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LoansPersonal Finance Review 2020 – Is it Legit?

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Nick M.-

Are you tired of getting turned down for personal loans because you don’t have "perfect credit"? Banks often have the toughest requirements and either want collateral or unachievable qualifying factors. When you need money, it can be stressful to be unable to find a loan.

At, they make it easy to get the personal loan you need. You don’t need any collateral and you can comparison shop with only one application. The process is seamless, handled quickly, and funded in as little as one business day in many cases.

Check out how works to see if they’re a good fit for you.

Overview isn’t a lender. They are a marketplace that networks with hundreds of lenders. brings borrowers and lenders together. After you complete one application, you’ll receive quotes from multiple lenders. It’s like comparison shopping without all the work of visiting multiple websites or calling multiple lenders – does it for you. lenders offer a variety of loans, including peer-to-peer loans, installment loans, and lines of credit. Each lender has different loans and terms, but expect the following features:

  • Repayment terms ranging from 90 days to 72 months
  • APRs from 5.99% - 35.99%
  • Loan amounts up to $35,000
  • Receive funds in as little as one business day

How it Works

The process starts online with a simple online application. You’ll need the following information:

  • Name and address
  • Birthdate, driver’s license number, and Social Security number
  • Loan amount
  • The reason you want to borrow the funds
  • Your estimated credit score
  • Bank account information for loan funding

PersonalLoans application screen

The application process is simple and the platform is user-friendly. Each question has explanations next to it so you can feel comfortable sharing the information.

After sending in your application, matches you with lenders. This happens rather quickly – sometimes within minutes, depending on your qualifying factors. The algorithm matches your qualifications with lenders’ requirements. If there is a match, they send your information electronically to the lender.

This isn’t a guarantee that you’ll get approved. The lender has the final say. If your loan amount request is too high for the lender or they don’t like one of your qualifying factors – they may turn down the application, but there are usually several other lenders waiting in the wings with an offer.

If your qualifications match a lender’s requirements and your loan request falls within their parameters, you’ll receive an offer via email. You are free to accept or decline the offer – there is no obligation.

Make sure you read the loan details and the fine print before choosing a loan. Once you choose it, you sign the necessary documents and the lender funds your loan by the next business day.

How to Qualify

Since is a marketplace, they don’t have a specific minimum credit score or maximum debt-to-income ratio. They work with hundreds of lenders, each of which have different requirements.

In general, you need:

  • A valid Social Security number
  • To be at least 18 years old
  • Be employed or self-employed (or receive retirement income)
  • Have a valid checking account
  • Decent credit

Most lenders look at your credit history, looking for:

  • On-time payments (no 60-day late payments)
  • Low enough debts that you have enough disposable income
  • No recent bankruptcies or foreclosures
  • No recent charged-off accounts

Pros and Cons

  • is completely free
  • The loans are unsecured, so you don’t have to put up your home or car as collateral
  • The loan process is fast and easy
  • You can shop with a variety of lenders all from one application
  • You can choose the loan offer (declining any that you don’t like)
  • You get funds within one business day of approval
  • Most lenders charge an origination fee of 1% - 9%
  • A lender may require you to set up automatic payments for repayment


Is safe? is a member of the Online Lenders Alliance. They take security and safety seriously, taking all steps to protect your personal information and to avoid fraudulent activity at all costs.

What credit score does require?

Each lender has different requirements, but in general, borrowers need at least a 580 credit score. The higher your credit score, the better the offers you’ll receive from each lender. Some borrowers receive multiple offers, while others only receive one. If you have a credit score lower than 580, you may need to look for a personal loan with bad credit.

Do you have to accept the loan offered to you?

No, you are free to turn down any loan. In fact, encourages borrowers to read the fine print on the Loan Agreement provided to them when a lender extends an offer. If you have any questions, reach out to the lender to make sure you understand the terms before accepting the loan.

What loan amounts can you borrow? offers loans up to $35,000, but you can borrow as little as $500. You apply for the amount you need and the payment you can afford. PersonalLoans also has a variety of loan terms starting at just 90 days and up to 7 years. The longer you borrow the money, the more interest you pay over the life of the loan.

What type of loans do they offer? is known for its personal (installment) loans, but they offer it in three forms:

  • Standard installment loan (unsecured)
  • Peer-to-peer loan (loan funded by individual investors)
  • Line of credit (banks offer a line that’s similar to a credit card)

Why Choose

If you need money fast or you’re tired of the high credit card interest rates, consider They’ve jumped on the bandwagon, using technology to their advantage and helping consumers get the funds they need.

With a streamlined process, a large network of lenders, and fast funding, you can get the funds you need much faster than ever before.

If you’re tired of bank loan applications, tough qualifying requirements, and low loan amounts, consider for your personal loan needs.

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