My Personal Loans Review

ByBestmoney StaffJul. 31, 2019

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In a Nutshell


  • Free to use
  • Multiple loan offers just for filling out 1 form
  • Receive funds in as little as 1 business day


  • Not a direct lender
  • Not suited to loans of more than $35,000
  • Requires personal details

My Personal Loans at a Glance

Loan typesUnsecured personal loans, installment loans
Loan amountLess than $1,000 to $35,000
Repayment terms2-180 months
APR5.99% - 35.99%
Minimum credit scoreNone
Best forComparing multiple loan types from different lenders

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My Personal Loans is a free online service that invites you to compare and select from multiple personal loan options tailored to your needs. Although it is technically a personal loans marketplace, it differs from other marketplaces in that it allows users to compare between multiple lenders offering different types of loans, such as unsecured loans, installment loans, and prepaid Visa cards.

Best For?

This service is suited to anyone who needs quick access to funds but doesn’t know where to begin or doesn’t have the time to visit multiple lenders. The service saves borrowers time and hassle by presenting them with multiple loan options that take into account factors such as the borrower’s location, income, and the amount of money they need. Anyone comfortable with submitting information online or on their smartphone will feel comfortable using the My Personal Loans platform.

Range of Loans on Offer

My Personal Loans works differently than other marketplaces in that it allows users to select from multiple loan types. All loans are serviced directly by members of My Personal Loans’ network of lenders. Loan types include:

  • Personal loans. Although “personal loans” is a general term covering personal and installment loans, in this case it refers to loans of more than $5,000. Like payday and installment loans, unsecured personal loans are backed by future income. They can be used for things such as debt consolidation or credit card repayments. They are repaid in monthly payments over terms of up to 180 months (15 years).
  • Installment loans. These loans are usually for less than $5,000 and are repaid in a set number of scheduled payments. These loans are short-term, are backed by future income, and don’t require collateral. The term of an installment loan is usually less than a year.
  • Prepaid Visa debit card. For amounts of up to $5,000. These are essentially small personal loans loaded into a debit card, allowing the borrower to use the funds for purchases. Like other small loans, they are usually repaid in a set number of scheduled payments over the short term.
  • Free bankruptcy case evaluation. Although this isn't a type of personal loan, My Personal Loans may include a referral to a free bankruptcy evaluation if its logarithm determines that the user could benefit from such a service. 

The Application Process

To see your loan options, simply fill out a short online form with details about yourself and your income. Your information will be processed automatically and you’ll be presented with 4-5 personalized loan options. You’ll then be redirected to your chosen lender or lenders where you’ll be given the option of finalizing your loan application.

It takes just 2-3 minutes to fill out the My Personal Loans online form. You may want to prepare the following information in advance:

  • Name, email, and phone number
  • Address and zip code
  • Social Security number
  • Bank name, routing number, and account number
  • Details of income, including employer name, employer phone number, method of payment, and how often you’re paid

Loan Requirements

Each lender has different minimum requirements, but the following requirements are generally a part of doing business with any of the lenders:

  • Be aged 18 years or older
  • Be a U.S. citizen
  • Have a checking or savings account with direct deposit
  • Have regular income of at least $1,000 per month
  • Have a good credit rating (for personal loans only)
  • Must not be an active member of the Air Force, Army, Coast Guard, Marine Corps, or Navy under a call or order that does not specify a period of 30 days or less

How Much Can You Borrow?

Depending on your needs, you can borrow anything from a few-hundred dollars to $35,000. For loans of up to $1,000, My Personal Loans connects borrowers to a choice of prepaid debit cards. For loans of up to around $5,000, it connects users to a choice of installment loans. And for loans of $5,000 and up, it refers users to a range of personal loans.

Repayment Terms

Because My Personal Loans works with a wide range of lenders, loan length and APR can vary significantly. The term and APR are also determined by your specific needs and your choice of loan. Personal loans are usually paid back over a term of years rather than months but have lower rates and APRs. According to My Personal Loans, terms can range from 2 months to 180 months. APRs range from 5.99% - 35.99%.

Privacy & Security

My Personal Loans isn’t a lender or broker. It only operates a referral service to participating lenders. Having said that, users are required to enter personal details such as Social Security number and level of income to be introduced to lenders. According to My Personal Loans, all data transmitted between your browser and its website uses 128-bit (SSL) encryption technology.

Help & Support

Customer support can be contacted in 2 ways: by filling out an online contact form; or by calling a toll-free number, 888-775-0859.


My Personal Loans sets itself apart from its competitors by offering a wide range of loan types such as prepaid debit cards and personal loans for thousands to tens of thousands of dollars. It’s not really designed for large personal loans or for purposes other than paying off or consolidating debts. But if you’re looking for a quick loan for a small amount of money and want to count on finding a lender that can deliver the funds within a day or 2 My Personal Loans can help you achieve that goal at no cost and with a minimum amount of hassle.

Physical Address

1125 E Broadway, #545

Glendale, CA 91205

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