BadCreditLoans Review: Honest Expert Opinion on Popular Bad Credit Loan Site
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.
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.
Get a Loan With BadCreditLoans Today!!
Who Is BadCreditLoans.com?
BadCreditLoans.com started in 1998 by bringing together traditional lenders, peer-to-peer lending networks, and tribal loans (from Native American Indian Funds).
Today, they have grown to offer personal and installment loans across the United States to all credit types.
They are not an actual lender but provide the platform for borrowers with bad credit or good to find the best rates by receiving multiple offers from different banks or lenders.
They offer traditional personal loans, personal installment loans, and peer-to-peer loans which may be funded by individuals or companies.
How Does BadCreditLoans Work?
BadCreditLoans have one of the easiest platforms to use and it only takes about 30 seconds to find your best rate. Here’s how it works:
1. Find Your Rate
The first thing you do is go to their website and fill out the short form on their home page. It takes about 1–2 minutes to enter your information.
You need to provide basic information and financial income, as well as the amount of the personal loan you are looking to apply for.
BadCreditLoans.com doesn’t check your credit score to get lender offers, they only do a soft credit check. This means you get to see what rates you can qualify for without the worry of it affecting your credit.
2. Compare Your Options
Once you put your information in and submit the form you will be taken to a dashboard.
This dashboard will have multiple pre-approval offers from different lenders.
Keep in mind, these are Pre-Approvals and your actual approval is not guaranteed; however, you will get to see your actual pre-qualified rates. The rates you see are usually very accurate as long as you can verify your information and nothing changes on your credit report.
3. Apply For Your Personal Loan
Once you pick a lender, it’s time for you to apply. During the application process, you’ll get asked more in-depth questions about your use of the loan, and your financial history and the lender will run a credit check.
Once this step is done the lender will work with you directly to finalize all of the loan details.
Note: This all happens on the BadCreditLoans.com website.
What Can You Use BadCreditLoans For?
There are several reasons you may need a personal loan for. Here are some of the things you can use BadCreditLoans for:
- Debt consolidation
- Major purchases
- Home improvements
- Medical expenses
- Starting a business
Why Choose BadcreditLoans?
In order to be eligible for BadCreditLoans you must meet the below personal loan requirements:
- Be a U.S. Citizen or Permanent Resident
- You are at least 18 years old
- Have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits
- Have a checking account in your name
- Provide work and home telephone numbers
- Provide a valid email address
Before filling out the online form make sure you have the below information ready:
- Date of birth
- How much do you want to borrow?
- What do you plan to use the money for?
Get a Loan With BadCreditLoans Today!!
BadCreditLoans Review — Pros & Cons
- Loans from $500 to $10,000
- simple application and quick funding
- Get your money as soon as next the business day
- Accepts borrowers with bad credit
- Offers smaller loan amounts up to $10,000
- May attract higher APRs depending on the lender
Since BadCreditLoans.com lets you see offers from multiple lenders, we wanted to show you the absolute minimum and maximum you can be offered. Actual rates and terms will change by lender.
- Loan Amount Range: $500 — $10,000
- APR Range: Varies by Lender (5.99% to 35.99% APR* Estimation)
- Fees: Origination, Late Payment, and NSF fees all vary by lender
- Prepayment Penalties: Varies by lender
- Loan Terms: 3 to 72 months
- Payments Directly To Creditors: Varies by lender
Keep in mind that if you have a lower credit score you will be charged higher APR interest rates because, statistically, you are at a higher risk of default.
BadCreditLoans Review — FAQs
Is BadCreditLoans.com safe?
Yes. Bad Credit Loans is a trusted lender and a well-known online marketplace that matches borrowers with suitable bad credit loans from a variety of lenders in the U.S.
Is it easy to get a loan with bad credit?
Sometimes. It depends on your eligibility and creditworthiness. However, there are many lenders who offer loans to people with bad credit, but they may come with high-interest rates. 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?
Pre-qualification 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.