- Personal Money Service
Personal Money Service
Personal Money Service is an online loan marketplace that was founded in 2013 in San Bruno, California. The company assists borrowers with both bad and good credit to receive access to small business loans, merchant cash advances, and business lines of credit. Personal Money Service offers debt consolidation, mortgages, and various insurance options as well. Personal Money Services does not provide loans themselves, but matches qualified borrowers with customized loan options from third-party lenders.
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The Good
- 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.
The Bad
- 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.
The Bottom Line
Personal Money Service is best suited for business owners with less than perfect credit who need money quickly to finance their business. The company offers low fixed rates and fund transfers within 24 hours. However, the amount of capital that can be applied for is less than what many competitors require, and the company does not disclose the fees that lenders typically charge. We do not feel comfortable recommending Personal Money Service at this time.
User Reviews
Star Rating
5 Reviews
Review Breakdown
Sentiment Criteria
ArrivaSummer
Thank the service "Personal Money Service" for helping us with the realization of our dreams. We needed money to make a small film. We are ordinary students. Where can we find the money to rent equipment? And we did not want to shoot on a budget camera. We did not expect, that so many creditors will respond to our application. Therefore, we decided that it is better to buy a camera and a powerful computer for more professional work with video editing. We also bought licenses for a couple of video editing programs. After all, we are not going to stop at one project. We will return the money with scholarships because if the money will come in parts, we will not save up for the equipment. So in our case, the loan without additional conditions is the best way for our situation.
Max Johnson
Personal Money Service is one of the most trustworthy financial services on the Internet. I have been dealing with these guys since 2015 and have no doubts that this company really solves financial problems! One of the best sides for me is the fast delivery of finances. Furthermore, the lenders always offer the reasonable conditions, so, I managed to pass through the payment process without difficulties. I am a young businessman and the financial support of Personal Money Service! 10 is the ultimate rate!
John Snow
Sleepless night and worrying about money was finally over once I have found The Personal Money Service. It has become like a friends to me, because once you start communicating with a certain specialist in the clients service it's hard to let of him. I must praise the Service for being trustworthy and loyal and for helping me define who I am, because I managed to turn my hobby into small business when I have asked for a loan. The relationship with the Service was the best thing that ever happened to me, it gave me hope and security for my financial future.
Chris Black
Even though they do not disclose fee, I still find their website quite handy in times of extreme emergency. I don't even know how can they do it when they have like so many lenders they work with. Besides, I think that fees will vary depending on the customers' credit situation and maybe some other factors. Nevertheless, it is not what I was going to say in the first place. My score is 10 simply because I've saved tons of time with them. I needed a personal loan. So, I put my information into the application form and got a confirmation letter within 20 minutes. Very convenient, I must say. So I guess I will also go there when I need a business loan
John
When I had a problem with my business and needed a business loan, Personal Money Service has helped me a lot! My credit score is not so good so I was afraid that my loan application will not be approved but the company provided me a business loan on very good terms! I'm very glad that I chose Personal Money Service. They provide an excellent service! It doesn't matter if you have financial emergency and need a small personal loan or if you need a business loan – this company will help you out. I've already recommended it to all my friends.
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