PersonalLoans.com is an online lending platform that connects borrowers with a network of lenders who can provide personal loans.
The company was founded in 2013 and is headquartered in Wilmington, Delaware. PersonalLoans.com is not a direct lender, but rather a loan aggregator that matches borrowers with lenders based on their individual creditworthiness and loan requirements.
Pros:
Easy application process: PersonalLoans.com has a simple online application process that is easy to complete. Borrowers can submit their application in just a few minutes and receive a response from lenders quickly.
Wide range of loan options: PersonalLoans.com offers personal loans for a variety of purposes, including debt consolidation, home improvement, and unexpected expenses. Borrowers can also apply for loans ranging from $1,000 to $35,000, with repayment terms ranging from three to 72 months.
Quick funding: If a borrower is approved for a loan, they can receive funds in their bank account as soon as the next business day.
No collateral required: PersonalLoans.com offers unsecured personal loans, which means borrowers do not have to provide collateral to secure the loan.
Cons:
High interest rates: PersonalLoans.com’s interest rates can be relatively high compared to other lenders in the market, especially for borrowers with lower credit scores. The rates can range from 5.99% to 35.99%.
Origination fees: Some of the lenders on PersonalLoans.com may charge an origination fee, which can add to the overall cost of the loan.
Not available in all states: PersonalLoans.com is not available in all states. Borrowers should check if the service is available in their state before applying.
Rates and Fees:
PersonalLoans.com offers personal loans with interest rates ranging from 5.99% to 35.99%, depending on the borrower’s credit score and other factors. Borrowers should be aware that some of the lenders on PersonalLoans.com may also charge origination fees, late payment fees, or prepayment penalties.
Qualifications:
To be eligible for a loan through PersonalLoans.com, borrowers must be at least 18 years old, have a valid Social Security number, and be a U.S. citizen or permanent resident. Borrowers must also have a regular source of income, a checking account in their name, and a credit score of at least 580.
Comparison:
PersonalLoans.com is a loan aggregator, meaning it connects borrowers with a network of lenders. Other loan aggregators in the market include LendingTree, Credit Karma, and Bankrate. Each aggregator has its own set of lenders and loan options, so it’s important for borrowers to compare rates and terms before choosing a lender.
Overall, PersonalLoans.com can be a good option for borrowers who need quick access to funds and have a lower credit score. However, borrowers should be aware of the high interest rates and potential origination fees when considering a loan through the platform.
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