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
The Personal Money Service has created a platform that provides small businesses with a simple and straightforward process to obtain a business loan. With Personal Money Service, borrowers can expect the following:
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.
While Personal Money Service can help business owners get the capital they need to launch new projects, there are some limitations that should be pointed out. These concerns may prevent business owners from using Personal Money Service as their loan provider:
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 $250,000 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.
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?
Marketplace lenders may have prepayment penalties.
Does Personal Money Service charge origination fees?
Marketplace lenders may have origination fees.
Does Personal Money Service charge closing fees?
Marketplace lenders may have closing fees.
How can I contact Personal Money Service?
Consumers may contact the company directly by phone at 1-855-842-9570.
Types of Loans Offered
Business Lines of Credit and Merchant Cash Advances
APR rates range from 1%–13.5%
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.