What is a Personal Loan?

A personal loan can be used for a variety of purposes, with some of the most common being: debt consolidation, educational expenses, and the payment of medical debt. These loans typically range in value from $1,000 to $100,000, with the amount a person can borrow based largely on his or her credit rating, income, and state rules and regulations.

How many types of personal loans do you offer?

At PersaLOAN, we are not a personal loan lender. Instead, we have relationships with a large network of lenders and lending partners. These lenders and lending partners. These lenders provide various types of products, including: bank personal loans, personal installment loans, and peer-to-peer loans.

Do I qualify for a personal loan?

Every consumer is in a unique financial position, meaning that submitting a loan request is the only way to know for sure if you qualify. Here are some of the requirements that lenders are looking for :

Most lenders require the following to receive an approval:

  • Valid ID
  • Steady income
  • Bank account
  • Good or excellent credit score

You don’t need a high credit score to be eligible, however, this will help with your approval and in securing the lowest possible interest rate.

Do lenders pull my credit score when applying for a personal loan?

Lenders in our network may pull your credit score to determine your eligibility. While not always the case, a “soft pull” is typically used early in the process. From there, the lender may request a “hard pull” to learn more about your finances.

Can I secure a personal loan in my state?

Personal loan regulations vary from one state to the next. If you’re interested in submitting a loan request, be sure to filter your results by state in order to get a proper list of qualifying lenders and lending partners.

Are you able to help non-US residents obtain a personal loan?

At this time, we only serve United States residents. Furthermore, we only work with lenders and lending partners based in the US.

How much money can I borrow?

There is no set amount, but most personal loans range from $1,000 to $100,000.  The amount of money you qualify for is based on your credit score and history, income, and lender requirements among other factors.

What is the interest rate of a personal loan?

Since every lender is different, it’s impossible to answer this question. Also, your rate is tied to other factors, such as your credit score.  For additional information on rates, you can visit the webpage for each lender and lending partner.

How do I obtain my money?

It’s one thing to apply for a personal loan, but another thing entirely to agree to the terms and request the money. Before you do anything, be sure to review the terms and conditions so you know exactly what you’re getting. From there, you can specify a bank account for direct deposit. Depending on the lender, you may be able to receive funds within one business day of acceptance.

How long does it take to secure a personal loan?

This depends largely on the lender and your willingness to proceed in a fast and efficient manner. For example, if you have excellent credit, your request could be approved within a matter of minutes.  Once approved, it’s up to you to make the next move. You don’t have to sign the loan agreement immediately, but once you do your funds could be available within one business day.

Is it possible to complete the online form for a personal loan over the phone?

At this time, PersaLOAN only accepts information via our online form. From there, we pass your details along to our lending network to help you secure a loan.

What are the repayment terms of a personal loan?

Before signing the loan agreement, you’ll receive more information on the total amount borrowed, monthly payment, term, and due date. At PersaLOAN, we do business with lenders that accept loan payments through electronic fund transfer. With this, you never have to worry about making your payment on time. Instead, the money is deducted directly from your bank account. Most lenders also have an online system for making payments and managing your account.  Note: most personal loans are paid monthly or bi-monthly, but you may be able to work out another arrangement with your lender.

What happens if I miss a loan payment?

It’s important to make your loan payments on time, as neglecting to do so can result in late fees. Additionally, late payments can ding your credit score. If you have any reason to believe you can’t make a payment in full and on time, contact your lender to discuss your situation. Your lender may be able to help, such as by offering a later payment due date.  It’s easy to believe that hiding from your lender is a strategy, but you don’t want to take this approach. Your lender is available to help, so don’t shy away from requesting assistance.

Does PersaLOAN provide personal loans?

Although we share a wealth of information on personal loans, PersaLOAN is not a direct lender. It’s our goal to connect consumers with lenders, thus giving them the opportunity to choose the one that suits their situation. We don’t guarantee your approval, and we never charge a fee for our service.

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