Overview

If you need quick financing to cover unexpected expenses, My Lending Wallet offers a convenient online marketplace to apply for personal loans up to $35,000. You can borrow as little as $500 with short-term repayment options. That makes this lending marketplace a great place for borrowers seeking smaller financing options, for reasons such as home improvements, personal purchases, vehicle repairs, or paying bills.

Not a direct lender, My Lending Wallet personal loans connect applicants with its network of 100+ partners. Each lender has its own unique eligibility requirements, and even prospective borrowers with lower credit scores could still qualify.

Customers love the convenience of handling the entire process online. It’s free to apply, and this initial step won’t affect your credit score. That said, My Lending Wallet lacks in terms of personalized service and educational resources. Those looking for more hands-on support may want to apply for a loan through a traditional bank or directly with the lender.

Requirements

My Lending Wallet personal loans serves as an online marketplace, connecting borrowers with their network of lenders through a single application. Loan requirements vary from lender to lender, and even applicants with below average credit scores could still qualify.

In order to qualify, you must meet the following basic requirements:

• Must be at least 18 years old
• Must be a US citizen
• Must be employed or have proof of a steady income

My Lending Wallet services applicants in the United States. However, their lenders may not offer their services in all 50 states, and you may not qualify for a loan based on your state of residence.

Loan Process

Your application starts out with a guided form walking you through information needed to apply for a loan. You’ll need to provide personal information, such as the last 4 digits of your social security number, address, and contact details. To speed up the application process, you’ll also want financial information ready, such as your income and credit score.

Once you submit your application, My Lending Wallet will share your provided information to partners in their lender network. At this point, you have no obligation to accept a loan. This risk-free step allows prospective borrowers to shop around and compare loan offers before committing to anything.

A single application connects you with a network of over 100 lenders rather than one. This not only makes the application process faster and easier. It may also help those with a less than desirable credit score or history qualify under more flexible terms.

Submitting your initial application does not require a hard credit check and will not impact your score at this point. If you qualify and accept a loan offer, your lender may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or TransUnion or run consumer reports through alternative providers such as Clarity.

Loan Terms

Applying through My Lending Wallet could qualify you for personal loans from $500 up to $35,000. Options range from short-term repayment on smaller loans to longer repayment periods of up to 60 months. The loan amount available will vary from lender to lender.

You can apply for a loan for free without paying any fees. If you qualify for a loan, make sure to read the full terms to understand if that particular lender will charge you fees and/or interest. Your loan offer will also include details such as repayment terms, late fees, etc.

Customer Support

My Lending Wallet personal loans offers a convenient way to apply and receive funding. Prospective borrowers can handle the entire application process online. It takes minutes to complete the application, and once approved, you can receive your funds directly to your bank account.

Although My Lending Wallet offers convenient, fast-funding, they lack when it comes to personalized support. Their website doesn’t provide any online resources to help educate yourself on the lending process. Nor does it offer a variety of contact options to get support directly.

If you do decide to accept a loan through My Lending Wallet’s online marketplace, consider the customer service offered by the lender. You may want to test the level of support offered by the particular lender before accepting your loan.