Personal Money Service

• Small Business Loans
• Types of Offered Loans
• Educational Resources

Small Business Loans

Personal Money Service has some extremely advantageous Small Business Loans that promise:

• Fixed interest rates
• Approval within one day
• Payments can be made weekly/monthly
• No minimum credit score requirements
• Access to funds in less than 24 hours

Types of Offered Loans

Personal Money Service offers short-term business loans up to $250,000 with terms between 4 and 24 months. Merchant Cash Advances are also available up to the same amount with a 4-18 month term. Borrowers can also receive business lines of credit up to $100,000 with six-month terms. Unsecured business loans are available without personal guarantee, but borrowers must have a high credit score to qualify. Otherwise, personal collateral is required for loan approval.

Educational Resources

Personal Money Service offers consumers educational articles and other financial resources on their website. Other than business loans, the company offers several other financial products as well that the consumer may be interested in. The company answers commonly asked questions on the website and consumers can contact the company directly by phone as needed.

• Undisclosed Fees
• Longer Approval Process
• Low Amounts of Capital

Undisclosed Fees

Personal Money Service does not disclose potential fees that third-party lenders may charge to borrowers. Origination fees, closing costs, and prepayment penalties vary widely from each lender. This lack of information can make it difficult to determine if the matching loan offers are the best available loan deals.

Longer Approval Process

With Personal Money Service, the time it takes to get approved for a loan is much longer than other financing options available online. Applications can take up to an hour to get approved and the service does not guarantee loan approval. Borrowers will also be expected to provide business collateral and show documentation to be approved.

Low Amounts of Capital

Business owners can only apply for up to $250k in loan funding, which may not be enough to cover potential business expenses for larger businesses. Similar online financing marketplaces offer up to $1 million loans and may be more suitable for companies in need of more working capital.