PersonalLoanPros.com provides lender reviews and resources that focus on non-traditional subprime personal loans. We do not review big banks here. There is no need for us to do that as there are plenty of other sites that already fulfill that niche.
We understand that people from all walks of life, at one point or another, face financial hardships. During these financial hardships are when people need the most help in finding a solution to their problem. That’s where we come in. We help consumers find legitimate direct lenders even if they have bad credit or been declined by the big banks. There several types of loans, and the type of loan you qualify for depends on your situation, such as income, credit and how quickly you need the money.
Loan Types Available:
Each type of loan has its pros and cons. Please read the description for each loan type below and see which one may work best for you.
Payday loans carry the highest finance charges, lowest loan limit ($100-1,000) and shortest term, but qualifying for one is the easiest. There are no credit checks and the application process is fast. You can get your money the same day in-store, or overnight if you apply online.
Installment loans carry lower interest rates, higher loan amounts ($200-25,000) and longer repayment terms compared to payday loans, but qualifying for one may be slightly more difficult. For example, an installment loan may require a higher salary and a more thorough verification process. Credit may or may not be a factor in the approval process; it all depends on the lender and their guidelines. The application process for installment loans may take a little longer than payday loans, but you can still get your cash overnight.
Peer-to-peer loans have been around for quite some time, but many people still have not heard of it. Peer-to-peer loans are provided through a handful of peer-to-peer lending platforms. These lending platforms allow you to borrow considerable amounts of money from a group of investors at interest rates that are significantly lower than a payday or installment loan. In order to qualify for a peer-to-peer loan, you will need at least average credit. Funding for peer-to-peer loans may take days or weeks, so if you’re looking for a fast loan, this isn’t it.
Alternative loans are loans that don’t quite fit into any of the other personal loan category. These types of loans look to serve a niche in the lending industry which are not often covered by a traditional bank or lender. Alternative lenders are known to leverage innovative tools to simplify the process of lending while minimizing risk.
Now that you have a basic understanding of each loan type, start your search for a lender that is right for you.