If you don’t repay a short-term loan on time, you could end up owing several times the amount you borrowed. The Consumer Financial Protection Bureau (CFPB) no longer requires lenders to consider your ability to repay a loan. How does Personal Money Network compare to other lenders? You won’t be able to get connected with a lender through Personal Money Network if you live in Georgia, New York, Pennsylvania, South Dakota, Vermont or West Virginia. If you don’t currently have one, find a lender that doesn’t require a bank account. Since Personal Money Network and its network of lenders only operate online, you’ll need to have a bank account in order to qualify. Some of the lenders in Personal Money Network’s network may check your credit or report a missed payment to one of the three major credit bureaus, which could lower your score. Personal Money Network doesn’t have a phone number to get in touch with customer service, which can make it difficult to resolve issues with the service. And if you’re approved, you may be able to get your funds as soon as the next business day.Ĭonsider these potential drawbacks before using Personal Money Network’s online connection service: It takes less than 10 minutes to fill out Personal Money Network’s online form and get a decision from one of its partner lenders. You can ask to have Persona Money Network stop passing on your personal information to its partners for marketing purposes. You won’t have to worry about providing any collateral in order to get funds. The lenders in Personal Money Network’s network offer unsecured loans. As long as you meet Personal Money Network’s minimum income requirement, you’ll likely qualify for a loan with one of its lenders - even with a less-than-perfect credit score. What are the benefits of using Personal Money Network?įrom its lax credit requirements to its fast process, there are a few perks of getting connected with a lender through Personal Money Network: Overall, be careful when submitting your personal information and consider your short-term loan alternatives first. Short-term loans often come with high interest rates that can leave you paying double or even triple the amount you initially borrowed. And since Personal Money Network doesn’t list interest rates and fees for its partner lenders, you’ll want to ask about costs before agreeing to any loan. Worse yet, the lack of contact information makes it hard to know where to go when you have questions. Be cautious of limited information and high feesĪlthough Personal Money Network seems to have a lot of information available on its website, it’s not exactly informative. But it doesn’t stop partners that already have your information from contacting you. Unlike many connection services, it also offers the option to opt out of future information sharing by emailing This means Personal Money Network will stop sending your information to its partners for marketing purposes. And it’s a member of the Online Lenders Alliance, which sets industry standards for payday lenders. You can easily find Personal Money Network’s privacy policy and terms and conditions on its website. Personal Money Network is a legitimate connection service, but that doesn’t speak for the lender you’ll end up borrowing from. For a typical payday loan from one of Personal Money Network’s partner lenders, you can expect to pay a fee of around $15 per $100 borrowed. If approved, you’re redirected to the lender’s website where you’ll find out what interest rate, fees and terms you qualify for. Like most connection services, Personal Money Network doesn’t charge a fee. It works by sending your personal information to its partner lenders after you fill out a quick form. Personal Money Network is an online connection service that can help you find a payday or installment loan. All international money transfer services.
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