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Wednesday, February 12th
If you're considering Personal Loans for funding your financial needs, you might want to think again. Operated by a company called IT Media, Personal Loans acts strictly as a referral service, connecting you with lenders who pay to receive your information. While this might not be inherently negative, it's essential to dive deeper into how Personal Loans operates before deciding if it's the right choice for you.
You're consenting to receive third-party marketing offers
When you start the process with Personal Loans, you'll be asked to enter the amount you'd like to borrow, ranging from $250 to $35,000. However, by providing this information, you're also consenting to receive marketing communications from companies specializing not just in loans but also in credit repair, banking, and credit monitoring - a detail that's easy to miss in the fine print. Opting out of additional credit-related offers seems like a logical choice, but it's not straightforward with Personal Loans - if you uncheck the box (which shows up much later in the application), you're unable to proceed, which feels deceptive and inconvenient.
No guarantees on how they handle your info
Moving forward in the application process, you'll be prompted to provide personal details such as your zip code, last 4 digits of your SSN, and date of birth, presumably for soft credit checks and identity verification purposes. However, Personal Loans doesn't explicitly state this, leaving you to wonder about the handling of your sensitive information.
Not transparent about their lending partners
After submitting your information, Personal Loans redirects you to a page where their partners may offer you a loan (which, in our case, was much lower than what we requested), followed by a request for your bank routing and account numbers. The lack of transparency throughout the process, coupled with the excessive amount of personal information requested, raises red flags about the platform's reliability and trustworthiness.
Don't waste your time
Despite Personal Loans' parent company boasting an "A" rating from the Better Business Bureau, the lack of current feedback and transparency about how they handle personal information tanks our confidence in the service. Ultimately, Personal Loans falls short when it comes to providing a secure and user-friendly experience for borrowers, making it a poor choice for securing financing. It's far better for you to explore other reputable lenders on our list that prioritize transparency and customer satisfaction, giving you a smoother and safer borrowing process.
Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.
Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.
First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.
Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.
Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.
Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.
Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:
To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!
Select any 2 Personal Loans to compare them head to head