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Pros
- Personal loan amounts up to $5,000
- Good credit may not be necessary to qualify for certain loans
- Potential to get funds quickly
Cons
- Rates and terms, which vary by lender, aren’t listed on the site
- Some loans may come from tribal lenders than might not be subject to state-imposed interest rate caps
- Loans not available in all states
GotLoans.com is an online loan marketplace that hosts a network of lenders. The site markets itself as way to find quick funds for emergencies, for “all credit types.”
Lenders within the GotLoans.com network may offer fast funding to borrowers with bad credit, but the website provides no information on how much these loans actually cost. Since you won’t know the loan terms until after approval, it’ll be important to review the loan agreement and compare it to other options before borrowing from a lender through GotLoans.com.
GotLoans.com is a loan marketplace, not a direct lender
GotLoans.com doesn’t issue or service loans. To connect with a lender through this online personal loan marketplace, you’ll complete an online form. Submitting the form at GotLoans.com authorizes the company and loan issuers to perform a credit check for you.
GotLoans.com doesn’t specifically disclose whether this credit check is a hard or soft credit inquiry – though it’s likely a hard credit inquiry, which causes a temporary negative impact on your credit. After reviewing your information, lenders in the network may decide to make you an offer.
Fast Facts
What is an emergency loan?
If you find yourself facing unexpected expenses that are needs rather than wants, you might look for an emergency loan – meaning a relatively small loan that is funded quickly and must be repaid in a short amount of time.
An emergency loan can come from different sources – banks and credit unions, online loan marketplaces, payday lenders, credit card advances, pawn shops and even family.
Depending on the lender you choose, you may be able to get the money quickly or within a day or two of approval.
If you want to avoid a loan, you might consider a cash advance app instead to borrow small amounts of money in between paychecks.
If you need emergency cash, it’s best to consider all your options and find the one that makes the most financial sense for you. You can shop emergency loans on Credit Karma and learn more about this type of short-term funding.
Eligibility requirements may be flexible
Lenders in the GotLoans.com network may approve you for a loan even with bad credit, but you may need to meet additional eligibility requirements including the following:
- Be employed for at least 90 days
- Earn at least $1,000 a month (after taxes)
- Be a U.S. citizen or permanent resident
If you don’t have a job, another source of income such as Social Security may count.
Interest rates and loan terms on GotLoans.com are unclear
Lenders that partner with GotLoans.com may offer loans ranging from $100 to $5,000, but amounts can vary based on where you live.
GotLoans.com doesn’t share information on the APRs, origination fees or repayment terms offered by lenders on the site, making it hard to shop for loans without first submitting your information and authorizing what’s likely a hard credit check.
Applicants may be referred to tribal lenders
Another thing to know about the GotLoans.com marketplace is that you may be referred to tribal lenders. Tribal lenders aren’t necessarily required to follow the same rules as state-licensed lenders, such as adhering to state interest rate caps.
Before signing an agreement with a lender through the site, it’s important to pay close attention to the fine print and make sure you understand all the loan terms and conditions.
A closer look at GotLoans.com personal loans
Comparing rate ranges and payment options across several lender marketplaces can help you find a loan that best fits your needs. But window shopping is harder with GotLoans.com, since you can’t gauge the rates or repayment terms offered without authorizing a credit check.
Here are some other pros and cons of GotLoans.com to consider.
- Quick funding timeline — You could get approved and receive loan funds on or near same-day (within 24 to 48 hours).
- No fee charged by GotLoans.com — You won’t be charged a fee to use the marketplace, but individual loan pricing and fees will vary depending on the lender.
- Loan extensions (rollover loans) may be possible — Depending on the laws of the state you’re in, it may be possible to get an extension or rollover of the original loan if you struggle to repay it. Rollovers can cost much more than you anticipate and not all states allow the practice.
- Not available in all states — GotLoans.com mentions that loans aren’t available in all states but doesn’t list the states where you can borrow.
- Repayment terms vary — Since this is a loan marketplace, the loan terms available may be different from one lender to the next.
- Limited contact options — GotLoans.com provides very little contact information on its website. There’s an email address provided to unsubscribe from marketing messages and a general building address located in the West Indies, but there’s no contact phone number for live support, which may be a red flag for some.
Who a GotLoans.com loan is good for
GotLoans.com could be good for borrowers who earn at least $1,000 per month and can’t qualify for other personal loans in an emergency. But it’s crucial to review the rates and terms that you’ll get in the loan agreement before you commit — high monthly payments on a loan could put you in a worse financial situation.
If you’re in a financial bind, you may also want to consider potentially less expensive options, like borrowing from a family member or friend or applying for a payday alternative loan. PALs are small loans offered by credit unions that could come with lower interest rates than you’d see with a payday loan.
How to apply with GotLoans.com
To qualify for a loan through GotLoans.com, you need to have a valid email address and bank account. You must also be 18 years or older and a U.S. citizen or permanent resident.
The process of applying for a loan starts with filling out and submitting a form on the GotLoans.com website. The form asks for your personal information (your name, phone number and where you live) and how much you want to borrow.
GotLoans.com will then comb its network for lenders that might be willing to work with you. If approved by a lender, you can review terms, rates and fees directly on the lender’s website before you decide whether to accept the offer. Lenders may also ask you to provide additional information, like paystubs or employment verification.
After receiving an offer, it’s a good idea to shop around and compare loan rates before signing. You’ll want to make sure you’re accepting the best possible offer available to you.
If a GotLoans.com personal loan isn’t right for you, consider these alternatives.
- Personify: If you’re looking for a small installment loan, Personify offers loans of $500 or more, depending on the state you live in, is more upfront about rates and costs.
- Affirm: Affirm may be a good option for financing large purchases, like appliances or furniture. Loan terms typically range from one to 12 months, but you may be able to borrow for as much as 48 months.
About the author: Taylor Medine is a freelance writer who’s covered all things personal finance for the past seven years. She enjoys writing financial product reviews and guides on budgeting, saving, repaying debt and building credit. … Read more.