Frequently Asked Questions

Our site provides a marketplace service where you may post your loan request to a network of reputable lenders. You will never be charged for submitting an inquiry and we provide this service for free. You will be provided with the lender's own interest rates and costs before you accept the loan. PersonalLoanPro is not a lender, so it does not make credit decisions.

To help you make the best decision for your personal loan needs, we've answered some of the most common questions below. If you still have more questions, don't hesitate to reach out to us. You can easily find our contact information on the Contact Us page and we'll get back to you as soon as possible.

Please contact your lender directly if you have any queries regarding a loan inquiry, approval, funded loan, payments, or any other issue with a specific loan. You should already know the lender's information if you got a loan. We are not the lender; therefore we cannot answer inquiries about pending or approved loans.

1. What is meant by a personal loan?
2. What do I need to qualify for a personal loan?
3. Is there a limit to the amount I can borrow?
4. How do I get the loan money?
5. If I've been bankrupt or my credit score is too bad, do I still qualify for a personal loan?
6. How long do I need to wait before I receive the loan money?
7. Is a printer or fax machine required?
8. How much does ir cost to take a short term consumer loan?
9. If I already have an outstanding cash advance loan is it possible to get a new one?
10. What are the options to repay my loan?
11. What happens in case of a late payment?
12. How does your platform keep my private information confidential?
13. How long do I have to wait before getting another loan?
14. Is an extension possible on repaying my loan, and how many extensions can I get?
15. What if I’m unable to repay the loan?

1. What is meant by a personal loan?

   Personal loan aims to provide temporary financial assistance. They may be referred to by different of names, but they all have the same goal: to provide financial relief!

2. What do I need to qualify for a personal loan?

   In order to qualify with most lenders, you must:

   1. You must have been employed in your current position for at least 90 days, or have another form of reliable and steady income.
   2. At least 18 years old, and a US citizen or permanent resident
   3. Make around $1,000 per month after taxes are taken out
   4. A valid email address, work phone number, and home phone number are required
3. Is there a limit to the amount I can borrow?

   Many lenders in our network are willing to give loans between $100 and $5,000, depending on a number of factors that the lender will evaluate. These include your state of residence and any legal restrictions that may apply (not all states allow for loans).

4. How do I get the loan money?

   After your loan is approved by the lender and you accept the terms,the money will be sent to your bank account in 24 hours or less

5. If I've been bankrupt or my credit score is too bad, do I still qualify for a personal loan?

   Personal loans are typically offered to those with excellent credit who meet the requirements of their lenders. Those with terrible credit might consider a short-term consumer loan instead. We'll check our network of short-term lenders to see whether we can find one that will if we can't find a lender who can offer you the amount you want.

6. How long do I need to wait before I receive the loan money?

   Our online form only takes a few minutes to complete and is secure. As soon as we receive your information, one of our lenders will be in touch with you within minutes. Final approval and funding often only take 24 to 48 hours.

7. Is a printer or fax machine required?

   Requesting access to your bank statements or income verification from lenders can save you the hassle of having to fax or email copies of those documents. However, in some cases, your lender might still need a faxed or emailed copy of your bank statement, paycheck stubs, or other information. To access a printer or scanner, visit Office Max, Kinkos, or another similar office service provider. Also swing by so you can print out a hardcopy of your loan agreement. After your loan is funded and if any questions arise, you will need to have on hand your lender's contact information!

8. How much does it cost to take a short term consumer loan?

   At PersonalLoanPro, there is zero cost to use our marketplace service. The total loan price may fluctuate depending on the lender you choose. Prior to accepting a loan, you'll be fully informed of all rates and fees associated with it. Although personal loans are not ideal for long-term financial planning, they usually cost less than late penalties, NSF charges or reconnection costs for overdue utilities. Only accept a loan if you're certain that repayment is possible.

9. If I already have an outstanding cash advance loan is it possible to get a new one?

   The number of personal loans you're allowed to have at any given time varies depending on state law and lender practices. If you already have a personal loan or another type of loan outstanding, make sure your new lender is aware of it before you take out the new loan.

10. What are the options to repay my loan?

    If you chose the ACH payment option, your loan will be automatically withdrawn from your bank account on its due date. This is a secure and convenient method that helps prevent late fees or default! If you're unable to make a payment, please contact your lender as soon as possible (additional fees may apply).

11. What happens in case of a late payment?

    Review your loan paperwork or speak to your lender to learn about their late payment policy and any potential fees. Remember that some states might have restrictions on how much a lender can charge in late fees.

12. How does your platform keep my private information confidential?

    We take your privacy seriously and use top-of-the-line security features to protect your personal information. Your data is transmitted and stored securely using encryption, so you can rest assured knowing that we've got you covered. For even more peace of mind, please review our comprehensive privacy policy.

13. How long do I have to wait before getting another loan?

    You can always take out a new loan with our service (pending state law restrictions, of course). If you have another personal loan that is still active, make sure to tell your new lender before agreeiing to the terms of the loan.

14. Is an extension possible on repaying my loan, and how many extensions can I get?

    Loan regulations on extensions, or "rollovers," differ between lenders and may also be controlled by state law. Some states allow multiple rollovers while others do not permit any extension at all. If you think you will need more time to repay your loan, make sure to reach out to your lender before missing any payments. Most lenders are willing to work with borrowers so they can avoid defaulting on their loans.

15. What if I’m unable to repay the loan?

    You may be in default of your loan obligations if you are unable to make loan payments on time. Late payments and defaults on your credit score can make it difficult to obtain future personal loans.

    If you're struggling to make your payments on time, don't hesitate to reach out to your lender and ask for help. They might be able to work with you so that you can get back on track.