Frequently Asked Questions About Our Loans

The Basic Overview

• No credit checks
• No collateral required
• No faxing of documentation
• Application takes 2 – 5 minutes
• Decisions are within 1-3 minutes
• Installment payments are available
• Bankruptcy and bad credit is okay
• Fixed income may be accepted
• Military may be accepted

How does the process work?

All you do is fill out a short application. Once you hit submit it takes up to 3 minutes to get a decision. If approved you will be redirected to the approving lenders website where you will be presented with the interest rate, payment terms, etc. At that point you are not bound to accept the loan even though you have been approved.

Is it safe to apply online?

Yes, we use 128-bit SSL encryption which is an industry standard to encrypt your secure information (such as your bank routing number or social security number).

Is my loan application private?

Your information is used only by us and the lenders reviewing your personal loan, installment loan or payday loan application.

What are the qualifications?

Your income needs to be over $1,000 per month. You must have a job or a steady source of income from retirement, benefits, etc.. Some lenders prefer you to be employed. You must be at least 18 years old and a U.S. citizen. If you a member of the military on certain lenders can approve you so chances getting approved are much lower.

How long does the application take?

Filling out the application should take only 2-5 minutes and processing should not take longer than another 3 minutes after that.

How long do I have to wait for the money?

It is possible to have funds deposited into your account sometimes within as little as 2 hours. In some cases it can be the next business day.

Will applying affect my credit?

Applying for a personal, installment or payday loan at Personal Money Store should not harm your credit in any way. In fact, most lenders do not run a credit check at all so there is no “hard inquiry” on your credit report harming your score.

Do I need direct deposit?

Direct deposit of your paycheck 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 Market never charges a fee for you to fill out an online application. Typically, none of the lenders will charge an application fee either.

How many lenders see my application?

It could be only one lender depending on your qualifications. If you have lower income or have other factors against you then it could be shown to many lenders until we find one that will approve your application.

Does bankruptcy disqualify me?

The vast majority of the time, a bankruptcy does not harm your ability to obtain a loan. Most lenders will not even 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 any online transaction whatsoever. Always keep a second email open for doing business online.

What phone number should I use?

It is also a best practice to use a land line rather than your cell phone when conducting business online. It’s not a requirement it is just a good idea.

What if I have to make a late payment?

If you should find yourself unable to make a payment timely, we encourage you to contact the lender and inform them of your inability to pay on time. The lender may be able to work with you. Some state laws will require them 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.