Personal Loans is not a direct lender. It is a loan matching service that connects personal loan borrowers with its network of lenders. The company provides an easy online application form and subsequently forwarded to lenders for approval. Personal Loans currently offers three types of personal loans; peer-to-peer lending, personal installment loans and bank loans. Personal Loans is a free service and no fees are collected during the application process.
Category
Loan matching service
Loan Details
Personal Loans is a loan matching service and currently works with three major types of lenders. Below are the typical requirements for each lender type.
Peer-to-peer lending
- Credit score 600+
- Minimum income: $2,000 per month, must be verifiable
- Income source: employed or self-employed
- Loan range given: $1,000 to $35,000
Personal installment loans
- Credit score: 580+
- Minimum income: $2,000 per month
- Income source: employed, self-employed or benefits
- Loan range given: $1,000 to $20,000
Bank personal loans
- Credit score: 580+
- Minimum income: $3,000 per month
- Income: employed or self-employed
- Loan range given: $1,000 to $35,000
Unsecured personal loans
Yes
Minimum loan amount
$1,000
Maximum loan amount
$35,000
Minimum loan period
6 months
Maximum loan period
72 months
Loan rates
Depends on lender
Direct deposit
Yes
Application
Online application time
A few minutes
Response times
In as little as a few minutes
Qualifications
US citizen and permanent residents
Valid ID
Regular income
Checking account
Good credit score
Personal Loans Summary
Personal Loans goes into the details of what it takes for your personal loans to get approved. This at least gives you an idea of your personal loan application’s success rate. Remember that lenders often do a credit check which ultimately affects the likelihood of you getting approved for future loan applications. Overall, Personal Loans is one of the best sources for personal loans. It gives borrowers a seamless portal for connecting with various types of lenders giving them a great chance of locking in personal loans with the best available rates.
