Frequently Asked Questions About The Online Lending Process

How does it work?

First, fill out a short application. Once you hit submit, you’ll find out whether you’re approved in about three minutes. Once approved, you will be redirected to the approving lender’s website. Review the interest rate and payment terms. Then you make an educated decision about whether to accept the lender’s offer.

Is applying safe?

Yes, we use 128-bit SSL encryption, the industry standard to secure information, such as bank account numbers, routing numbers and social security numbers.

Is my loan application private?

Your information will only be seen by Personal Money Network and the lenders who review your personal loan, installment loan or payday loan application.

What are the qualifications?

Most lenders prefer borrowers who make more than $1,000 per month. You must show proof of employment or a steady source of income from retirement, benefits, etc. You must be at least 18 years old and a U.S. citizen. If you are a member of the military only certain lenders can approve you, so chances of getting approved are much lower.

How long does the application take?

Filling out the application takes most applicants three to five minutes, and processing usually takes another three minutes after that.

How long do I have to wait for the money?

It is possible to have funds deposited into your account in as little as two hours if you apply during business hours. In some cases it will be deposited the next business day.

Will applying affect my credit?

Filling out a personal, installment or payday loan application at Personal Money Network will not harm your credit. In fact, most lenders do not run a credit check, so there is no inquiry on your credit report.

Do I need direct deposit?

Direct deposit is preferred by lenders but not always required. Most of the lenders do require you to have an active checking or savings account in order for you to be able to receive direct deposit of your loan proceeds.

Is there an application fee?

Personal Money Network never charges a fee for you to fill out an online application. Typically, lenders will not charge an application fee either.

How many lenders see my application?

Possibly, only one lender will see your application, depending on your qualifications. If you have lower income or other factors that cause certain lenders to reject you, it could be shown to several lenders before we find one that will approve your application.

Does bankruptcy disqualify me?

The majority of the time, a bankruptcy does not harm your ability to obtain a loan. Most lenders will not run a credit check in order to fund your personal, installment or payday loan.

What email should I use?

It is a good practice to never use your “friends and family” email for financial transactions. Maintain a second email account for doing business online.

What phone number should I use?

It is best to use a land line rather than your cell phone when conducting business. It’s not a requirement, however.

What if I have to make a late payment?

If you are unable to make a payment on time, contact the lender directly. The lender may be able to work with you. Some state laws will require lenders to give you an extended payment plan at little or no cost to you.

What are the terms of use?

Click here to see our full terms of use for this site.