There are many reasons you want to take out a personal loan, from funding your startup to going back to school. Your bad credit can put a wrench in your dreams.
If you have bad credit, you’re not alone. Credit card debt is close to $0.85 trillion in the U.S. with some interest rates hitting up to 30%.
Depending on how you handle that debt, your score can take a hit. It snowballs from there, affecting your access to more credit and even loans.
You have bad credit loan options. Learn about one big one in our personalloans.com review!
What is PersonalLoans.com?
Personalloans.com is a website that gives you loan choices when your credit is less than stellar. You can get peer-to-peer loans, installment loans, and even some banks.
Everything is done online, which makes it very convenient. It can also make the process impersonal, which can be a good thing or a bad thing.
What are the best bad credit loan options you can get through personalloans.com? They’re actually surprisingly flexible.
They offer loans for as little as $500 but can go as high as $35,000. Unlike other places with many lenders that start off with loans at $10,000.
Your APR will be anywhere from 5.99% up to 35.99%. You can pay back your lender as quickly as 90 days or might have the options of up to 72 months.
How Does it Work?
As we mentioned before, everything is done online. This is ultra convenient and things move very quickly, too.
Here’s how it works:
- Fill out a loan request online with necessary personal details and how much money you need
- Their algorithm matches you with lenders and you’ll start receiving offers
- Review the offer carefully to make sure you understand all of the terms and conditions (don’t be afraid to pass on an offer if it’s not a good fit)
- Finalize the transaction and receive your loan
It’s just that simple! You won’t even have to leave your living room to get money to go on that dream vacation or buy a new car.
Cons of PersonalLoans.com
Get an unsecured loan super fast and all online. What’s the drawback?
There are a few. Think about these cons before you commit to a payment plan.
First, personalloans.com isn’t a direct lender. It’s an aggregator, which means that while it’s easy to use, you’ll still have to deal with your lender one on one.
Second, personal loan debt has soared to over $2 billion recently. Don’t become a statistic and damage your credit further; make sure you recognize the responsibility of owing more money.
After reading our personalloans.com review, you’re ready to make the decision if they’re right for you. Remember to read everything carefully and take stock of what obligations you’re entering into.
They’re easy to use and they offer good loan options for very bad credit. However, you’ll have to work with your lender directly at some point and are responsible for the terms and conditions.
Looking for another great bad credit loan option? Reach out to us and request your loan today!
Here are some other articles you may find helpful:
How to Get the Best Payday Loans Online Same Day
Should I Get a Personal Loan? 10 Tips for Borrowing Smart
9 Tips to Get Payday Loans for Unemployed Workers
The Top 3 Best Unsecured Credit Cards