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.

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Typical Borrowers

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.

Best Uses

Loans accessed through the third-party lenders are best for short-term business needs, such as inventory purchases, marketing, and accounts payable purposes.

Minimum Qualifications

  • No requirements for length of time in business
  • Personal collateral may be necessary in most cases
  • No minimum credit score needed

The Good

  • 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.

Educational Resources

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.

The Bad

  • Undisclosed fees
  • Longer approval process
  • Low amounts of capital

Undisclosed Fees

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.

Compare to Other Business Loans

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 of its competitors require, and the company does not disclose the fees its lenders typically charge. We do not feel comfortable recommending Personal Money Service at this time.

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Frequently Asked Questions

How long will it take to receive funds from Personal Money Service?

The company is able to make funds available to consumers in less than a day.

Does Personal Money Service require collateral with its loans?

The company requires both personal and business collateral for consumers to receive loans.

Does Personal Money Service have prepayment penalties?

This information is not disclosed at this time.

Does Personal Money Service charge origination fees?

This information is not disclosed at this time.

Does Personal Money Service charge closing fees?

This information is not disclosed at this time.

How can I contact Personal Money Service?

Consumers may contact the company directly by phone at 1-855-842-9570.

More Information

Types of Loans Offered

Business Lines of Credit and Merchant Cash Advances

Rates Offered

APR rates range from 1 percent–13.5 percent

Term Lengths

Four months to two years repayment terms

The Borrowing Process

To apply for a loan, visit the Personal Money Service website and fill out a short application form. Borrowers will need to submit income and employment information, as well as bank account and other personal information. The company will notify the borrower by email if approved within an hour and will transfer funds from a third-party lender within 24 hours for most loan types.

How to Apply

Borrowers can be matched with lending options best suited for their business needs by completing an online application on the company’s website. To complete the entire application process, borrowers must answer a few simple questions on the website through an online form. Approval results are sent to the borrower’s email address within approximately 60 minutes or less. Borrowers must meet the following requirements to apply:

  • 18 years of age or older
  • Legal United States citizen
  • Have stable employment
  • Have a bank account

Borrowers will be asked to submit their employment and banking information during the application process, along with other personal information. Once approved, funds from a licensed third-party lender will be submitted directly into the borrower’s bank account within 24 hours. Personal Money Service does not guarantee approval of any application.

Small business owners who which to apply for an SBA Loan will need to submit specific business documentation in order to get approval. This documentation includes a business plan, cashflow projections, balance sheet, and accounts payable/receivable data. Borrowers applying for this type of loan should be aware that the time of approval to funding can take up to six months.

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4 Personal Money Service Reviews

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  1. User Score


    October 30th, 2016 New York, NY

    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!

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    October 29th, 2016 New York, NY

    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.

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    October 6th, 2016 Seattle, WA

    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

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  4. User Score


    September 10th, 2016

    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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