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Personal Loans Review

Thursday, December 8th

2022 Personal Loan Reviews

Personal Loans Review 2 Star Rating

Personal Loans

2 Star Rating
  • Loans from $1,000 to $35,000
  • "A+" rating from the BBB
  • Personal loan referral service

Personal Loans works as a referral service for those looking to borrow anywhere from $1,000 to $35,000. You submit your information through a short online form, and Personal Loans' lending partners decide whether or not to offer you funding. If you are offered a loan, you'll then have to complete an application with the lender itself.

A+ from the Better Business Bureau

The last time we evaluated Personal Loans, the company had no listing with the Better Business Bureau. More recently, however, we were able to see that this service has an "A+" rating there, with only two complaints filed in the 12 months prior to this review. While Personal Loans doesn't have accreditation with the BBB, parent company IT Media Solutions does. Those are all good signs!

No information provided about lenders

But, compared with other referral services for personal loans, we don't love this platform. Why? There's no information about the lenders that Personal Loans uses in its network, requiring you to provide a lot of financial details without knowing who is going to be receiving them. Most personal loan referral services tell you outright which lenders they partner with, long before you offer your credit score, employment details, or current banking situation. How can the average consumer know if they're getting the best possible loan offers - or just offers from lending partners that benefit Personal Loans the most? Unfortunately, they can't.

Lack of details is concerning

In fact, most of the information you'll get from Personal Loans is disappointingly vague. Do they offer loans in your state? Apply to find out. How much money can you get? Apply to find out. What will your rates be? You get the idea.

Standard questions in the online application

Still think you want to give Personal Loans a try? To get started, you'll choose the reason for your loan from the dropdown box; options include debt relief, auto purchase, education, emergency, vacation, and so on. You can use your funds however you like, but Personal Loans may be able to match you with a loan tailored to your specific financial needs. For example, you might get better rates and terms on a loan for debt consolidation than a basic personal loan for a special occasion.

Best Personal Loans

Some conflicting details

On the next page, you'll have to decide if you want to provide your zip code, last four digits of your SSN and your date of birth, to allow Personal Loans to see if you have an account on file. If you already know you don't, you can click on "skip lookup" to continue. Then, you'll be asked for your first and last name; this page also has the disclaimer that Personal Loans may share your information with their marketing partners, not just their lending network. On the page that asked how much we'd like to borrow, we were surprised to see that we could enter a requested amount as low as $100: everywhere else we looked on the Personal Loans site, it referenced a minimum loan amount of $1,000.

No choice but to provide personal information

From there, expect to be asked for a lot of personal information: your employer's name and contact information, how often you get paid and when your next paycheck will be, and even your driver's license number and SSN. There were also two pages where we could theoretically opt out of having our information being given to "extended network partners" and receiving "other credit-related offers" , but unchecking the boxes led to a red flag saying they were required! So much for having a choice.

Waste of time

After entering information for a sample candidate, we were taken to a screen with "sponsored listings" from Personal Loan's partners and given the opportunity to click to search matching loan offers on those third-party sites...where we essentially had to start the entire process all over again. Why waste the time?

Better options out there for personal loan referrals

Generally speaking, referral services for personal loans are a good idea if you want to save some time and hassle, getting curated funding options tailored to your financial situation. However, Personal Loans doesn't have much to offer when compared with more transparent services out there. You'll have a better experience as a prospective client with one of the higher-ranked sources of personal loans in our review.

Where Can You Find the Best Personal Loans?

With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.

Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
Compare the Best Reviews

Continued from above...

What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.

How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:

  • Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
  • Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
  • Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
  • Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
  • Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!

See the Best Personal Loan
The Best Reviews of Personal Loans