How It Works

The Personal Loan Process

Our simple online loan request process is designed to connect you with a lender or lending partner from our network to fund your loan. In addition to personal loans, some of our lending partners may offer lines of credit. If successfully connected and approved, you can receive your funds in as little as one business day. You will then have anywhere from 90 days to 72 months in which to repay your loan, depending on the terms of the loan agreement. The APR for loans in the personal loan network varies, with many providers offering rates between 5.99% and 35.99%. Please note that our lender network includes tribal lenders. Tribal lenders’ rates and fees may be higher than state-licensed lenders, and are subject to federal and tribal laws, not state laws.

The entire process takes just a few easy steps:

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.

Shortly after receiving your loan request, our affiliate lenders or lending partners 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 loan agreement with clear terms and conditions, 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 offer.

Shortly after you agree to the terms of the loan agreement 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 or lending partner you work with, but in all likelihood you will receive the money within one to five business days, depending on your preferences and eligibility.

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 that the lenders in our network are looking for. Before you request a loan, make sure you meet specific criteria regarding these items. Please note that meeting these requirements does not mean that you will be connected to a lender.

  • 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 or lending partners may require a pay stub or other form of income verification.

  • Bank Account - Most loans require a valid checking account, as once a loan is approved for you through PersonalLoans.com, your lender or lending partner 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 loans 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.

Types of Personal Loans®