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 also 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.
Small business loans through Personal Money Service are best suited for those with bad credit and need money quickly to finance their business. There are no minimum credit score requirements. Unsecured loans are available without need for personal collateral or credit check, but borrowers will need to have high credit scores in order to be approved. According to the corporate website, borrowers do not need to cover repayment fees early and can choose the terms and conditions.
Loans accessed through the third-party lenders are best for short-term business needs, such as inventory purchases, marketing, and accounts payable purposes.
- No requirements for length of time in business
- Personal collateral may be necessary in most cases
- No minimum credit score needed
- Types of offered loans
- Educational resources
Pros of Personal Money Service Small Business Loans
- 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.
Personal Money Service offers consumers educational articles and other financial resources on its website. Besides 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
Personal Money Service does not disclose potential fees that its 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 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 company 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.