which you fill in on your own).

Just before you submit your application, you will be asked if you would like the information to be sent to other partner lending networks. I think it is good idea to check agree to this because you widen your pool of potential lenders.

Below are a few screen shots of their application pages.