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How It Works

The Personal Loan Process

Our simple online loan request process is designed to match you with a lender from our network to best fund your loan. If successfully matched, you can receive the money you require in as little as one business day. You will then have anywhere from 6 to 72 months in which to repay your loan, depending on the terms provided by your lender. Lenders in the personal loan network have a representative APR range between 5.99% and 35.99%.

The entire process is safe and secure and works in these easy steps:

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You fill out the simple loan request form here on our website, including how much money you would like to borrow, your credit type, and loan reason. The form will also require you to provide some basic personal, banking, and income information. This information will be used by us to determine what loan product you may be eligible for.

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Shortly after receiving your loan request, our affiliate lenders will make a decision whether to approve your loan request or not based on the information given. If approved, you'll be redirected to a lender's loan agreement, where the lender will make their terms and conditions clear, including the amount you will need to repay and the repayment time frame. Make sure you understand key elements to your loan agreement, including the loan interest rate as well as the repayment terms before accepting the lender's offer.

Shortly after you agree to your lenders’ terms the funds will be sent to your bank account. The exact amount of time it takes for your funds to reach your account will depend on the time of loan approval as well as the lender you work with, but in all likelihood you will receive the money within one to five business days, depending on your preferences and eligibility.

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You will then be directed to the Account Center. When you log in, you will be able to change basic information such as your contact information and password. You may also submit another request for a personal loan with the click of a button and using your existing information.
We will also present other offers to you in the Account Center, depending on your account preferences. For example, we will soon be offering our customers credit report and credit monitoring services, as well as other products they may qualify for.


Personal Loan Requirements

Although we will accept loan requestors with any credit score, there are still a few basic requirements you must meet in order to qualify for one of our loans. Before you request a loan, make sure you meet specific criteria regarding these items:

  • Age/ID/Residency Status - You must be 18 or older to be eligible for a personal loan. You must also have a valid Social Security number, and be a legal U.S. citizen or permanent resident.

  • Income - In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders may require a pay stub or other form of income verification.

  • Bank Account - Most lenders require a valid checking account, as once a loan is approved for you through PersonalLoans.com, your lender will deposit your funds directly into said account.

  • Credit Type - You do not necessarily need to have a good or excellent credit record to qualify for a personal loan. However, most of our lenders do require that customers demonstrate a pattern of responsibility. To be eligible for a personal loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; must not have any debt that cannot be covered by current income; and must not have any recently charged-off accounts.

Meeting these requirements does not necessarily guarantee you will be approved for a personal loan, but it does significantly boost the chances that approval will occur by a lender.

Types of Personal Loans®

  • Peer To Peer Loans


    Typical Requirements:
    •  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

    Peer-to-peer lenders connect borrowers directly to investors, rather than offering the loan themselves. A peer-to-peer or P2P loan means that you will be borrowing money directly from a person or company, rather than the bank. Peer-to-peer loans ensure that borrowers are paired with individuals looking to invest in a detailed note. Often your loan reason will be disclosed to the investors reviewing the notes available on the peer-to-peer lender system.

    As the borrower, you will fill out a basic loan request form and post your desired loan amount. Investors will then view your listing and choose the one that best fits their specific needs. Once a deal is brokered, you will make fixed monthly payments to the investor until your loan is paid off.

    The entire process takes place online, so you will never have to leave the comfort of your own home. Requesting a loan only takes a few minutes, and if you qualify for a peer-to-peer loan you may be given a list of loan options to choose from. Many borrowers prefer peer-to-peer lending due to lower rates.

    You can borrow anywhere from $4,000 to $35,000 with a peer-to-peer loan, depending on your credit type. PersonalLoans is partnered with several peer-to-peer loan lenders and each lender has their own set of investors and terms. Peer-to-peer lenders often collect a loan origination fee of anywhere between 1 to 5% which is deducted from the loan amount given to the borrower.

  • Personal Installment Loans


    Typical Requirements:
    •  Credit Score: 580+
    •  Minimum Income: $2,000 per month
    •  Income Source: Employed, Self-Employed, or Benefits
    •  Loan Range Given: $1,000 to $35,000

    The personal loan installment loan process is also quick and convenient. You can request a loan online by providing basic personal and financial information. Your lender will provide you with a loan agreement individually tailored to your financial needs. Once you accept the loan agreement, your loan will be deposited directly into your bank account. Again, review the terms of your agreement before you sign, as each lender will have their own specific repayment process.

    Consumers are encouraged to research applicable Federal and state laws, and to ask their lenders for more information. If a lender is wholly owned and operated by a federally recognized American Indian Tribe and sovereign government, applicable Tribal and Federal law governs its loans and related contracts, applications and documents. For example, personal installment loans can vary by state. Each state has its own rules and regulations for personal loans, so your loan amount and rate will depend on where you live. Also, your loan amount, APR and length of loan may depend on a variety of factors that lenders use including your credit score and repayment history.

  • Bank Personal Loan


    Typical Requirements:
    •  Credit Score: 580+
    •  Minimum Income: $3,000 per month
    •  Income Source: Employed or Self-Employed
    •  Loan Range Given: $1,000 to $35,000

    A bank personal loan provides one-on-one local service to borrowers who would like to request a loan in person at their local bank. First by phone or in person and provide your personal information for the loan. Some banks even allow you to request a loan online as well. If you request a loan online you will likely be directed to the nearest local branch to complete the loan request process in person. After you are approved, you will either receive the funds at the branch or they will be deposited to your bank account.

    You may be eligible for a bank personal loan up to $30,000, and you can discuss the individual terms and payment options at your local branch. Most bank personal loans have fixed rates, and may provide you with money the same day, if approved by noon.