Review 2021 – Company That Can Help to Those with Bad Credit

Last Update: December 10, 2020 Loan Reviews

PersonalLoans in a nutshell

PersonalLoans minimum credit score requirement is 580, which makes them great for people with bad credit. Also, they don’t have specific requirements for minimum credit history like most other sites (usually 3 years). There are lenders who will approve you with no or short credit history.

In network of lenders, there are 3 types of lenders, and we will review them below: installment loans, bank loans, and peer-to-peer loans.

If you are shopping around for a loan, avoiding would be a big mistake.

Loan amounts $1,000 – $35,000
Typical APR 5.99% – 35.99%
Min Credit Score 580
Time to funding 1 Day
Loan terms 90 days – 72 months
Origination fee 1 – 5%
Debt-to-income ratio N/A
Check rates

EPF Loan Shop Center


Are You looking for:

What You have to Know about PersonalLoans


  • Origination fee: 1 – 5%
  • No application fees.
  • No early or extra payment fees.
  • No late fees.


  • Min Credit Score: 580
  • Debt-to-income ratio: N/A
  • Income requirement: In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders or lending partners may require a pay stub or other form of income verification.
  • Credit history: N/A
  • To be eligible for a personal loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; must not have any debt that cannot be covered by current income; and must not have any recently charged-off accounts.
  • They have great customer support.
  • Great payment flexibility. If you can’t make a payment, PersonalLoans recommend that you contact immediately with your lender and discuss. Many lenders will help.
  • Type of credit check: Soft

Best for

  • All type of credits

The Application Process

  • Register and complete the registration form and all details that PersonalLoans require from you. Then they will send your application to their network.
  • Wait to receive and offer from their lenders. You will start receiving offers immediately.
  • If you like and offer, apply for it.
  • Receive your funds.

Now Let’s Review in Details

  • What is a personal loan?

A personal loan is a loan used for any purpose and is borrowed usually because of a lack of current funds. For example, if your car breaks down and you can’t afford to fix it today, you can easily get a loan to borrow the money it takes to pay for the repairs.

Sometimes, personal loans are used to stagger out payment for big purchases. An example of this is a big honeymoon vacation which may cost several thousand dollars: money that you may not have. So you may choose to take a loan and pay off the cost over time.

Personal loans are offered by many banks, but often require stringent approval processes and you will typically need good credit, or at the very least, not have anything in collections.

  • What types of loans does PersonalLoans offer?

There are 3 types of loans that Personal Loans offers: installment loans, bank loans, and peer-to-peer loans.

Type Min Credit Score Min Income Requirements Amount
Peer To Peer Loans 600 $2,000 per month $1,000 to $35,000
Personal Installment Loans 580 $2,000 per month $1,000 to $35,000
Bank Personal Loan 580 $3,000 per month $1,000 to $35,000

How Does it Differ from a Payday Loan?

Payday loans are very short-term loans borrowed at extremely high APRs, often 10 times that of a typical credit card. They will often require full repayment, plus an interest charge and sometimes an added borrowing fee, within several weeks.

They are called payday loans because they are typically used to hold someone over until payday. For example, someone needs to pay rent but they don’t get paid until later in the week. So they borrow money to pay their rent and then repay the money back after they get their paycheck.

However, payday loans can be very dangerous and will often trap the less fortunate in a cycle of never being able to pay off the loan in full. With personal loans, you will generally pay the loan off in a longer time period at a much lower APR.

How Does Work?

Personal Loans is not a lender themselves. Instead, they run a website that will link borrowers to lenders near them. First, you send in a loan request to the website. Then, they will look up loan offers that best suit your needs.

From there, they will give you the best offer that you qualify for. After that, you have to go through that lender, fill out the necessary information with them, and if you’re approved you get your money!

PersonalLoans is NOT a payday loan company and they do NOT distribute loans themselves. They are in no way like Wonga or Western Sky. With these websites you borrow an amount of cash directly from them, whereas this company simply shows you what loans are available from their network of lenders.

In general, a personal loan tends to be an online or other loan that is used for a short-term purpose.

Is Personal Loans a Scam? Are They Legit?

They’re not a scam. What they do is that they match you up with a bank that is offering loans, then you apply and see if you qualify.

Their website is completely secure and does not collect credit card information. Any personal information they collect is encrypted using HTTPS.

You don’t need to fax any documents to Personal Loans. However, a chosen lender may require that you do so.

Best of all, they do NOT charge you for use of the service. You or anyone can use the service completely FREE of charge, with the exception of any fees charged by banks or lending institutions.

However, it must be noted: when you borrow money from any of these institutions, nor ElitePersonalFinance are responsible for what happens next.

If you default on your agreements, or if you are unable to pay, that is not the fault of either website.

Please be careful enough to read all agreements given to you, and please make sure that you understand the fine print. Some banks will charge different fees for different reasons, and you may not qualify for a loan that Personal Loans says that you do.

You are not guaranteed to qualify for any loan. Many states do not allow for certain types of loan, so residents of those states may not qualify for money from any lender. If you’re a resident of North Dakota, you won’t be eligible for any loan types.

Will Getting One of These Loans Impact My Credit Score?

It may. First, getting a hard inquiry from a bank or lender chosen for you by the website will dock your score by a few points.

But the real implications on your score will have to do with whether or not you actually pay down your loan on time.

Some loans require the full amount paid on a certain date. Others will allow you to pay in installments monthly or weekly. Each will charge an APR (annual percentage rate).

If you do not pay the minimum installments, or if you neglect to pay anything, your credit score will be docked.

However, paying the loan off on time will impact your score positively! You will be seen as credit-worthy by doing this, and you will have an easier time getting loans in the future.



Recommended Articles


Credit Card Debt Drops for The First Time in 8 Years

EPF December 30, 2020

Despite the current recession, consumers have paid off more than $73 billion in credit card debt during 2020. This is the first time overall credit card debt has decreased since 2013. Since 2014, all debt (mortgage balances, auto loans, personal...


Average FICO Score Hits Record High in 2021

EPF December 27, 2020

Lockdowns across the country prevented many people from eating out in restaurants, shopping in malls, retail stores, and vacation. This could be a contributing factor to the uptick in FICO credit scores. With less opportunity to spend discretionary funds, many...