Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Personalized Loans Review

Advertiser Disclosure

About lender

In the realm of personal finance, Personalized Loans play a significant role in helping individuals navigate through challenging financial situations. The dedicated agents specializing in micro-credit loans analysis and approval provide a tailored service to clients seeking relief from precarious financial circumstances. These professionals possess the expertise required to assess a borrower's unique financial situation and credit history, ensuring a customized approach to lending. By offering personalized loan quotes, they enable potential borrowers to make informed decisions regarding loan terms, interest rates, and affordable payment options.

.Personalized Loans

Features

  • No Automatic Renewals. One of the distinguishing features of Personalized Loans is that the contracts are never renewed automatically. This ensures that borrowers won't be locked into a cycle of debt and provides them with greater control over their financial commitments.
  • Loan Amounts. Personalized Loans typically offer loan amounts up to $1,250, making them suitable for addressing various financial needs, such as covering unexpected expenses, medical emergencies, or home repairs.
  • Renewal Eligibility. Once a borrower has repaid 65% of their loan, they may submit a renewal application for another Personalized Loan. This feature allows individuals to access additional funds as needed, provided they have demonstrated responsible repayment behavior.
  • Lender-Borrower Connection. Personalized Loans primarily serve as intermediaries that connect lenders to borrowers. This connection simplifies the loan application process, enabling borrowers to access a network of lenders and find the most suitable loan terms and interest rates based on their unique financial profile.

Pros and cons

Pros

No Credit Check. Personalized Loans typically do not require a credit check, making them accessible to individuals with poor credit history or no credit history at all. This feature allows more people to access the funds they need without the barrier of a low credit score.

Quick Application Process. The application process for Personalized Loans is usually fast and straightforward. Borrowers can often complete the application online by answering a few simple questions, and approval decisions are typically made within a short timeframe.

Renewal Eligibility. After repaying 65% of the loan amount, borrowers may submit a renewal application for another personalized loan quote. This allows individuals to access additional funds as needed, provided they have demonstrated responsible repayment behavior.

Cons

High Interest Rates. Personalized Loans offer loans that often come with high interest rates. These higher rates can result in more substantial overall repayment amounts and increased financial obligations for borrowers.

Not a Direct Lender. Personalized Loans act as intermediaries, connecting borrowers with potential lenders rather than lending the funds directly. This may lead to varying loan terms, interest rates, and fees, depending on the lender ultimately chosen.

Small Loan Amounts. Personalized Loans typically offer smaller loan amounts compared to other types of loans, such as mortgages or auto loans. While these loans can be useful for covering unexpected expenses or emergencies, they may not be suitable for larger financial needs, like purchasing a home or financing a business.

Reliability

Personalized Loans can be considered reliable based on their Trustpilot rating of 4.8 out of 5 stars. This high rating indicates that a significant number of customers have had positive experiences with the company, suggesting that they provide satisfactory services and meet the needs of their clients. However, it is essential to conduct thorough research and read reviews to ensure that Personalized Loans is the right choice for your specific financial situation and requirements.

How to apply for a Personalized Loans loan

  1. Visit the Personalized Loans Website. Begin by navigating to the official Personalized Loans website to start your loan application process.

  2. Click "New Customer". Look for the "New Customer" button or link on the homepage and click on it to proceed.

  3. Choose Your Province, Loan Amount, and Payment Frequency. Select your province of residence from the dropdown menu, enter the desired loan amount, and choose your preferred payment frequency (e.g., weekly, bi-weekly, or monthly).

  4. Create an Account. Enter your email address, choose a strong password, and click "Sign Up" to create a new account. This will allow you to save your progress and access your application in the future.

  5. Fill Out the Application. Complete the online application form by providing the required personal and financial information. This may include your full name, address, date of birth, employment details, and banking information.

  6. Submit the Application. Review your application to ensure all information is accurate and complete. Once you're satisfied, click "Submit" to send your application for review.

Conditions

  • Loan Amount. Personalized Loans offer loan amounts up to $1,250, making them suitable for addressing various financial needs, such as covering unexpected expenses, medical emergencies, or home repairs.
  • Interest Rate. The interest rate for Personalized Loans is 19.99%. This rate is applied to the loan amount, and borrowers should consider this when evaluating the overall cost of the loan and their ability to make timely payments.
  • Repayment Terms. The repayment terms for Personalized Loans range from 12 to up to 18 weeks. Borrowers can choose a repayment schedule that aligns with their budget and financial situation, ensuring they can make affordable payments throughout the loan term.

Requirements

  • Canadian Residency and Age. Applicants must be Canadian residents and at least 18 years of age to be eligible for a Personalized Loans loan. This ensures that borrowers are legally capable of entering into a loan agreement and reside within the country.
  • Stable Income. Applicants must have a stable income source, with a minimum monthly income of $1,200. This income can come from various sources, such as employment, self-employment, or government benefits. Having a stable income demonstrates the borrower's ability to repay the loan and meet their financial obligations.
  • Street Address. Applicants must have a valid street address in Canada. This requirement ensures that Personalized Loans can verify the borrower's residence and send any necessary correspondence or documentation related to the loan.
  • Active Phone Number. Applicants must have an active phone number, as Personalized Loans may need to contact them during the application process or throughout the loan term. Providing an active phone number allows for efficient communication between the lender and the borrower.

Ways to receive the money

Once your Personalized Loans loan application has been approved and you have accepted the loan offer, the borrowed amount will be disbursed via direct deposit to your bank account. This method of transfer ensures a secure, convenient, and fast transaction.

Products

Personalized Loans specializes in offering short-term personal loans to consumers in Canada. These loans are designed to provide financial assistance for various needs, such as covering unexpected expenses, medical emergencies, or home repairs.

Reasons you may be denied a Personalized Loans loan

  • Insufficient Income. Lenders typically require borrowers to have a stable and sufficient income to ensure they can repay the loan. If your income does not meet the lender's minimum requirement or is unstable, your loan application may be denied.
  • High Debt-to-Income Ratio. A high debt-to-income ratio indicates that a significant portion of your income goes towards paying off existing debts. Lenders may view this as a risk and deny your loan application.
  • Incomplete or Inaccurate Application. Failing to provide complete and accurate information on your loan application can lead to denial. Ensure that all required paperwork is submitted and that the information provided is correct.
  • Frequent Job Changes or Employment Gaps. Lenders may view frequent job changes or employment gaps as a sign of financial instability, which could increase the risk of loan default.
  • Insufficient Credit History. If you have a limited credit history, lenders may not have enough information to assess your creditworthiness, leading to loan denial.

How to repay a Personalized Loans loan

  1. Understand Your Loan Terms. Familiarize yourself with the loan agreement, including the interest rate, loan term, and payment schedule. This will help you plan your budget and ensure timely payments.

  2. Set Up Automatic Payments. To avoid missing payments, consider setting up automatic payments from your bank account. This can help you stay on track and maintain a positive payment history.

  3. Make Extra Payments. If possible, make additional payments towards your loan principal. This can help reduce the overall interest paid and shorten the loan term.

  4. Prioritize Your Loan Payments. Treat your personal loan payments as a priority, similar to other essential obligations like mortgage or rent payments. This will help you avoid late payments and potential damage to your credit score.

  5. Communicate With Your Lender. If you encounter financial difficulties or anticipate challenges in making a payment, contact your lender promptly. They may be able to offer assistance or alternative payment arrangements.

Editorial opinion

Personalized Loans offer a valuable service to Canadian citizens and permanent residents seeking cash support for various financial obligations, emergencies, or even vacations. By providing unsecured loan products, they cater to a diverse market of borrowers with varying needs. The convenience of their services is further enhanced by their professional approach to lending, which includes assessing each applicant's unique situation and offering tailored loan estimates. However, potential borrowers must carefully consider the fees, interest rates, and repayment terms associated with these loans, as they can significantly affect the overall cost of borrowing. It is crucial for consumers to weigh the benefits of accessing cash quickly against the potential long-term financial implications before making a decision. In conclusion, Personalized Loans serve as a viable option for those seeking unsecured loans, but responsible borrowing and thorough research are essential for a successful experience.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

  • Personalized Loans Customer Reviews

Sources

FAQ

What is Personalized Loans?

Personalized Loans is a lending company that offers unsecured loans and personalized loan quotes to Canadian citizens and permanent residents, taking into account their unique financial needs and circumstances, including emergencies, vacations, or property-related matters.

How quickly the funds can be received?

Once approved for a Personalized Loans loan, borrowers can typically receive funds within a few business days, allowing them to address financial emergencies or obligations promptly and pay the associated fees.

How do you qualify for Personalized Loans?

To qualify for a loan with Personalized Loans, the applicant must be a Canadian citizen or permanent resident, have a steady source of income, and meet other specific lending criteria set by the company. The approval process involves assessing the applicant's ability to repay the loan and evaluating their overall financial situation, including any existing obligations.

How much can you borrow from Personalized Loans?

The amount that can be borrowed from Personalized Loans varies depending on the borrower's financial profile and the specific loan product. Loan amounts are typically determined after the lender assesses the applicant's ability to repay the loan, evaluates their overall financial situation, and provides a personalized loan estimate.

Is Personalized Loans a legitimate company?

Personalized Loans operates as a legitimate lending company, offering loan services to Canadian residents. As with any financial service, it is essential to research and understand the terms, fees, and interest rates associated with their loans before making a decision. 

First to offer microcredit, we've built our reputation on a deep understanding of our clients' needs. Why look elsewhere when you can benefit from the expertise of those who made fast online loans accessible?

© Personalized Loans Group
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Personalized Loans’s reviews by june 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
-
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne
-