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Personal Money Service

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6.7

Overall Score

LAST UPDATED: June 8th, 2021

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.

Small business loans through Personal Money Service are best suited for those with bad credit who 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. Consumers that choose Personal Money should remember that they must have a credit score of 550 or higher.

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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.

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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.

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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.

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Star Rating

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4.6

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15 Reviews

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4 grade

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3 grade

7%

2 grade

0%

1 grade

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Lashanda New York, NY

“No inquiry,” they said... I’ve got a low credit score because of the overdue mortgage. That’s was the reason to apply here, personal money service promised quick approval and stuff. I waited two days and they finally sent me a lender. But the rates were extremely high, as they said, it’s all because of my low score. It may suit you if you’re ready to overpay, but not my variant at all. Still, they have a convenient site and friendly support. Nice guys, just not for my case.

2 years ago