If you have bad or poor credit, you won't be able to qualify for a personal loan unless you apply with a co-signer.
Lenders generally prefer to work with customers who have a proven track record of paying their bills on time, earning enough money to stay on top of their debt, and having a good credit history.
In this BadCreditLoans Reviews article, we will dive into the world of bad credit loans, with a particular focus on BadCreditLoans.com.
What is BadCreditLoans.com? BadCreditLoans Reviews
BadCreditLoans.com is a platform that acts as a loan matching service that connects borrowers with lenders who offer loans to people with bad credit. It is a good option for borrowers rejected for loans from traditional banks or lenders due to bad or poor credit.
BadCreditLoans offers a variety of loan types, including personal loans, debt consolidation loans, peer-to-peer loans, and home improvement loans. Borrowers can typically borrow up to $10,000 through BadCreditLoans.
With BadCreditLoans.com you can get loans from $500 up to $10,000 with fast funding and loan terms of up to three years.
They have been in the business of helping people. They make it simple for consumers to get the funds/loans they are looking for online.
This Nevada-based company offers loans to borrowers with credit scores of 500 or lower, by matching every borrower with suitable lenders.
How does BadCreditLoans Work?
BadCreditLoans is not a lender. They offer a free service that connects you with a lender that will present their loan offer to you with no obligation of having to accept the offer.
The lending process is relatively straightforward. Borrowers can apply for a loan online through their website. BadCreditLoans will then match borrowers with lenders who offer loans to people with bad credit. And it only takes a few minutes to find your best rate.
Once a borrower has been matched with a lender, the lender will review the borrower’s credit score and other financial information. If the borrower is approved for a loan, the lender will send the borrower a loan agreement.
In addition to traditional loans, some lenders in their network may offer a line of credit. By using their service your request will be sent to their large network of lenders and financial service providers using their proprietary technology.
If in case, they are not able to find a lender or lending partner in their network that’s willing to offer you a loan, they may show you ads for other lenders or connect you with offers for debt relief, credit repair, or other credit-related products or services.
This is not part of your loan request process. You are under no obligation to accept their offers and should carefully review them and compare them to other options available to you before accepting.
Borrow $2,000 for 12 months with a 19.9% representative APR and a monthly repayment of $183.63.
Total repayment will be $2,203.56.
Is BadCreditLoans a good fit for you?
BadCreditLoans is a good fit for borrowers who have bad credit and need a loan. So, if you have a poor credit history, Bad Credit Loans might be a good option for you. However, it is important to note that these loans typically have higher interest rates and fees than loans from traditional banks or lenders.
Eligibility: Loan Requirements
Here are the loan requirements when applying for a Bad Credit Loans loan:
- Be a U.S. Citizen or Permanent Resident
- Be at least 18 years old
- Have a regular source of income
- Have a checking account
- Have a valid email address and phone number
Be prepared to provide details like your date of birth, bank account number, phone number, and email address when filling out an online form. Also, you will need:
- How much do you want to borrow?
- What do you plan to use the money for?
Pros and Cons of BadCreditLoans
Pros
- Loans available from $500 to $10,000.
- Simple lending process with quick funding.
- Good option for borrowers with bad credit who need a loan.
- Offers a variety of loan types.
- Get your money as soon as next the business day
Cons
- Typically have higher interest rates and fees than loans from traditional banks or lenders.
- May attract higher APRs depending on the lender
- Has a mixed reputation among customers.
BadCreditLoans Rates & Fees
Bad Credit Loans offer personal loans with rates between 5.99% and 35.99% APR. The rate depends on the lender.
Example: A $2,000 loan for 12 months with a 19.9% APR will have a monthly repayment of $183.63 and the total repayment will be $2,203.56.
Repayment Terms
Once you accept a loan offer, the lender will present you with the repayment terms. Depending on the lender, this is generally between three to 36 months.
The loan approval process takes less than a day, and you can obtain loans from $500 up to $10,000. Here is how it works in a nutshell:
Products Offered By BadCreditLoans
Bad Credit Loans offers the following:
- Personal loans
- Business loans
- Student loans
- Auto loans
- Credit cards
- Home loans
- Mortgages
BadCreditLoans Features
- Apply for loans up to $10,000
- No fees or obligations
- Access to a network of hundreds of lenders
- Bad Credit History Allowed
How To Apply for a Bad Credit Loans Loan?
Step 1: Apply Online
Fill out an online form and connect with a lender from a list of lenders, who will then review your request.
Step 2: Get Approval
A lender will then provide you with a loan offer based on the information provided.
Step 3: Review and Accept
If you want to accept the offer, you must agree to the terms via e-signature on the contract.
Step 4: Receive Funds
The lender will then distribute the funds to your account.
It takes only a few minutes to complete the application process online and once you’ve chosen the amount you need, you’ll be matched up with suitable lenders.
Note: You are not obligated to accept a loan offer if you do not agree to the terms. Read the terms of the loan carefully before agreeing.
Request up to $10,000
FAQs – Is BadCreditLoans.com worth it?
Is BadCreditLoans.com safe?
Yes. Bad Credit Loans is a trusted lender platform that matches borrowers with bad or poor credit history with a variety of lenders in the U.S. to get suitable loans.
Is it easy to get a loan with bad credit?
It depends on the eligibility and creditworthiness of a lender. Many lenders offer loans to people with bad credit, but they may come with high-interest rates. Make sure you always compare loan offers carefully and make sure you will be able to afford the monthly payments.
Will applying for a bad credit loan hurt my credit score?
A pre-qualification of a loan only results in a soft credit check. If you decide to take up a loan offer from a specific lender, it will then trigger a hard pull to finalize your application.
