Is PersonalLoans.com Legit? The Truth About This Loan Matching Service

Personal loans can be a great option when you need access to funds quickly. But how do you know which lenders are trustworthy, and which ones might be scams? In this article, we’ll take an in-depth look at PersonalLoans.com to help you determine if they are a legitimate service you can trust.

What is PersonalLoans.com?

PersonalLoanscom is an online loan matching service. Here’s how it works

• You complete a simple form with some basic information about the type of loan you need and your financial situation. This takes just a few minutes.

• PersonalLoanscom then matches you with potential lenders from their network who may approve you

• If matched, you can compare loan details side by side and choose the offer that works best for you.

• If you accept a loan offer, the funds are deposited directly into your bank account as soon as the next business day in most cases

So PersonalLoans.com provides a fast and convenient way to shop multiple lenders at once. They work with a network of lenders to increase your chances of getting approved.

Is PersonalLoans.com legit?

With any financial service, it’s essential to make sure you’re dealing with a legitimate company before handing over sensitive information. Here are the key facts that indicate PersonalLoans.com is a legit service:

• In business since 2002 – Longevity suggests PersonalLoans has been successfully matching borrowers with lenders for almost 20 years. New scam companies don’t typically last this long.

• Positive reputation – PersonalLoans.com has mostly positive reviews from customers online, with an average rating of 4.3 out of 5 stars on Trustpilot based on over 2,000 reviews.

• Member of industry associations – They belong to the Online Lenders Alliance, which holds members to high standards of ethics and transparency.

• Secure website – Their website uses encryption and other security measures to protect your data. Look for the “https” in the URL.

• Clear about fees – PersonalLoans.com’s service is 100% free for borrowers. They earn a commission from lenders only if you accept a loan.

• Responsive customer service – You can call, email or live chat with their customer support team if you have any questions.

So based on their long history, positive reviews, industry membership and proactive security, PersonalLoans.com appears to be a legitimate loan matching marketplace you can trust.

How does PersonalLoans.com protect against scams?

PersonalLoans.com takes an active role in protecting customers from potential scams and frauds. Here are some of the ways they keep their network secure:

• Screening lenders – All lenders must meet strict eligibility standards before they can join the PersonalLoans network. This weeds out the scammers.

• Monitoring lending practices – Member lenders must comply with fair lending laws and consumer protection regulations. If not, they can be removed.

• No outbound calls – PersonalLoans.com never makes unsolicited calls to “offer” you a loan, a common scam tactic. Beware any inbound calls as well.

• No upfront fees – Their network lenders never ask for payment before approving and funding your loan, which scammers often do.

• Direct payments – Funds are sent directly to your bank account, not some third party. This protects against fraud.

• OLA Consumer Hotline – They partner with the Online Lenders Alliance so you can easily report any suspected scams or fraudulent activity.

So while no lending experience is 100% risk-free, PersonalLoans.com has robust measures in place to protect you and prevent scams.

What are the most common personal loan scams to watch out for?

While PersonalLoans.com works hard to maintain a secure lending network, scams still exist outside of their control. Here are some of the most common questionable tactics to watch out for when shopping for any personal loan:

• Upfront fees – As mentioned above, real lenders will never ask for an upfront payment before approving your loan. Scammers often use this tactic and then disappear with your money.

• Unsolicited offers – Legit lenders won’t call, email or text you out of the blue with loan offers. Be very cautious of any unsolicited contacts.

• Guaranteed approvals – No real lender can guarantee approval without checking your credit and financial situation first. “Guaranteed” offers are almost always scams.

• Request for bank login or money transfers – Real lenders never need access to your bank account login or ask you to wire money. Say no to these requests.

• Threats or harassment – While real lenders may contact you about late payments, they should never threaten or harass you. These are illegal scare tactics.

As always, never provide sensitive personal or financial information to unverified sources. Stick with reputable platforms like PersonalLoans.com and you can avoid most scams.

What do customers say about PersonalLoans.com?

One of the best ways to evaluate a company’s trustworthiness is to see what actual customers have to say. Here are examples of real PersonalLoans.com customer reviews:

• “The website was very easy to navigate and I was able to complete my application without any issues.”

• “I was skeptical at first but overall I’m very satisfied with the product. It’s very easy to use and navigate and best of all, it’s secure.”

• “Got to a lender with just as much ease. Thank you PersonalLoans.com!”

• “I needed some extra cash and was able to get quickly approved and had my cash the next day. Very convenient and customer service was helpful along the way!”

The majority of reviews for PersonalLoans.com on third-party sites like Trustpilot are positive. Customers note the easy process, fast funding, responsive support, and legit lenders. Negative reviews are limited.

Is PersonalLoans.com the best option for you?

While PersonalLoans.com seems to be a legitimate loan matching service based on the above, it’s still smart to consider alternatives to make sure you get the right loan for your needs. Here are a few things to keep in mind:

• Credit unions or banks – If you have an existing relationship and good credit, your local bank or credit union may offer better rates.

• Other matching services – Competitors like Upstart and LendingTree also let you compare multiple offers. Shop around!

• Online lenders – You can apply directly with reputable online lenders like LendingClub and Prosper too.

• Credit cards – Balance transfer or low-APR cards are an option to consolidate debt at potentially lower rates.

So PersonalLoans.com is just one option. Make sure to compare lenders and offers to find the best personal loan for your situation.

The Bottom Line: PersonalLoans.com is a legitimate loan matching service

Based on their long history, positive reviews, rigorous security standards and transparent processes, PersonalLoans.com appears to be a legitimate company you can trust to match you with reputable lenders for your personal loan needs.

While no lending platform is perfect, PersonalLoans.com provides an easy way to compare multiple offers side-by-side, receive funds fast, and avoid scams through their network screening and consumer protections. Just be sure to also consider alternatives like banks, credit unions and other online lenders to make sure you get the best possible loan offer for your situation.