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Loans Review

Personal loans have become popular in recent years, and it’s not hard to see why.

They’re basically signature loans, in which you can get a large loan amount – certainly more than you can get with credit cards – without putting up any collateral.

Loans can be used for any purpose, and carry fixed interest rates, monthly payments, and terms.

That means by the time you complete the term, the loan will be completely repaid. They’re the perfect way to get off the credit card merry-go-round.

One of the best sources for personal loans is an online personal loan marketplace known as

With a single online application, you can get loan quotes from several lenders. That will give you a choice of loan terms and rate – as well as the best chance of approval.

Best of all, there’s no cost to you to use the website. And you can shop for a loan program using a “soft pull” on your credit, which will not hurt your credit score.


  • About
  • Personal Loan Options
  • Interest Rates and Fees
  • Getting Quotes
  • Customer Support
  • Pros and Cons
  • Alternatives to


Launched in 2017 and based in Roosevelt, Utah, is not a direct lender, but an online loan marketplace. That’s a major advantage since it will give you the ability to get loan quotes from several financial institutions with a single application.

Participating lending partners will pull your credit report and based on your credit type, lenders can accommodate loans for credit profiles ranging between fair to excellent. But it does appear that they don’t make loans to consumers who have a poor credit history.

For example, according to their website, eligibility for personal loans requires that you don’t have accounts more than 60 days late, recent or active bankruptcies, or demonstrate a pattern of late payments.

One of the advantages of is the variety of personal loan lenders they work with. Some participating lenders are banks or credit unions, some are peer-to-peer lenders, and others are finance companies. This will give you the greatest availability of lenders, rather than limiting your choice to a single lender type.

Though the website does have detailed descriptions of different loan types, including fast cash, tax loans, bank loans, and payday loans, they don’t actually offer these loan types. Rather, they’re describing how those alternative financing arrangements work, and what the risks are. uses an algorithm to determine which lenders and loan programs will work best for you. That will narrow down the number of lenders to only those offering programs that will fit your loan request. has a Better Business Bureau rating of “F,” the lowest rating on a scale of A+ to F. However, that rating is based on only two complaints filed against the company in 2018.

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Personal Loan Options

Once again, is not a direct lender, but an online loan marketplace. The loans you apply for will be provided by lenders participating on the web platform.

Personal loans are unsecured installment loans that can be used for any purpose. And while you’ll usually need to list a purpose – which typically will be debt consolidation, home improvement, business expenses, purchasing or repairing an automobile, paying for a vacation or wedding, or covering emergency medical expenses – exactly how you use the funds is entirely up to you. That’s one of the major advantages offered by personal loans.

Personal loans offered through range in loan amounts from $1,000 to a maximum of $35,000. Loan terms vary and will be set by the individual lender. You should expect terms of anywhere from a few months to a few years.

Personal Loan Requirements:

  • You should have a minimum credit score of 580 and be a permanent resident of the United States.
  • You should be either employed, self-employed, or receiving a pension, Social Security, or other government benefits.
  • Your income should be a minimum of $2,000 per month, though it may be higher based on the loan amount you’re requesting, other debts you owe, and your monthly house payment.

The interest rate to pay on your loan will depend on a combination of factors. Those will include your credit score, your monthly income, your total monthly debt obligations, including the new loan, as well as the amount of the loan requested.

Because of the network of lenders participating on, three types of personal loans are offered: personal installment loans, bank personal loans, and peer loans (P2P).

Interest Rates & Fees

Like other online lending marketplaces, doesn’t set interest rates and fees. Those are determined by the individual participating lenders, based on your credit profile, income, and the loan you want. isn’t responsible for the actual loan agreement but rather the lender you chose. Be sure to read the fine print, looking over the repayment terms making sure you clearly understand the repayment time frame.

You’re not obligated to take any of the offers, however, if you find an appealing option, oftentimes you can receive the funds within a business day.

Interest Rates

Most personal loans will have an interest rate ranging between 5.99% for those with the strongest credit and income profiles, to a high of 35.99% for those with lower credit scores. Loan terms can be as short as three months to as long as six years.


Be aware that many personal loan lenders also charge an origination fee. This is a fee-based on a percentage of your loan amount. It normally ranges between 1% – 8% of your loan amount, and will reduce the loan proceeds you’ll receive.

For example, on a $20,000 loan with a 5% origination fee, the fee will be $1,000 ($20,000 X 5%). Since the fee will be deducted from your loan amount, the net proceeds will be just $19,000.

If the loan you’re applying for does include an origination fee, you’ll need to consider this in deciding your loan amount. It will be particularly important if you’re looking to use the personal loan as a debt consolidation loan. You may need to increase the amount you borrow to cover the origination fee.

Getting Loan Quotes

To qualify for a loan through you’ll need to meet the following eligibility requirements:

  • You must be at least 18 years old.
  • Have proof of citizenship, such as a Social Security number or legal residency.
  • You must have a regular income, either from full-time employment, self-employment, or Social Security or disability benefits.
  • Have a checking account in your name.

The application process takes place entirely online. But by completing the application, you’ll only be soliciting loan quotes from participating lenders. Once you decide on which lender you want to work with, you can make a formal application with that lender. That will vary from one lender to another, in both the amount of information requested and supporting documentation that needs to be supplied.

The online application can be completed in two steps.

Step 1

Step 1 requests basic information, including the loan amount requested, your credit level (excellent, good, fair, or, or not sure), the purpose of the loan, your full name, your birth date, and whether or not you are active-duty military.

Step 2

Step 2 requests more detailed information. This includes your email address, phone number, physical address, homeownership status, income source (employment, self-employment, benefits, or unemployed), the amount of time you’ve been receiving that income, and the frequency of pay. If you’re employed, you’ll also be asked to provide your employer’s name and phone number. And whatever the source of your income, you’ll need to provide your gross monthly income.

On the same page, it will also request your driver’s license number, the state of issuance, your Social Security number, and the type of bank account you have (checking or savings).

Once all that information has been inputted, you can click “Submit Your Request.” Your loan quotes should arrive within minutes. Funding can take place in as little as one day after approval.

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Customer Support

You can reach either through email on the website, or by phone. Phone support is available Monday through Friday, from 6:00 am to 7:00 pm, Pacific time.

They’ll be able to help you if you have any questions or concerns about the service itself, but they won’t be able to provide assistance in dealing with individual lenders. Once you select a letter to work with, you’ll need to direct your questions to that lender.

Exactly how that communication will take place will depend on the customer support options offered by the lender of your choice. Pros and Cons


  • is an online personal loan marketplace, giving you access to a large network of lenders. This will not only improve the chance of loan approval but also of getting the best pricing and terms.
  • The PersonalLoans website is free to use.
  • You can apply using a “soft credit pull” that doesn’t hurt your credit score.
  • Loan terms range from three months to 72 months allowing you to set the most affordable monthly payment possible.
  • Participating lenders provide generous loan amounts, going as high as $35,000.
  • The lending network includes banks and credit unions, which may provide an opportunity to get better pricing than you may get from other lender types.
  • The lender network offers higher loan amounts and lower rates for those with better credit.


  • is not a direct lender, so you’ll be working with any lender you choose to obtain your loan from.
  • Loan applications can only be completed online, as there is no capability to apply by phone.
  • While loans are available for those with fair credit or better, may not be the right choice if you have poor credit, including a recent bankruptcy or a pattern of late payments.
  • You’ll be disclosing significant personal information, including your Social Security number, driver’s license number, and bank account information, to an unknown number of lenders.
  • has a Better Business Bureau rating of “F”, though that is based on very limited information.

Alternatives to

The personal loan space has gotten crowded in recent years. There is an increasing number of direct lenders and online lending marketplaces. is an online lending marketplace specializing in personal loans for those with fair credit or better.

If you have poor credit – including a recent bankruptcy or a pattern of late payments – a better choice might be That platform can accommodate a wider range of credit profiles, with credit scores as low as 500.

For other alternatives, check out my post, Personal Loans for Bad Credit.

Is For You? is an excellent platform to shop for personal loans if you have fair credit or better. The site offers participation by different lender types, including peer-to-peer platforms and banks and credit unions. That will give you the best opportunity to get very competitive loan rates and terms.

Meanwhile, the whole online lending marketplace concept is a big advantage for consumers. It provides an opportunity to get loan offers from multiple lenders by completing a single online application. That will avoid the need to shop among various lenders, completing a separate application for each, saving you many hours in time as well as effort.

Just be careful to read the fine print with any loan offer you receive. Unlike mortgages, personal loans are not standardized. Each lender can have different rules from others, and you’ll need to know what each is for any loan you select.

If you’d like to get more information, or you’d like to apply for a loan, check out the website.