If you have bad credit, it can be difficult to get approved for a personal loan from a bank or traditional lending institution.
Luckily, there are a number of online lenders that specialize in helping people with bad credit get the funds they need.
BadCreditLoans is one of the most popular of these platforms. They work with a network of over 100 lenders to help people with bad credit get personal loans.
In this BadCreditLoans in-depth review, we'll take a look at everything you need to know about this popular poor credit loan site, including how it works, what kind of loans you can get, and what the eligibility requirements are.
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The most important thing when you're in need of a personal loan with a bad credit score is not to panic. So let's take it a step at a time and see if BadCreditLoans is a valid option for you.
Pros of BadCreditLoans
- Credit score under 500 accepted
- Zero collateral needed
- Loan amounts up to $10,000
- Student, business, auto loans available
- Fair interest rates
- Money in the bank account within 1 business day
- Effortless loan application
- Fast online loans
- Helpful on-site resources about bad credit loans
Cons of BadCreditLoans
- Not BBB accreditatied
- Loans capped at $1,000 if your credit score is under 500
- 1-8% origination fees
What Type of Loans Does BadCreditLoans Offer:
BadCreditLoans.com
BadCreditLoans offers personal loans for bad credit. These are installment loans, which means you'll make fixed monthly payments over a set period of time, typically two to five years. No unsecured loans are available.
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The loans can be used for a variety of purposes, including debt relief, home improvement, medical expenses, and more.
The list of available loans on the site includes
- Personal Loans
- Business Loans
- Student Loans
- Auto Loans (Car Loans)
- Home Loans
- Mortgage Loans
In most cases, we are looking at installment loans for bad credit. As noted, the terms of individual bad credit loans will depend on the lender you're matched with, but you can expect to have a repayment period of two to five years in most cases.
The interest rates on personal loans from BadCreditLoans will also vary depending on the lender, but they generally fall in the range of 5.99% to 35.99%.
BadCreditLoans does not have any prepayment penalties, so you can pay off your loan early if you want to without having to worry about fees.
To get a personal loan from BadCreditLoans, you'll need to be at least 18 years old and a U.S. citizen or permanent resident. You'll also need to have a regular source of income and an active checking account.
Closer Look at BadCreditLoans & Its Features:
BadCreditLoans.com
BadCreditLoans has been in operation since 1998 and has helped over two million people get the funds they need.
We’re looking at a legitimate lending platform that is transparent about its rates and fees. After a thorough background check, we can confidently say that it is not a scam.
The site is easy to use and you can get pre-qualified for a loan in just a few minutes. Once you're pre-qualified, you'll be matched with a lender from BadCreditLoans' network of over 100 lenders.
The loan terms and interest rates will depend on the lender you're matched with, but you can expect to have a repayment period of two to five years and APR in the range of 5.99% to 35.99%.
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You can take out loan amounts of up to $10,000. The site excels by accepting users with poor credit history, going under 500.
However, there is a bit of a catch as the maximum loan you can take out with such bad credit is $1,000. Still, it beats the $0 that most other lenders and financial institutions offer.
BadCreditLoans is a good option if you need a personal loan and have bad credit. It's a legitimate lending platform with a long history of helping people get the funds they need.
How to Get Started With BadCreditLoans
If you want to give this lending site a go, we are glad to report that the application process is a breeze.
It all starts right on the home page, in the application form on the right side of the screen. Let's take it step-by-step:
- First, you need to select the amount you are requesting to loan. You can request up to $10,000.
- Then, select the loan reason from the dropdown menu. You can select emergency loans, debt consolidation loans, or even vacation loans.
- Enter your ZIP code, the last 4 digits of your Social Security Number (SSN), and your date of birth.
- You'll be transferred to a new page. First, provide your full name. Then, enter your address.
- Then, enter your email address and phone number.
- The next step involves responding to questions regarding your place of residence, home ownership status, and employment info.
- The site will then ask you for your full SSN and driver's license number.
- The final step involves selecting the type of bank account you have (checking or savings) and the type of payment you receive from your employer (direct deposit or paper check).
- With that out of the way, provide your ABA/routing number and account number and you're all set!
- If you accept the loan agreement and terms, you can expect the money in the bank the following business day.
BadCreditLoans Reviews:
Whenever we review a lending platform, we don't like to work in a bubble. For that reason, we always try to get input from as many customers as possible. This helps us get a sense of what people's actual experience is like, rather than what the company says its experience is like.
When it comes to BadCreditLoans, we found a lot of positive customer reviews. People appreciate the wide range of options for bad credit loans and the easy application process, including business loans.
Many people also found that they were able to get a loan with BadCreditLoans when they were rejected by other lenders.
There were a few negative reviews, but these were mostly from people who didn't understand how the lending process works.
For example, some people were confused about why their interest rate was higher than they expected. However, this is because BadCreditLoans is a lending platform, not a direct lender. The interest rate you're offered will depend on the lender you're matched with.
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Overall, the fundamentals of customer service seemed to be in place. People generally felt that the staff was helpful and responsive to questions.
BadCreditLoans.com
BadCreditLoans.com
BadCreditLoans Alternatives
Although BadCreditLoans is a legitimate business and a valid option for bad credit loans - possibly the best one if your credit history is poor - there are still other options available. If some of the platform’s flaws irk you too much, we recommend checking out the personal loan application at one of these service providers.
MoneyMutual
MoneyMutual
- 2,000,000+ verified customers
- $5,000 loans
- 5-minute application process
- 2-minute loan approval, 1-day payout
MoneyMutual is another valid option if you're searching for a loan with bad credit history. The site has been in the business for decades and starts with $100 loans, going up to $5,000.
The site is known for low origination fees, helping you save money on every personal loan you take.
The loan terms are on-point and super clear. Whether you're seeking personal or mortgage loans, too many lenders don't disclose all the terms properly, and MoneyMutual is 100% not one of those platforms.
The site is a member of the CFEF and the Online Lenders Alliance. If you have fair credit, you might be eligible for a better interest rate for $1,000+ personal loans.
A possible major setback with MoneyMutual is that the platform is geo-restricted for users based in CT, IL, and NY. Borrowers from the remaining US states are 100% eligible to join the platform and claim bad credit loans.
Depending on your credit history, APR will range between 6 and 36 percent, which is somewhat of a standard when it comes to bad credit loans.
The application process is effortless, just like on BadCreditLoans. The platform won't ask a single fluff question and only request the bare necessities for taking out a personal loan. If you want to make the application time as short as possible, come prepared. That means you should prepare your ID, SSN, and other personal loan data.
If you know your way around the site and you come prepared, you might wrap the whole thing up in just 5 minutes. But even if you decide to take it slow, you'll likely wrap it up within 10 minutes.
When you submit your personal loan request, the site will send a potential lender your way within 2 minutes, which is pretty fast. You are not obliged to accept just any bad credit loans, though. If the first offer doesn't suit you, just start the application process once again from the start and see the loan terms you are presented with the next time.
But if the terms look good and you decide to accept the loan offer, you can expect the funds in your account the following business day.
Learn more in our MoneyMutual Review.
CashUSA
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- $10,000 loans
- 72-month repayment terms
- Fair APR
- Soft credit checks only
CashUSA stands out by only requiring soft credit checks for loan amounts starting from $500 and going up to $10,000.
If you're concerned about any prepayment penalties, you’ll be glad to hear that you can return the loan in as little as three months. You can take as long as six years if you wish to take more time, of course.
We appreciate that the APR usually stays between 5.99% and 35.99%, which isn't the case with every company out there.
We understand this website may need an update, but the fundamentals have remained sold. There is no delay here, and SSL encryption is in line with most lenders. The site also offers easy-to-understand terms for any loan size.
Whether you're searching for debt relief or any other sort of financing, the application procedure is simple. It won't take more than 10 minutes, and approval times start at 5 minutes. The support team can help you by email or phone if you need assistance.Read our CashUSA review for more info!
PersonalLoans
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- $35,000 loans
- Payout is the next business day
- Various lenders to choose from
- Top-notch design
If you need bad credit loans beyond the $10,000 limit set on BadCreditLoans, check out PersonalLoans.
Loan amounts here range from $1,000 to $35,000. While we believe smaller loan amounts should be available, the $35k cap goes above and beyond most other personal loans online.
The company does not require collateral, which is a big advantage. You can repay the money you borrowed in 3 to 72 months, while the APR ranges from 5.99% to 35.99%. There is no collateral requirement for this company, which is a major benefit.
The application process for any loan on the site is pretty simple. Just follow the steps on the home page and you'll be done in 15 minutes. PersonalLoans' higher maximum loan amount made it one of the most popular choices for debt consolidation loans. Of course, you can still receive personal loans with bad credit.
When you apply for a personal loan, your application will be approved within 1 business day. The site also charges a 1-5 percent origination fee, which is not included in the APR. The platform has a great look; it's simple to use and offers several different personal loan lenders.
BadCreditLoans Review - FAQs:
BadCreditLoans.com
How does BadCreditLoans work?
BadCreditLoans.com is a lending platform that helps people with bad credit get personal loans. The site operates in a straightforward manner; the loan application starts right on the front page and takes just a few minutes to complete.
If you decide to go ahead with the loan, you'll be matched with a lender from BadCreditLoans' network of 100+ lenders. The loan terms and APR will depend on the lender you're matched with, but you can expect repayment terms of up to 6 years in most cases.
What type of loan is the easiest to get with bad credit?
There are a few different types of loans that you may be able to qualify for even if you have bad credit. These include payday loans, title loans, and some personal loans.
Other types of bad credit loans include secured loans, which require collateral, and co-signed loans, which require a guarantor. As the name suggests, BadCreditLoans is one of the leading options for bad credit loans.
What's the minimum credit score for a personal loan?
The minimum credit score for a personal loan depends on the lender. Some lenders may require a minimum score as high as 700, while others may be willing to work with you if your score is as low as 580.
If you're not sure what your credit is, you can check it for free on various online platforms for credit history checks.
BadCreditScore stands out from other platforms for bad credit loans by accepting scores below 500. However, if your credit report indeed shows a below-500 credit score, the maximum loan amount you can take out is $1,000. Otherwise, the site offers bad credit loans up to $10,000.
Does BadCreditLoans do a credit check?
Yes, BadCreditLoans will do a hard credit check when you apply for a loan. This is to ensure that you can actually afford the loan and to verify your identity. You can check your credit rating online before applying.
What is the easiest loan to be approved for?
The easiest loan to be approved for is a secured loan, which requires collateral. This could be in the form of a car, house, or other assets.
The lender can then seize the asset if you fail to repay the loan. Another option is a co-signed loan, which requires a guarantor to sign the loan term with you. This person is then legally responsible for repaying the loan if you default.
When it comes to bad credit loans, the easiest loan to be approved for is usually a payday loan. This is because the lender can simply seize your next paycheck if you fail to repay the loan and match the agreed monthly payments. However, payday loans typically have very high APR and fees, so they should only be used as a last resort.
Is BadCreditLoans a direct personal loans lender?
No, BadCreditLoans.com is not a direct personal loans lender. Instead, it is a lending platform that connects people with bad credit to a network of over 100 lenders. The loan terms and interest rates will depend on the lender you're matched with. Multiple lenders compete for your business, increasing your chances to get a competitive rate.
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What’s the difference between hard and soft credit check?
A hard credit check is when a lender requests your credit report from the credit bureau. This can lower your credit score by a few points. A soft credit check is when a lender does a preliminary check to see if you're eligible for a loan.
This doesn't involve the credit bureau and won't affect your credit score.
BadCreditLoans.com will do a hard credit check when you apply for a loan. In terms of credit ratings, anything below 600 is considered bad credit. If you have a bad credit history, there are still lenders who are willing to work with you.
Will a bad credit loan affect my credit score?
A bad credit loan will show up on your report as an outstanding debt. This can help or hurt your credit score, depending on how you handle the loan.
If you make your payments on time and in full, it will reflect positively on your score. However, if you make late payments or default on the loan, it will damage your score.
Can I get a bad credit loan with no credit check?
No, all lenders will perform a credit check when you apply for a loan and there are som no credit check lenders out there.. However, some lenders may only do a soft credit check, which will not impact your credit score.
What is the interest rate on a bad credit loan?
Interest rates for bad credit loans can vary based on the lender and your personal financial situation. However, in general, APRs for bad credit loans are higher than for loans from traditional lenders.
What is the maximum loan amount I can get with bad credit?
Amounts for bad credit loans vary by lender but typically range from $500 to $5,000.
What are the repayment terms for a bad credit loan?
Repayment terms are different between online lenders but you will usually get an offer between 3 to 72 months.
Conclusion: Is This Site Legit for Bad Credit Loans?
Yes, BadCreditLoans is a reputable lender that has been in the business for over two decades.
If your credit report isn't exactly spotless and you're looking for an online lender, bad credit loans are what this site specializes in.
You can still get a quality loan offer with fair credit, of course. Regardless of your credit rating, this platform will connect you with multiple lenders that will show you their loan terms. It's up to you to find the loan offer and the APR that suits you best.
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There are many lenders out there for personal and installment loans. Regardless of credit scores, take your time and check the financial institution you are dealing with in detail. We've done that with BadCreditLoans and decided to give it a thumbs up.
Always make sure to meet that monthly payment, stay safe, and have a good one!
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