|Loan types||Unsecured personal loans, installment loans|
|Loan amount||Less than $1,000 to $35,000|
|Repayment terms||2-180 months|
|APR||5.99% - 35.99%|
|Minimum credit score||None|
|Best for||Comparing multiple loan types from different lenders|
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.
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.
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:
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:
Each lender has different minimum requirements, but the following requirements are generally a part of doing business with any of the lenders:
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.
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% at the lower end of the scale to 35.99%.
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.
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.
1125 E Broadway, #545
Glendale, CA 91205