I know what it feels like to feel stuck, especially when it comes to money. The feeling of not having cash and not knowing who to ask for help. Well, help is here already.
In this article, I will be doing a review of the Personal Loan Pro platform, where you can get quick loans whenever you need emergency cash.
In today’s world, Personal loans are a popular way to borrow money for emergency purposes. A personal loan can be used for anything you want – to consolidate debt, upgrade the property, or pay for a wedding. And the finest personal loans have lower interest rates than credit cards or other forms of big-interest consumer debt, such as short-term loans.
Side Note: collecting loans comes with interest, especially from the bank or financial institution. It is important to look for institutions that offer good loan rates that you can pay in time.
What is the Personal Loan Pro?
Personal Loan Pro is a personal loan marketplace that works with a large network of lenders. Customers only need to enter a few pieces of information, and Personal Loan Pro will match them with suitable loan offers. You get a response in 2 minutes.
Personal Loan Pro is a company that helps you locate funding quickly when you’re looking to borrow. The website is funded by lending institutions rather than borrowers, so using it will not cost you anything.
It has a large network of different loan providers, which gives you a large pool of lending options.
Using this platform to ask for loans doesn’t guarantee that you will get approval from a lender. This is because they are not in charge of checking if you are eligible to get a loan or in charge of the loan rate. The good news is that the site reveals its network of partners, so when you upload your financial information, you’ll at least have a fair notion of the options available to you.
The app makes it easy for you to get loans without any stress. You won’t have to go from one app to another to look for a better loan deal.
The following companies work with Personal Loan Pro: Best Egg; Upgrade; SoFi; LendingClub;
Personal Loan Pro: Key Highlights
- Loans from $1,000 to $50,000 Minimum 600 credit score
- 2.49 percent – 35.99 percent APR
- Comparing Interest Rates Has No Impact on Your Credit Score
- APR is in effect as of April 20, 2021
Personal Loan Pro: Hassle-free loans
The beautiful thing about this platform is that you don’t have to go through a lot of stress to get a loan. All you have to do is go to the website and then select why you need the loan. You might be required to answer some questions online for security purposes.
You will be matched instantly with a loan provider that suits your purpose based on the system algorithm.
Note that, you will have to meet certain requirements before securing a loan. This includes you having a good credit score, how much you want to borrow, and your payment schedule.
Personal Loan Pro’s strong points
In this section of the article, I will be talking about Personal Loan Pro strong points. The following are what you will get when you use the platform;
- You can easily compare offers from several lenders:
This is one of the best features of Personal Loan Pro and the reason you should use it. When you enter your information, the platform links you to various loan providers who may be able to assist you with funding. Instead of having to visit the websites of dozens of providers to discover the best rates and terms, you can get quotations and compare terms from various lenders all in one location.
- Personal Loan Pro provides you with the list of lenders in its network:
You can view the website’s Network Partners page to learn more about the various partners with whom they collaborate. Another thing is the platform also makes it clear that it does not provide quotations from every lender available, so it is forthright about its restrictions. However, Personal Loan Pro collaborates with several organizations, including SoFi, Lending Club, and Prosper.
- When you apply, your credit will not be affected:
Some lenders begin with a hard credit check, which means an inquiry appears on your credit report for up to two years. Too many rigorous credit checks might negatively influence your credit score. You don’t have to worry about this when you submit your application to Personal Loan Pros. It starts with a soft check.
That said, you must note that your credit will still be affected by a hard credit check if you decide to go ahead with the loan.
- You have a variety of borrowing options with Personal Loan Pro:
On the platform, you are allowed to get a loan starting from $1000 to $5000. Lenders can have restrictions on lending, which means that you might not get the full amount you need. In that regard, Personal Loan Pro provides you with far more options than a standard service.
What might Personal Loan Pro do better?
Just like the Platform has strong points, they also have their weaknesses. In this part, I will be discussing the areas they will need to improve.
- There is no guarantee that you will be approved for a loan at the advertised interest rate:
When you fill out an initial application with Personal Loan Pro, you will be able to view loan offers. However, if you choose to proceed with a specific offer, you must still go through the entire application procedure with that lender. Depending on the lender’s system and your financial situation, you might be denied the loan or given different terms than you were initially offered.
- Personal Loan Pro’s website has only a limited amount of information:
The platform does not explain how it determines which lender quotations to show to you. It also gives a restricted picture of who is likely to qualify for financing.
Like that is not enough, the platform also does not state the minimum credit score that you will need to get a loan from their partners.
So, technically, you’re still missing a lot of information. Good news is most of its partner lenders operate swift customer response services. So, when you reach out to make an inquiry, you’ll be swiftly attended to.
How to Setup your Personal Loan Pro Platform Account
While Personal Loan Pro cannot provide loans directly, you can utilize the website to start your loan application. To do this, you will have to;
- Open their website on your mobile phone or desktop computer.
- Select the relevant option from a pull-down menu to specify how you intend to spend the loan funds. Credit card debt consolidation, large purchases, home renovation projects, starting a business, and a variety of other frequent reasons for taking out personal loans are all options.
- Then click on the “Get Started” button.
- Enter the amount of money you want to borrow
- Estimate your credit score range, selecting from excellent, fair, decent, or bad options.
- Indicate your employment position by selecting full-time, part-time, self-employed, unemployed, military, or retired.
- Enter your annual income in the box available.
- Choose whether you want to be paid weekly, every two weeks, monthly, or on a different schedule.
- Indicate whether you own or rent your home, and enter your ZIP code.
- Enter your house address
- Type in your email address.
- Then enter your first and last name.
- Enter your birth date.
- Also, include your phone number.
- Indicate if you are currently serving in the military or a veteran.
- Then enter your Social Security number.
After completing this process, you will be given a rate quote and information regarding loans that may suit you. Simple and fast.
How long does it take to find out if your application has been accepted?
After you’ve submitted your application, you’ll find out in a matter of minutes whether you’re eligible for a loan and at what interest rate. Your payback terms will be determined by your expected credit score, income, loan purpose, and other financial criteria.
If you accept a loan offer from a partner, you must complete the whole application process with that lender. You’ll have to submit to a rigorous credit check at this point.
Once you’ve picked a lender, the lender’s policies, terms, and conditions will determine the timetable for loan approval and funding. Some loans are given after seven days, and it might take a longer time for some other lenders.
Personal Loan Pro Customer Care
Personal Loan Pro only offers phone and online customer service. There are no nearby branches to visit, and there are no options for in-person assistance.
You can also fill out an online form, providing your first and last name, email address, and message. The website does not specify what hours phone assistance is available or how long you can expect to wait for a response from their customer service.
Personal Loan Pro fees
The platform has made it easier for its users to collect loans. You are not charged fees but their partners. All the platform needs to do is help you find suitable partners for loans. The loan repayment may take up to 2 months or 15 years.
Personal Loan Pro safety: Examining how safe the platform is for users
Personal Loan Pro has established ties with reputable organizations. The company has a list of lenders with whom it has worked, and provides clear statements in its published privacy policy about what it does with the data you submit. So be scared to use the platform as your data is in safe hands.
Keep in mind that you are not borrowing from Personal Loan Pro. You’re taking out a loan from a partner lender. Before interacting with any lending firms, verify their Better Business Bureau rating as well as the Consumer Financial Protection Bureau’s database of consumer complaints. Check to see if the lender has been subjected to regulatory action or sections, if it has received positive feedback, and if it generally obtains high scores for customer service. This is to ensure your security before applying for loans.
You should also ensure that you know the terms of any loan you apply for. Find out about important details like: what the interest rate is, if the rate is variable, upfront expenses and fees, if there would be an origination fee, whether there is a prepayment penalty, and how long you have to repay the loan. Do not place your trust in any lender that refuses to offer these facts.
Credit Score concerns: Will using the Personal Loan Pro app affect credit score?
No, applying with Personal Loan Pro will not affect your credit since it simply requires a soft credit check to perform its service. But if you decide you prefer any loan conditions and proceed with the complete loan application process, a rigorous credit check will be required.
If you have too many inquiries on your credit report, this could harm your credit.
If you add a new type of loan to your credit record, your credit score may rise since a variety of credit is supported. Generally speaking, if you take out a personal loan, it may have an impact on your credit. Nevertheless, depending on your credit utilization and credit history, the impact could be either favorable or bad.
You can also improve your credit score by making on-time loan payments and creating a favorable payment history. A new loan on your report, on the other hand, shortens the average age of your credit, which can affect your credit score.
Loan Range: Possible loan amount securable
By now, you already know the function of the personal Loan Pro platform is to connect you with a lender. These lenders give loans from $1000 to $50,000. Also, loan rates, and loan terms, may differ from lender to lender.
FAQs: Frequently Asked Questions about the Personal Loan Pro Platform
Is Personal Loan Pro a viable option for me?
Answer:
Yes, I recommend you use the platform if you are looking to get emergent loans for different purposes. It is better than moving from one application to the other when you can get everything in 2 minutes. You would need to have an excellent credit score to get a loan.
Suppose you like to acquire rates exclusively from banks and credit unions that you’ve individually researched and selected. In that case, Personal Loan Pro isn’t the best option because you have no control over which lending partners in the site’s network your loan is shIpped to.
Can I get a personal loan even though I have bad credit?
Answer:
While you may be able to receive a personal loan with bad or poor credit, it’s advisable to work on improving your credit before taking on new debt. When reviewing a personal loan application, creditors often assess creditworthiness and debt-to-income ratio to guarantee that you can make the monthly installments. Ensure you work on your credit score if you wish to get the most competitive loan terms and rates.
How long do I have to pay back my loan?
Answer:
This is determined by the loan term you select. The loan periods range from 12 to 60 months. Choosing a shorter term will help you get out of debt faster and save money by lowering your total interest payments.
Choosing a longer-term, on the other hand, will lower your monthly payments, thereby making debt repayment more reasonable.
How soon will I receive my funds?
Answer:
The platform provides same-day approval of loans. The money will be deposited into your bank account as soon as the next day. You can then use this money to pay for whatever you need
Where can you use this platform?
Answer:
You can use the platform anywhere in the US. Including Alaska and Hawaii
What sorts of debt are you able to consolidate?
Answer:
Debt consolidation loans can be used to repay almost any unsecured debt. These are debts that do not have collateral, such as:
- Cards loans
- In-store credit cards and credit lines
- Unsecured Credit Lines (LOCs)
- Personal loans with no collateral
- Accounts for collection
- Taxes owed
- Loans for students.
How does the platform make its money?
Answer:
Personal Loan Pro is compensated by its lending network and other partners. The partners are made to pay a charge fee to the platform. You are not charged any fee on the platform.
What happens to my Social Security Number when I enter it into Personal Loan Pro?
Answer:
Your SSN is shared with a third-party company to provide you with the best available offers. After which, they delete your SSN from their database. Your SSN is not stored or kept anywhere.
Furthermore, they make attempts to cooperate with partners who do not require your Social Security number. In some situations, they may obtain your SSN from a reputable third party. Nothing is done behind your back as the company believes in transparency.
Who is eligible for personal loans?
Answer:
Just anybody can get a loan from the personal Loan Pro. All you have to do is apply for a loan on their web page. Fill out the online form where some questions will be asked. After this, you will have to wait for a response that does take close to 2 minutes.
What distinguishes a personal loan from a credit card?
Answer:
Personal loans might be an excellent substitute for credit cards. If you think you’ll need the money for more than 30 days, the rates are usually substantially lower. Otherwise, they can be pretty comparable in most cases—both are unsecured debt, and the amount you are authorized for is determined by your credit.
What is the point of obtaining a personal loan?
Answer:
A personal loan can be used for almost anything. The two most typical applications are refinancing existing debt at a reduced interest rate and making a purchase when you don’t have the cash on hand.
Assume you want to pay your house rent but don’t have the $10,000 required for the rent. You go to Personal Loan Pro and get matched with a fantastic personal loan for $10,000. You fill out the application on the lender’s end, and the money is automatically deposited into your account within a day or so. When you have enough money, you pay your and avoid being kicked out of your house. Finally, you begin making monthly payments to repay the loan.
What is the difference between soft and hard credit draw?
Answer:
It’s critical to grasp the distinction between a hard and gentle credit draw. A lender will perform a soft pull to look at your credit report to determine what type of loan they could be willing to provide you. It saves you from locating and entering all of the information in your credit file. Because a soft credit draw is not recorded on your credit file, it does not affect your credit score. Soft pulls allow us to compare lending products without jeopardizing our credit.
On the other hand, a strong credit pull affects your credit score. When you apply for credit, lenders conduct hard pulls. That is when you expressly tell the lender that you want to apply for a specific loan with specified parameters. When you submit that application, the lender notifies the credit bureau that you are applying for a loan. The credit bureau returns your credit file and notes that you have just applied for credit.
Final Words
In conclusion, websites like Personal Loan Pro have made it much easier to swiftly browse for and compare the finest personal loans. This is beneficial in reaching your financial objectives quickly.
Personal Loan Pro is a wonderful site to use if you want to streamline the loan application procedure, thanks to the complete disclosure of its partner lenders as well as the flexibility in the amount you can take.