A friend in need is a friend indeed is a wise old adage that holds true to the last word of the quote. If you harbor any doubts about its credibility, picture the times that you were in an economic fix and depsarate for a personal loan.

It might have been occasioned by a medical emergency, a debt consolidation or simply a family vacation. Your credit rating is below average and no amount of persuasion would actually move any bank worth its salt to grant you credit.

With such a low credit profile and faced with pressing need of money, where do you turn to? Necessity is the mother of invention. PersonalLoan.com offers a ready solution if you can relate to the aforementioned tale. In three easy steps, you can secure your future, be it a student Loan or a mortgage plan.

To add icing on the cake, it’s not mandatory for you to disclose in totality the reasons as to why you need the loan!

Withdrawing the Facts at Personalloans.Com

To set the record straight, Personalloans.Com, as emphasized on its official web page, is not a lending institution but rather acts as a bridge linking lenders to borrowers. It boasts of a wide pool of lenders out of which borrowers can make their personal loan applications. The assembled network of lenders at personalLoan.com can extend loans to the tune of $ 35,000. What makes it even more attractive is the fact that the loans are not secured (rest easy as your property won’t be a collateral in case you default).

Affiliate lenders at PersonalLoan.Com rely on your credit history score to determine your creditworthiness. Other prerequisites include, you ought to have a bank account, above 18 years of age and a permanent us residence with a regular source of income. All this are safeguarded measures to ensure that you are in a position to service the loan given.

Under three major steps, you will be in a position to get your loan. The first step involves you filling anonline form loan request. Information sought for include, the amount needed, credit status, reasons why you seek the loan as well as personal information.

Using the pool of affiliats lenders at PersonalLoan.com, your request will be paired with like-minded lenders who will either approve or reject your request. If approved funds are wired to your account once you append your signature to the terms of engagement.

Types of Loans Issued

Three types of loans are offered under the umbrella of PersonalLoan.com. They include:

• Peer to peer loans: most preferred choice by borrowers due to its reasonable interest rates. You borrow money from an investor.
• Personal installment loans: loan applications are made and reviewed online. Once you accept the terms of engagement the amount would be wired to your account. However, the overall rules of engagement are partly governed by the state agencies in which you reside in.
• Bank personal loans: issued by the banks. A minimum income of $ 3000 is mandatory for your application to be accepted.

Reviews on Personalloans.Com

Just like a coin has got to sides, so is the tale of PersonalLoan.com. On the upside part , its platform of peer to peer lending has been hailed as  a swift channel to get hold of money badly need without the hassle that comes with red tapes and paper works.

The loan advanced is significantly larger than that offered by conventional bank loans (up to $35,000). A flexible term on interest and repayment rates hinged on your credit worthiness makes it even more attractive.

On the downside of the review of PersonalLoan.Com, is the fact that it’s not a lending institution and thus can’t guarantee you a loan during your hour of need. Throughout its website presentation and disclaimer, it has emphasized the aforesaid fact.

The ownership of PersonalLoans.com is also an area that proves to be a potential obstacle in the event that you seek court redress. The site is bounded by the rules of Ute Tribe of Utah. In other words, the enterprise isn’t governed by the laws United Sates of America. This calls for extra vigilance and scrutiny of the terms and conditions of the affiliate companies loan offers.

Vital Points to consider before taking a personal loan

The loan extended to you comes with financial obligations. That is interest and financial costs. Penalties that will accrue in the case of late or defaulting in servicing the loan. Debt collection procedures in the event of failed loan repayments should also be scrutinized. It’s advisable that you consider loan insurance to offer you a safe landing in the unfortunate event that you lose your source of income.

The Bottom Line

Having been introduce by a friend to PersonalLoans.com, David shows no regrets whatsoever and he is full of praise of the services he got. He describes the entire process of seeking for a loan as simple and swift. Under two 2 working days, David had his loan processed without setting a foot outside the comfort of his house