A Personal Loan May Be Just What You Need, Personalloans.com Review

When you are in debt, your first priority should be to get out as quickly as possible. This is especially true if your debt is high interest debt, like credit card debt. If you are deep in credit card debt it can be hard to get out because interest is accruing almost as fast as you make your payments. This is where a personal loan can come in handy.

Personal loans have lower interest rates than credit cards, so they allow you to put more of your monthly payment toward paying off the principle instead of just the accrued interest. But where should you look for a personal loan? One place to start is PersonalLoans.com.

Why PersonalLoans.com?

PersonalLoans.com is a great place to get started looking at getting a personal loan to refinance your credit card debt, for an emergency, a home improvement project, or for another up-coming purchase you plan to make. You can easily apply online or on your mobile device and get an answer quickly. The online application is easy to understand and asks very basic questions.

PersonalLoans.com also has more flexibility with how much a person can borrow than some other lenders. They have a network of lenders behind the scenes who offer different types of funding, like peer-to-peer loans, personal installment loans, and bank sponsored personal loans. These organizations compete to get your loan approved, which also helps you get a lower interest rate.

On PersonalLoan.com you can be approved for $1,000 up to $35,000 with repayment terms generally between 6 and 72 months. The best part is that your funds are usually available within 72 hours – great news if you are strapped for cash in an emergency.

Other Things to Note

PersonalLoans.com is not a direct lender; the site simply connects you to a network of lenders who might be interest in financing your personal loan. The benefit of this is the competition between lenders, which may help you secure a lower interest rate or better loan terms.

In order to apply for a loan on PersonalLoans.com you need to be able to provide the following information:

  • Age/ID/Residency Status
  • Proof of Income
  • Bank Account Information – most lenders require you to have at least a checking account
  • Credit Type – what you need credit for

Your credit score will also be pulled for analysis.

Getting a personal loan if you are self-employed can be difficult, but the network of lenders on PersonalLoans.com is small business friendly. You simply have to prove the consistency of your income over a longer period of time.

Potential Cons of PersonalLoans.com

About the only con I could see on their website is that not all products (peer-to-peer lending, bank personal loans, or personal installment loans) are available in all states in the U.S.

Additionally, if you live abroad products are not available to you at all. But the site does plan to offer international products in the future.

If you are looking for a personal loan to help you refinance high interest debt, take a vacation, or make a large purchase, PersonalLoans.com is a great place to start your search for a lender. The online application process is secure, easy to use, and you can have an approval within minutes.

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