Review for 2020 is designed to help people obtain needed cash when they don’t have other means of financing. People oftentimes need quick cash for repairs or unexpected expenses. If their credit rating has been hurt by previous financial issues, they may not qualify for traditional financing. offers an alternative for those applicants. The company gives people with bad credit an opportunity to prove their ability to repay a loan and rebuild their credit rating while providing the funds they need. has three types of personal loans: installment loans, bank personal loans, and peer-to-peer loans. Installment loans come from other finance companies and lenders while a bank loan is funded by a traditional financial institution. Peer-to-peer loans are financed by individual investors or companies.

Personal Loans from offers unsecured loans with loan amounts from $500 up to $35,000. Not everyone will qualify for the maximum loan amount, which is based on income, credit score, and other factors. The APR also varies based on your credit, the loan you choose, as well as the loan amount you wish to borrow.

Because connects you with a lender who can meet your needs, the APR you qualify for can vary greatly. The general range is from 5.99% to 35.99%.

One of the benefits of is the flexibility of terms. Loans may be set from six months to 72 months, depending on the specific loan, desired loan amount, and credit history of the applicant.

There is no prepayment penalty and repayment can be made once or twice per month. Origination fees range from 1% to 5% per loan, depending on the type of loan you receive. Funds can be used for anything including medical expenses, debt consolidation, auto repair, vacations, or home improvement.

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Borrower Profile

As a borrower, you must be age 18 years or older and be a U.S. citizen or permanent resident. You must also have a social security number and regular income.

This can be from employment, self-employment, retirement or disability benefits. A valid checking account is required from most online lenders since that is how the funds will be transmitted.

While is designed for people with lower credit scores, you cannot have had any accounts with payments more than 60 days late or a recent bankruptcy. No recent charge-offs are allowed and you may not have a pattern of late payments.

Other specific requirements vary by the type of loan you get. For a peer-to-peer loan, for example, you need a credit score of at least 600 with $2,000 or more in verifiable income.

A credit score of 580 or above is necessary for installment loans while a personal loan from a bank requires the same minimum credit score but at least $3,000 in income per month.

While a bad credit score can be the result of past issues with credit, lenders want to see that you have overcome these problems and are now making your payments on time.

Even when you improve your payment habits, your low credit score can stay with you for several years. reopens the door to credit for many borrowers seeking a personal loan with bad credit.

Loan Request Process

When submitting a request, the first step is to determine what kind of credit you have. You fill out a simple form on the company’s website, indicating how much you want to borrow, the reason for the loan, and how your credit stands.

In addition, you’ll have to provide some personal information about where you work, your income, and bank information. This includes your social security number, employer, and other details.

Once the loan request is received and you are connected with a lender, lenders review it to determine your approval. Initial approval is usually given within a few minutes.

The lender then verifies the information in your request to ensure it is accurate. If anything differs, they may ask for clarification or they may deny the loan. The entire process usually takes less than one day.

If you are connected with a lender, you’ll receive a loan agreement, which details the terms. This comes directly from the specific lender that actually provides the funds for the loan. You’ll find out how much you’ve been approved for, the time frame for repayment, your monthly payment amount, as well as the interest rate.

After you agree to the loan terms and sign the agreement, the funds are deposited into your bank account. You’ll then be able to set up an online account in the account center.

You can log into the account center and update information and review your payments and other data. You can even request a new loan from the account center with your information that is already listed.

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Once You’re Approved

The cash can be in your bank account in as little as one business day, but up to five business days, depending on the bank’s process and how quickly you sign the agreement.

Because is a connecting service rather than a direct lender, interest rates and fees charged for late payments and other situations vary by lender.

You can expect to pay some penalty fees if you are late making a payment or if you have a payment returned. Each of the lenders allows payments to be made through electronic funds transfer or by paying online.

You can also pay by phone. Most payments are set up for monthly or bimonthly, but other arrangements may be made through the lender directly.

Special Features

Instead of lending money directly, connects borrowers to lenders. This allows you to have more options and without having to apply to each lender individually, saving you time and hassle.

It also allows you to find out which loan types you can qualify for much faster than approaching different types of lenders one at a time.

Because has three types of loans, they can approve a larger number of applicants. Each loan type has its own requirements, and if the person doesn’t qualify for one loan, they can try for a second type.’s History is a lender-connecting service which provides different financial products to its users. Consumers may qualify for a peer-to-peer loan, personal installment loan, or a bank loan. The company handles the requests and connects them to lenders that can meet their needs.

Before You Take Out a Personal Personal Loan

Before you accept a loan from or any other lender, you need to fully think about your decision. It will impact your budget and life for several months, if not years.

Accepting a loan is a major decision that should not be treated lightly. Remember, it’s a commitment to pay back what is owed. Get started by following these quick tips.

Make sure you need the money.

Before you choose a loan, you first need to decide if it’s an absolute necessity. If you can find another way to obtain the money, such as borrowing from family, it may be better than taking on a loan.

If you can postpone the purchase until you have cash in hand, that’s an even better alternative. Only if you absolutely need the funds right now for an emergency is it a good idea to take on more debt in the form of a loan.

Get the best offer available.

Don’t just settle for the first offer you’re approved for. Take the time to review multiple offers and compare the specifics. For instance, compare APR and terms as well as the monthly payment amounts.

Consider the total cost of each loan as well as how much you can afford each month to determine which offer is the best for your situation.

Continue to work on your credit.

Obtaining a loan with bad credit is possible, even if it is a bit more difficult, especially since you’ll pay a higher rate of interest than someone with good credit.

Once you obtain a loan for bad credit, you should work to improve your credit rating. Make the payments on time each month and add other positive information to your credit account.

Getting a secured credit card is another way to build credit. As you gain new positive accounts, it will help improve your credit scores. This allows you to qualify for better interest rates on loans in the future.

In some cases, you can be approved for a lower interest rate on a loan that would allow you to pay off your current loan. The result is saving money over the long term and reducing your monthly payments.

Final Thoughts

Getting a personal loan should be a well-thought-out decision. Determine if you need the money now or if you can wait for your credit to improve. Review your options and make the right choice about the best loan for you.

Always make sure you don’t take on more debt than you can afford or it will only make things more difficult further down the road. By continuing to improve your financial standing, you’ll have more financing options for financing with the best rates and terms in the future.

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