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Bad Credit Loans In-Depth Review
In a nutshell: BadCreditLoans offers options for those with damaged credit. The online service connects individuals with a lender for their needs, regardless of their low credit score.
Bad Credit Loans In-Depth Review
In a nutshell: BadCreditLoans offers options for those with damaged credit. The online service connects individuals with a lender for their needs, regardless of their low credit score.
Bad Credit Loans In-Depth Review

Overview

Just as the name suggests, Bad Credit Loans offer options for those with damaged credit. The online service connects individuals with a lender for their needs, regardless of their low credit scores.

The company has been working in partnership with professional lenders and financial service providers since 1998 and still delivers successful results today. Customers can rely on Bad Credit Loans to direct them in the right direction for a personal loan, along with expert support through the entire process.

Requirements

Are you experiencing a financial crisis and need a quick source of funds? Bad Credit Loans has got you covered. No matter the reasoning behind your emergency, this connecting service can put you in touch with a lender. Some requirements to submit a loan request includes you are at least 18 years old and an American citizen.

In order to complete the online form, you must provide a checking account and your current employment details to ensure you can make your monthly payments on time and in full. Check you meet the requirements before submitting a request.

Loan Process

To get things started, you can sign up in three easy steps. Simply visit the Bad Credit Loans website and access their online form where you will need to fill out a request form. Required information includes the total amount of loan needed and reasoning for this, credit type, full name and contact details followed by evidence of your financial information. The online form is free and should only take a few minutes to complete

The purpose of Bad Credit Loans is to review these details and connect you with one of their trusted lending partners who you will receive the funds from. Bad Credit Loans provides a large lender network, saving you time browsing various lenders when searching for a loan.

If you are connected with a lender, you will be able to see the loan offer with the amount, terms, and rates. If you accept the loan offer, then you can expect to see the funds in your account as soon as the next business day

Loan Terms

You can request a loan free of charge with no obligation on the Bad Credit Loan website This service is available 24/7 for quotes. When it comes to loan terms, these will vary depending on which lending company you take your loan with. However, the following general terms apply:

Maximum Loan

Due to the nature of the loans, individuals can only borrow up to $10,000. As they accept applicants with a low credit score, anything higher may be risky in terms of repayment. By keeping the loan limit to a minimum, borrowers can manage their payments easier, ensuring they meet all repayments in full and on time.

APR

Most lenders' interest rates range between 5.99% - 35.99% variable, a relatively high rate. Make sure you have full transparency of the fees applied to your loan before accepting. The APR applied to your loan will vary depending on which company you go with, your current credit score, and your agreed repayment time.

Repayment Terms

All lenders will have their own repayment terms, however, all loans are short-term and typically range between 3 to 36 months. The longer the repayment term, the lower your monthly payments.

Late Payment Charges

All lenders have a penalty fee put in place regarding late payments. For customers who can not make their monthly repayments, a fee will apply. If you are certain you won't make a monthly payment, you should contact the loan company directly to discuss your options.

Accepting Loans

You have no obligation to accept any offers that you receive from lenders. Only when you have reviewed the terms and conditions of each loan, must you accept. Even if you complete the loan request form on Bad Credit Loans, a lender provides you with a quote. You will only pay any fees once you accept the loan.

Customer Support

As Bad Credit Loans is only a comparison site and not a lender, customers are advised to contact the lending company directly if they experience any issues with their loans. Those wishing to reach out to Bad Credit Loans with any inquiries or advice can get in touch by email, post, or phone.

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Pros
  • Free online form
  • Advanced encryption
  • Works with all credit scores
Cons
  • Maximum loan $10,000
  • Lack of support
Bad Credit Loans at a Glance
7.6 Editorial Score
Credit impact
8.0
They aim to offer loans to those with less-than-perfect credit, but the initial check can still affect your score
Funding speed
8.0
Standard funding speed, with funds typically available within a few days after approval
Loan flexiblity
8.0
They offer some options for modifying the loan after approval
Borrower rewards
7.0
Their primary focus is on providing loans without significant additional perks or incentives for borrowers
Loan amounts
7.0
Relatively low loan amounts, making them suitable only for small financial needs
FAQs About Personal Loans for Bad Credit
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled below some of the most frequently asked questions about personal loans for bad credit.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral
What is considered a low credit score?
Bad credit stems from an accumulation of past failures to make payments and meet deadlines on your credit agreements. Credit scores are calculated according to FICO scores which range between 300-850. A bad credit score is typically anything below 629, however, this may differ depending on the lender and how they categorize it.
Can you get a personal loan with bad credit?
When applying for a personal loan with bad credit, you have several options which include going to a local bank or credit union or getting a co-signer. However, the most practical option would be to seek an online lender that specifically works with individuals who are struggling with bad credit.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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