When you are dealing with bad credit for any reason, it can certainly be a discouraging thing if you are in desperate need of money and you want to apply for an emergency loan. Yes, uncertainties are an inevitable part of life, and being denied a loan due to a poor credit score can only add to your worries. Some businesses are willing to help fold those who are in need. They provide loans to those with bad credit histories.
While bad credit loans are known to hold high-interest rates, paying them on time can help you improve your credit score, allowing you to apply for more secured loans with reduced interest rates in the future. With so many companies providing bad credit loans on the internet, finding a reliable lender that also guarantees approval can be stressful and difficult.
The majority of the loan creditors are feeling ignorant towards the fact that no one really wants a bad credit report, and frequently is a result of unanticipated circumstances like a medical problem or credit crisis.
When you are dealing with such a problem, and you don’t know where to turn for help, there are few loan companies that are willing to cooperate, even if you have a bad credit history. In this BadCreditLoans review, we are going to talk about one of those brands that have been a great financial support to thousands of people around the world when they faced such unpleasant situations.
The brand was founded in 1998, specifically targeting people with bad credit to aid them in times when they struggle with their finances and find them suitable lenders that can provide them with the needed amount of money. It has served more than 750,000 customers up to this day.
bad credit loans are established on the perception that financial emergencies are a serious problem and can strike at any time, which makes it difficult for people to get funding from banks or other loan institutions. At this point, BadCreditLoans enters the scene. It enables customers to search for personal loans and have fast access to finances. So if you are circling around and getting rejected from every money lending place, BadCreditLoans is the best place to make an application with complete confidence that you are going to be accepted.
In our BadCreditLoans review, we want to give you all the necessary information that you need to know on how to use their web form to hunt for a loan offer. So, we are going to bring a detailed rundown of every service they provide and how their online procedure operates.
BadCreditLoans is ideal for borrowers searching for a low-ranging loan. They offer a small amount starting from $500 up to $5,000 with terms ranging from three to 36 months.
Platform : BadCreditLoans
BadCreditLoans is a loan aggregator that links customers that are in desperate need of cash with lenders that are willing to provide unsecured loans for those with bad credit. They aren’t a direct lender but rather a free marketplace. Instead, they function as a service that, after completing a questionnaire, provides customers with several loan offers from a variety of respectable partner lenders.
BadCreditLoans has a vast network of lenders, although their actual number isn’t fully displayed. The platform can also give credit-related materials additionally to loans. It goes through many sorts of personal loans, as well as business loans, mortgage loans, student loans, vehicle loans, and other types of loans.
The website also contains information about loan frauds, so it’s a great technique to inform customers about scams and how to avoid them. BadCreditLoans is a website that provides bad credit loans. Borrowers can look through different loan offers and choose the one that fits their needs the best.
However, not all lenders have the same terms and conditions, but still, they are quite flexible and open for negotiations, so you will have only the most pleasant and successful experience with their service.
Necessary Application Criteria At BadCreditLoans
There are still certain restrictions to complete when applying for a loan with BadCreditLoans; you must meet the following requirements:
- You must be at least 18 years old to participate
- Only United States applicants are eligible and must present proof of payment residency or a social security number
- You need a constant source of money
- You must also have a checking account in your name to qualify for a loan
- Give your home and network contact details
- Valid e-mail address is required
- Minimum FICO score of 500
- Certain information about why you need your loan
Application guide – BadCreditLoans
Loans for BadCreditLoans are good for anyone that needs money quickly but can’t satisfy the qualification for a traditional loan. People with bad credit, as well as those that don’t have a stable source of monthly income. If you are one of those, then you might even profit from utilizing the site because they are primarily focused on people that have this particular obstacle.
Their primal edge isn’t that they have better interest rates compared to other brands in this branch. Only that they can connect you with the right individuals because the brand cooperates with only stable and reliable partners.
The application for a loan comes in a few simple steps that won’t take you more than a couple of minutes. The brand has an exceptionally easy and comprehensive interface that even those users that aren’t very much into technology can find their way around.
- Step 1 First, you have to open a BadCreditLoans account which is completely free. The next thing you need to do is to follow the steps as they will precisely guide you through. Once you open the form, you have to select the loan amount, and provide your expected credit score, here you have to explain why you need the loan. You have to put in your personal information such as your name, date of birth, id number, whether or not you are currently in military service, and a couple more simple details.
- Step 2 Following this, you must provide your contact and employment info; this includes the frequency of your pay, the duration of your employment, details about your employer, and the amount of your monthly income.
- Step 3
The third and final step in the loan application process is to provide your bank account information. This information contains your account number and how long you have been a member of the bank.
After completing it, the BadCreditLoans platform will do a soft check on your finances which won’t have any particular impact on your credit score. You can qualify for a loan without having to worry about it affecting your credit score or minimizing the chances that your loan will get approved.
Selecting A Loan Offer At BadCreditLoans
After you finish and submit your application, the system will start searching for the eligible lenders according to your provided criteria. Their partner lenders will start approaching you with offers, including their terms and conditions, and you can start revising them to select whichever satisfies your needs.
You don’t have to instantly agree upon any of them before you make previous calculations. Also, if it happens for you to not find anything suitable, some of the lenders are willing to cooperate and offer more flexible terms to give you financial support. Once you and a lender come to a mutual deal, the next thing you have to do is to give an e-signature confirmation so they can proceed to transfer the money to your bank account.
The direct deposit usually takes no longer than one to three days for you to have access to it. But, judging from the user’s reviews on the website, some of them had access to the money within the same day.
Repayment terms At BadCreditLoans
Since this site is a matching service and not a lender itself, there are no payment terms directly to BadCreditLoans. The repayment terms will be discussed between you and your lender if they haven’t a predetermined repayment condition.
Usually, lenders state the duration of the repayment in their offer to be paid off in three to 36 months on an average timeline. Most lenders charge 1% or more in origination costs, as well as additional closing fees.
Do not sign a loan agreement unless you have read it thoughtfully and you are certain that you understand the additional costs. If it happens to make late repayment or skip one, you will almost certainly be charged with a penalty.
Loans extension At BadCreditLoans
The availability of the loan repayment extension differs from one lender to another and also depends on the state. Some of the network’s lenders can require the customers to repay their loans on the due date, while others can be more flexible and may prolong the loan period. Keep in mind that loan extensions aren’t always free, so in some cases, extra costs may be applied.
Short term loans can become very expensive if you ask for an extension option, and you should certainly avoid it.
Rates and fees – BadCreditLoans
One of the best advantages of BadCreditLoans is that the company doesn’t require any fees or additional costs. None of the lenders will demand an application fee, so applying for a loan is completely free, and you will receive a list of possible lenders within minutes.
Lenders decide the majority of fees and interest rates. According to the website, the loan’s anticipated annual percentage rate is between 5,99%. Poor credit score people can get higher interest rates as opposed to those with better credit scores.
The agreement will specify the fee, the terms of the loan and the monthly payments, the percentage rate, and the effective APR. Bad credit Loan says their lenders’ loans have APR ranging from 5,99% to 35,99%.
If your credit score is lower than 500 then you are unlikely to qualify for a loan of more than $1,000. Like other lenders, BadCreditLoans demands higher interest rates from borrowers with poor credit scores.
APR at BadCreditLoans
When using BadCreditLoans, your APR will most likely vary from 5,99% to 35,99% depending on the lender or lenders you are matched with. Of course, as a lending platform rather than a lender, BadCreditLoans cannot ensure that this is the rate range offered by all of its lenders.
If you are given a personal loan at a rate of 5,99%, you are receiving a wonderful bargain. Various lenders can charge an origination fee that goes between 1% and 8% of the total loan amount. The best way is to carefully approach and examine the terms as each individual.
Safety and security – BadCreditLoans
BadCreditLoans stays on the top of the trust circle. BadCreditLoans ensures safety measures are followed in order to provide responsible financing. Since borrowers reveal a great deal of personal information to an unknown number of lenders, the site works efficiently to apply the necessary data security performance. To obtain your information safely, the platform uses powerful encryption technology.
Mobile application -BadCreditLoans
Without any doubt, a solid mobile version is crucial for users since many individuals now use phones to apply for loans online. The brand has paid close attention to making its service available on the go. Bad Credit Loans has designed an app for mobile devices, tablets, and smartphones.
It functions correctly, and it has a very comprehensive and interactive interface without scrolling, and the text is displayed correctly. This mobile version is more favorable than the web form among the users. Besides that, the website has successfully passed the Google test.
Types of Loans
BadCreditLoans provides personal loans as their primary service. Borrowers can apply for emergency loans for various purposes. The types are the following:
- Personal loans
This option is appropriate for dealing with emergency costs such as automobile repairs. People with bad credit can’t borrow up to $1000.
- Business loans
These loans can help consumers get the money they need to deal with financial emergencies. This money can be used to pay wages, perform emergency repairs, purchase supplies, and equipment and pay taxes, insurance, and other expenditures.
- Credit card loans
These types of loans can help people with bad or no credit to buy goods and use them with other services. Bad Credit card loans from Bad Credit Loans allow people to get the necessary credit without any damage to their credit score.
- Mortgage loans
Many lenders have stringent qualification standards for mortgage loans, making it difficult for consumers with poor credit to receive. However, there are choices if you would be purchased seeking the best mortgage lender for bad credit.
- House loans
Finding a house loan with bad credit can be really difficult and stressful, but BadCreditLoans cooperates with lenders that offer house loans to clients that have not such an impressive credit history, based on the reputation, conditions, and other variables as they specialize in examining and assessing the top subprime lenders.
- Student loans
Those loans allow people to continue their education or take extra classes to improve their abilities. Even older people who have opted to return to school might take advantage of this credit option. Student loans are available to all students, not just those who have just graduated.
What Do We Love About BadCreditLoans?
- 100% free service
One of the most favorable options that you probably won’t find on other similar platforms is the fact that using their service comes completely free of cost. The sign-in is free, meaning that you won’t be charged a fee from Bad Credit Loans for giving you the advantage to connect you with a lender.
Also, filling and submitting an application doesn’t include any additional payments or taxes. The additional charges are between you and your lender once you agree upon an offer, and they are included in the terms and conditions they determine.
- Dedicated and responsible lenders
Even though the firm has no control over the lenders on the site, you will still get access to the factual information on their experience to determine when you want to work with them or not. Of course, the platform applies strict measures when they choose which lenders they cooperate with, meaning that you won’t deal with any fraudulent ones.
- Excellent customer support
Judging from the reviews on their official website and other brand reviewing sites that cover these types of companies, Bad Credit Loans support team is highly responsive and efficient in assisting the clients whenever they face some difficulty using their service. The brand offers various types of communication. You can contact them either via phone or send them an email.
Both ways are equally reliable and will give you a quick answer. Also, the team offers full disclosure and will be happy to explain everything that you need to know. Following your loan approval, you can ask the lender directly. However, keep in mind that you can ask them about issues concerning only your application.
- Transparency about the service
The biggest advantage of using BadCreditLoans service is the fact that they are exclusively committed to transparency, as they clearly spell out the rates you might be expecting, which isn’t normally practiced with these types of companies. They urge you to read the contract carefully, so you completely understand the loan terms and what conditions are being offered to you.
Also, they openly state whether you can expect origination fees with most of their lenders. They do say that you need to be aware of fees in any contract they have offered so you won’t come across much higher payments. Also, they are pretty upfront about the fact that some of the lenders may link you to the tribal lenders, and going tough on them can result in more fees and higher APR.
FAQs – BadCreditLoans For Emergency & Payday Online Loans
Q1. What’s a Bad Credit Loan?
If you have a poor or limited credit history, such as missing payments or rejected credit applications, a bad credit loan may be an alternative for you. The majority of bad credit ratings are the results of past application rejections or missed payments.
So, if you have a history of borrowing money but making monthly repayments, or missed some, even if you have never borrowed a loan before, your credit score may not fulfill the standards of some lenders?
This is because the lender has no proof that it will return the loan on time based on prior borrowing. This significantly lowers the chances of getting approved if you apply for a loan. It might even hurt your credit score even more. The more loans you apply for, the worse your credit score will get.
Q2. What Are The Main Causes Of Bad Credit?
Since you are going through our BadCreditLoans review, we suppose that you are familiar with the reasons why you have bad credit, but if you still find it a bit confusing, or you just want to avoid it in the future, we are going to give you a little bit of an insight on what things mostly impact your credit going down.
- Late Payments
Your credit history can get affected if you pay late, miss your payments or pay less than what is needed by your credit agreement. This could lead the credit reference agencies to determine how much money you can get to classify your credit score as ‘poor.’ The best advice is to simply stay in control of your finances and check how to manage your credit repayments.
This is probably no surprise for you if you have recently declared bankruptcy since it’s the main factor that affects your credit rating. Its results are the same if you use an Individual Voluntary Agreement IVA, which is a repayment agreement created between a lender and a borrower when they are unable to pay their debts.
- Getting A Wrong Credit Card
When choosing a credit card, it’s important to note to go for one that has a credit limit, interest rates, and fees that will help you stay on top of your repayments and well within your balance limit. These are one of the main factors that credit reference agencies use to decide your rating.
- Subjected To Country Court Judgement
As long as you are responsible for paying your money on time, you shouldn’t have to worry about a Country Court Judgement. But if you are issued with one, you need to pay your total amount within one month to get a certificate from the course that you have already settled your debt. Otherwise, the CCJ can have a significant impact on your credit rating.
If you are concerned that a CCJ has been added to your credit history incorrectly, you can seek a free copy of your statutory credit report from a site that does a credit check.
- Paying Only The Bare Minimum Each Month
While it may be tempting to pay only the minimum amount on your credit card each month, you can save money on interest and help to improve your credit score. You can use a payment calculator to discover how much time and interest you can save by paying a little extra each month.
- Identify Theft
Imagine doing anything that you can think of to maintain your credit score in good shape, only to have your credit cards compromised, racking up enormous expenses, and damaging your credit score. Even with secure banking and financial fraud can occur even with secure online banking. Closely monitoring accounts so you can quickly cancel credit cards in response to the unauthorized transaction is one way to protect your hard earned credit score.
You need to set up an email or SMS alert with your bank that is sent every time a transaction takes place.
- Having No Credit History
If you have never used a credit card or borrowed money before, your credit score will suffer. Credit reference companies have little information to go on in these situations when determining whether you will repay any money you borrow in a dependable and timely way.
- Charge Offs
Another factor rarely discussed is if you have been a delinquent for an extended period. A charge-off occurs when a creditor has given up after many attempts to recover their funds. You will not be able to make purchases with your acting if it has been charged off by someone that you owe money to. Worse, the charge off will severely damage your credit score and will appear on your credit report for 7 years.
If you are after getting a loan and you don’t want to make business with scammy brands, Bad Credit Loans offers an excellent opportunity for those with terrible credit to acquire a quick loan by filling out a simple online application.
This service will put you in touch with a trustworthy lender who will be willing to lend you up to $2500. There are lots of characteristics that we find exceptionally appealing when it comes to this network.
One of them is the simple fact that they have various loan offers, provide estimated loan terms and rates, and you don’t have to wait for days to get many, especially if you are in a financial emergency. Generally speaking, this is one of the brands that are entirely experienced, probably one of the few companies on the market that are safe enough to rely upon.