Frequently Asked Questions
A personal loan is an online loan that can range from $1,000 to $35,000. The specific loan amount that a borrower can acquire depends on the individual’s credit, as well as applicable loan laws and regulations and other factors. Personal loans can also be referred to as a signature loan, as typically there is no collateral requested by a lender and only a signature is needed to accept a loan offer. These loans can be a quick and convenient way to borrow the funds you need. You can request one from the comfort of your own home and have loan repayments taken directly out of your bank account on a set date.
PersonalLoans.com is not a direct lender, but rather works with a network of lenders and with other third-party networks of lenders. Lenders in these networks generally offer three types of personal loans: peer-to-peer loans, personal installment loans, and bank personal loans. For more in-depth information about each type of loan our lenders offer, please refer to our How It Works page.
You may qualify for a personal loan if you meet the requirements. To be eligible for a personal loan, you must have a valid ID, a regular income, a checking account, and a good credit score. You don’t have to have perfect credit to get approved for a loan; however, it’s true that the higher your income and credit score are, the more likely you are to get approved by a lender. For more information about our requirements, please see our How It Works page.
PersonalLoans.com may do a “soft” pull on your credit score to help choose which lender, if any, to connect you with. Lenders in our network or in the other third-party lender networks in our network may also conduct a “soft” pull and/or a “hard” pull. Typically, a “soft” pull is done initially and then a “hard” pull may be done later on in the loan process by a lender. It is possible that multiple credit pulls will be done by our lenders.
Personal loan laws and regulations vary by state and loan product. Please consult with a financial adviser or a lender directly if connected to one regarding the availability of loan product(s) in your state.
Currently our service is available to residents of the United States.
The loan amount that may be offered depends on a variety of factors and can vary greatly. The exact amount that a consumer can qualify for will depend on many different factors as determined by the lenders in our network.
We cannot give expected rates or APRs as our lenders offer a variety of loan products based on many factors. Visit our How It Works page for example loan products and example underwriting requirements.
First, fill out an online loan request form at PersonalLoans.com. In this form you will indicate how much money you would like to borrow, your credit rating, the reason why you are borrowing, and your monthly income. After this first step, you will provide some contact information and bank account details, to help our lenders determine your loan eligibility. Once you submit your request, we will send it to our network of lenders and to other third-party networks of lenders so the lenders in these networks can review your information and choose whether to offer you a loan.
If a lender offers you a loan, you will be redirected to the lender’s website and/or they will contact you by phone, text or email about your loan offer. They are required by law to make certain disclosures about the details of your loan offer before you accept. Review these disclosures and the loan agreement carefully before you accept or decline an offer.
If you accept the terms of loan, the funds will be deposited directly into your bank account. As with any money transfer, the exact amount of time it will take for the deposited funds to become available will depend on the time of the loan approval and other factors.
Your loan request is sent to the various lenders in our network and in other third-party lender networks who will generally make a decision whether to offer you a loan in real time — usually within five minutes. Here is where a lender may offer you a loan and we have no additional involvement in your loan process. Once you review the terms of your offer and accept, the amount of time it takes to receive your money will vary.
At this time, the best way to submit a request is through our online form. If you need help with our online form, we do have a customer support phone number that you may call for assistance.
PersonalLoans.com works with lenders who outline repayment instructions in their loan agreement that may be presented to you. Lenders typically have online systems available where you can repay your loan via electronic payments and manage your account through the lender website. Many lenders also have customer service agents who can take your payment by phone.
The lenders in the PersonalLoans.com network and in the other third-party networks in our extended network generally accept payment through electronic fund transfer (EFT). You might be familiar with the process if you pay your bills online. With electronic fund transfer, every month on the due date you have determined with your lender, the payment will be withdrawn from your account automatically.
Most payment plans are set monthly or fortnightly, but there may be other payment options available from your lender. To request a different payment plan, we suggest that you contact your lender directly to see if they have other options available.
If you think you won’t be able to make a payment, you should contact your lender immediately. Their customer support team might be able to offer you a later courtesy due date. As well, if you have already missed a payment, you should contact the lender directly. They are there to help. You may be able to make a new payment arrangement that is better suited to your current budget. Whether you are late on a payment or are unable to make a payment, get in touch with your lender directly so they can assist you.
PersonalLoans.com is not a direct lender. We offer a free service that can connect a user to a lender in our network or in another third-party lender network in our extended networks. If no lender offers you a loan, you may be presented with offers for debt relief, credit repair, credit monitoring or other related services.