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FAQ

Frequently Asked Questions

  • What is a personal loan?

    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 their state’s loan laws and regulations. Personal loans are also known as signature loans, because there is no collateral required and only your signature is needed to complete the loan request. These loans are a quick and convenient way to borrow the funds you need today. 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.

  • How many types of personal loans do you offer?

    We currently 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 we offer, please refer to our How It Works page.

  • Can I qualify for a personal loan?

    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.

  • Will you pull my credit score?

    PersonalLoans.com and/or the lenders that we work with may do a “soft” or “hard” pull on your credit score to determine eligibility. Typically only 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. We also abide by the FCRA.

  • Are personal loans available in my state?

    Personal loan laws and regulations vary by state. Please refer to the coverage map on our About Us page to get specific information on your state.

  • Do you serve non-US customers?

    We only work with US lenders and US residents currently. However, we do plan to work with international lenders to serve non-US customers in the future.

  • How much money can I get?

    You can borrow a loan amount ranging from $1,000 to $35,000. Keep in mind that the amount you will be able to obtain will depend on many different factors as determined by the lenders in our network.

  • What will my rates be?

    Since we work with many lenders and a variety of loan products it is impossible to give you an exact APR. For additional information about the different loan products our lenders offer, please see our How It Works page.

  • How do I get the money?

    First, you should fill out an online loan request from with us. In this form you will first let us know 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, so that our lenders may determine your loan eligibility. Once you submit your request, we will send it to our network lenders.

    If you are approved for a personal loan, you will be forwarded a loan agreement, where the lender will explain their specific terms and conditions, including your repayment amount. Review these terms and conditions carefully before you sign the agreement.

    Soon after you have formally accepted the 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 your bank’s specific policy.

  • How long does the loan request process take?

    Your loan request may be approved within minutes. Once you have chosen a lender, reviewed their policies, and then signed a loan agreement, your funds should be available as soon as the next business day. Again, the exact availability timeframe will depend on the lender’s deposit process.

  • Can I request a loan over the phone?

    At this time, our online form is the only way to request a loan. We hope to include a loan-request-by-phone option in the future.

  • How and when do I repay the loan?

    Repayment of a personal loan is a very simple process. We work with lenders who have online systems available to take electronic payments and manage your account. Each of our lenders also has customer service agents who are happy to take your payment by phone.

    All of the PersonalLoans.com network lenders accept payment through electronic fund transfer. 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. You won’t have to worry about late payments.

    Most payment plans are set monthly or fortnightly, but there may be other payment options available. To request a different payment plan, we suggest that you contact your lender directly.

  • What do I do if I miss a payment?

    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.

  • Is PersonalLoans.com a direct lender?

    PersonalLoans.com is not a direct lender. We connect consumers seeking personal loans with our trusted network of lenders. Our online loan request form is intended to find you available loan options, and you can decide the rest. We charge no fee for our service.