Gotloans.com personal loan review

Written by: Taylor Medine
• Updated •3 min read
This date may not reflect recent changes in individual terms.
A seated woman rests a laptop on her knees while reviewing the Got Loans com marketplace.Image: A seated woman rests a laptop on her knees while reviewing the Got Loans com marketplace.

In a Nutshell

Loan marketplace GotLoans.com offers to match you up with a lender if you need quick funds for an emergency or other immediate expense. You may not need good credit to qualify. But be careful — rates for these personal loans aren’t disclosed up front and may be high.
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

What you need to know about a GotLoans.com personal loan

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?

u003cpu003eIf 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.u003c/pu003eu003cpu003eAn emergency loan can come from different sources – banks and credit unions, online loan marketplaces, payday lenders, credit card advances, pawn shops and even family.u003c/pu003eu003cpu003eDepending on the lender you choose, you may be able to get the money quickly or within a day or two of approval.u003c/pu003eu003cpu003eIf you want to avoid a loan, you might consider a cash advance app instead to borrow small amounts of money in between paychecks.u003c/pu003eu003cpu003eIf 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 u003ca href=u0022https://www.creditkarma.com/shop/personal-loans/emergencyu0022 target=u0022_blanku0022 rel=u0022noreferrer noopeneru0022u003eshop emergency loans on Credit Karmau003c/au003e and learn more about this type of short-term funding.u003c/pu003e
ShowHide

Who a GotLoans.com loan is good for

GotLoans.com could be good for borrowers who 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.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

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.