Personal Loans Reviews

Personal Loans provides personal loans to people who need to borrow money. They are a site which connects people who wish to invest money for profit with those who need to borrow more. The site has 1,590,000 members, with roughly $439,000,000 loans funded since their inception. has been around since 2000 offering this option for investors and borrowers. They utilize WebBank, which is a Utah chartered industrial bank and member of FDIC. On this site you can access several types of loans under the personal category. Before going into these different types and how to get the monetary product, it is important to talk about some definitions.

Two Types of Personal Loans

Personal loans are monetary products in which a lender offers a borrower credit granted for personal use in an unsecured manner with or without a fixed interest rate. Typically they are granted for use with medical, education, vacation, household issues like repairs, extension, and purchase of house hold appliances. Two types exist: unsecured and secured. An unsecured option means there is no collateral backing the funds, whereas secured loans have collateral like a home, car, or other property. Personal loans fall into the unsecured category most often, especially through which provides funds from investors to borrowers. You will not find anything but unsecured funds being lent through the site.

Consolidation Loans

Types of unsecured lending

From you are able to obtain debt consolidation, home improvement, auto/vehicle, short term, bridge, green, and small business loans. Small business loans are designed to help your business become more affluent by obtaining the capital to grow your company. Debt consolidation loans provide a means to free yourself of the debt you suffer from. Typically these are for credit card debts you owe. You can obtain the loan for a fixed rate and one monthly payment rather than keeping several credit cards which have different interest rates and require at least a monthly minimum payment. Green loans are set up for environmental improvements to your home. It can include energy efficient appliances, upgrades for boilers, water heaters, and heating/cooling systems.

Auto Loans

How to Get Monetary Help from

The process for obtaining small business loans or personal loans for your monetary needs is similar to any bank or lender. You will have a fixed loan rate which can be 6.59% to 35.80%. The interest rate is determined by your level of risk as any bank would consider.

Your credit is going to be run for the personal loans application. will look at your credit scores and history. They look to see if you have high scores meaning you would have great credit. If your scores are low or there is a history of defaulting on loans then your fixed interest rate could be higher. A risk that is too high is going to be rejected as any lender would do. is designed to help those who can pay back the loans since it is also an investment of money from independent investors and not a bank.

Personal loans will have closing costs. These costs, the interest rate, the repayment period, and monthly payment will be in the documents given to you. Loans always have closing costs, an interest rate, repayment period, and specific monthly payment. The details of the personal loans can be rejected by you during the process. You are in no way liable until you sign the paperwork accepting the money. Typically there are grace periods for personal loans where you can return the money in full and end the loan even after the documentation has been signed. These are FDIC rules under the fair lending laws the government has set out.

Personal Loans for You

Whether you need small business loans or personal loans is designed to ensure you an affordable product. Once the application process is complete you will be contacted with the loans acceptance or denial. If you are approved for personal loans or small business loans paperwork must be completed.

Loans from are financial products. They do have negative and positive benefits. In terms of negatives you may find a higher interest rate for your unsecured product with a shorter repayment period than a secured option. Since investors lend these funds through a bank you are covered under FDIC and fair lending laws. It is a good position to be in, especially when banks are reducing the amount of money they are willing to lend. Currently banks are making it more difficult to obtain money for personal reasons due to the housing crisis in 2007. is designed to provide you personal loans when you need it. It needs to be used responsibly to ensure you do not get into debt. Investors provide the money as a means of increasing their savings, which is why it only works if both parties provide agreeable terms.

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