MyPersonalLoans.com Review | Compare Loan Options | Credit Raters us-lenders
Last updated: 27th Feb 2020

MyPersonalLoans.com Review

MyPersonalLoans.com an ideal place to look if you require a short-term loan lender with favorable interest rates and repayment terms. However, MyPersonalLoan isn’t a direct lender but a marketplace that connects you with potential lenders. 

It has lenient requirements and the loan registration process is simple, fast, and secure. After your loan is approved, you can access the funds as soon as the next business day

While most online lenders will charge you high rates, others as high as 1,000% +, here all the rates are as lows as 3.09% up to 35.99%. For sure, this is a deal you won’t find with most online lenders. 

To help you decide whether MyPersonalLoans.com is the right place for you to seek a short-term loan, here is a comprehensive guide of its costs, key features and requirements. Make sure to read to the end! 

Costs

The actual rate that you’ll be charged on your loan will depend on factors such as the loan amount borrowed, loan term, credit score, and state limitations. If you are connected with a specific lender, the lender is obligated to show you the APRs and repayment terms of the given loan offer. 

If you’re approved, ensure you read the lender’s loan contract, understand all the rates and terms, and only sign the once you agree with the terms and conditions of the contract. 

Since MyPersonalLoan has a wide network of lenders, the rates and repayment terms may vary a little. However, here is an estimate of what to expect;

  • APRs – 3.09% to 35.99%
  • Repayment terms – 61 days – 180 days 
  • Interest rates – fixed 
  • Minimum loan amount – $1,000
  • Maximum Loan amount – $35,000 
  • Turnaround time – as next as the next business day 
  • Late fee – varies by lender 
  • Origination fee – up to 5%
  • Minimum credit score – Not specific – may vary by lender 

Key features

MyPersonalLoan network of lenders that offers you loan amounts of up to $35,000. However, there is no guarantee that you can qualify for the $35,000 as only a few lenders offer such loan limits. 

Even if you qualify for a higher loan that you needed, only take the amount that you can afford to repay. The good thing is that you can use the loan for any purpose. You can use it to pay bills, sponsor a wedding, home renovation, medical expenses, vacation, and debt consolidation among other purposes. 

Another great feature with MyPersonalLoans.com lenders is that you don’t need any collateral to qualify for a loan. All the loans are unsecured and applied online. However, each lender has its own policies regarding loan agreement. 

Nonpayments can result in collection activities. Ensure you review your loan agreement rules regarding late payments or non-payments. Most lenders will charge you a late repayment fee for missed payments. 

As for the safety of your information, it’s guaranteed. However, the information you provide during the application process is shared with one or more lenders in its network.

 Pros 

  • Fast and secure application process 
  • Competitive APRs
  • Fast funding 
  • High loan limits – up to $35,000
  • No collateral 
  • No minimum credit score required 

Cons

  • Not available in all states 
  • Restricted to borrowers in military 

FAQs

Is there a guarantee that I’ll qualify for a loan? 

No, there is no guarantee that your loan application will be approved. However, if you have a good credit profile, steady income, there is a higher chance that you’ll be connected with a lender. However, there are no costs for trying. Applying is the only sure way to know whether you qualify for a loan or not.  

I have submitted my application, what now? 

Once you submit your application, you’ll be matched with the most suitable lender based on the information you provided. You may receive more that than one offer. Review the lenders and only choose the one that fits your financial needs. 

Is it safe to apply online? 

While it’s good to be cautious, you can rest assured that all the information you provide is secure. MyPersonalLoan employs advanced security measures and technology such as 128-bit Secure Socket Layer (SSL) to safeguard your information. Also, your information will only be shared with the partnered lenders or credit bureaus, nothing more. 

Eligibility Criteria

While the following are just but standard platform requirements, additional requirements may be requested by different lenders. 

  • Be 18 years of age or older 
  • Have a regular income 
  • Have a fare credit profile 
  • Have an active bank Checking account 
  • Must not be in the military 
  • Live in the eligible states 

State Availability

Due to specific state rules and regulations, residents of some states may not be eligible to apply for a loan with MyPersonalLoans.com. They include:

Customer support

If you need any assistance, please contact the MyPersonalLoans.com customer support team. The team is amicable and responsive. You can reach them via 

Application process

To apply for a loan via MyPersonalLoans.com, follow the following steps;

Step 1 – Visit the MyPersonalLoans.com application page and click on the Apply option. 

Step 2 – Fill all the required information. You will be requested to provide your;

  • Name
  • Social Security Number 
  • Driver’s license number 
  • Residential address 
  • Valid Phone number and email address 
  • Monthly & Annual Income 
  • Employment information 
  • Next payday 

After filling out all the needed information, click Submit and then wait for a response. 

If you’re approved, you will be matched with a suitable lender. If you accept the offer, you’ll be directed to the lender’s website. The lender may require supporting documents to verify your identity and income.

 As well, the lender may perform a hard credit inquiry to determine your creditworthiness. If your loan is approved, you can get the funds on the next business day. 

Conclusion 

If you have an urgent financial aid and you have a fare credit profile, then MyPersonalLoans.com is indeed an ideal place to find your lender. 

The rates and repayment terms are favorable. As well, you can access the approved funds within one business day. The application process is fast and no collateral is needed to qualify for a loan.