Who Is BadCreditLoans For?
This straightforward and easy way of applying for a loan isn’t reserved merely for those with a bad credit score. Just read any BadCreditLoans.com reviews and you’ll notice that the platform is great for anyone looking for financial help fast.
As the name implies, the brand specializes in helping borrowers search for very bad credit loans with agreeable terms and rates. Those who had no luck with traditional lenders (banks) might find BadCreditLoans an excellent alternative. Namely, with this brand, you can apply for a personal loan within 5 minutes and find potential lenders just as fast.
A Better Look At BadCreditLoans
As previously mentioned, BadCreditLoans is an online platform that helps borrowers with low credit scores find lenders. Founded in 1998 and based in Tacoma, Washington, the company is an industry veteran with over 20 years of experience. Chief LLC from Nevada operates the website.
Now, on the platform, you can apply for personal loans for bad credit, business loans, mortgage loans, college loans, home loans, auto loans, just to name a few.
In other words, the company understands that financial emergencies can occur at any time and that it’s really difficult for people to get funds fast, especially with a chequered credit history.
In fact, 44% of low-income Americans worry about having enough money to pay their bills on a daily basis, according to the latest money statistics.
On the whole, most reviewers give the platform a solid overall score and note that there are numerous lenders at the borrower’s disposal, which is a huge plus.
Better yet, most industry veterans agree that there’s a high chance of bad credit loans being guaranteed for approval with this platform. Still, each individual case is unique — hence why some lenders may choose not to work with specific borrowers if they deem them too risky.
Likewise, some lenders may take risky deals but offer fairly high interest rates in return, which is understandable.
The company does not disclose information when it comes to the exact number of lenders within its network but mostly includes tribal and state lenders.
As far as other reviews go, BadCreditLoans.com has a BBB rating of “F,” which is the lowest score a company can get. However, this has nothing to do with the quality of the lending service. Namely, the single biggest complaint is the number of unwanted phone calls and emails clients get from other partner lenders.
Last but not least, the website is highly intuitive and easy to use, making loan applications a simple and straightforward process. Plus, there’s a lot of useful information regarding terms, fees, loan types, legal advice, and even a scam-alert section to educate borrowers and keep them out of harm’s way.
The Application Process
Our BadCreditLoans.com review can vouch one thing for sure — applying for loans is fast, totally free, and most important of all, it’s fairly simple. The process goes like this:
- For starters, you need to go to the brand’s website (bacreditloans.com).
- From there, enter your requested amount and click on “Get Started.”
- After this, you will see a simple loan request form in front of you.
- Fill out the details: credit type, loan reason, first and last name, and date of birth.
- Also, be sure to provide the latest contact info so lenders can contact you.
- After that, fill in your employment, bank, and identity information.
- Provide accurate deposit information after answering a few more questions.
- And provide a phone number for alerts before you send the application.
- After doing all of the above, you can now connect with lenders and broker a deal.
Subsequently, the desired loan amount will get transferred to your account, and all you have to do now is make sure to respect the repayment terms you’ve made with the specific lender.
BadCreditLoans.com Key Features
Now that you know how to apply for a loan on the website, it’s time to talk about all the other key features when it comes to this brand.
First of all, the platform is merely a marketplace and not a direct lender. Hence, there are a couple of things you should keep in mind before applying, as well as during negotiations with potential lenders.
As numerous BadCreditLoans.com customer reviews point out, after submitting an application, you can get loan quotes from a huge web of lenders. Naturally, you’ll choose the ones with the best terms and rates. In addition to that, you need to be aware that, in practice, bad credit equals a higher interest rate.
Apart from being a valuable marketplace for borrowers and lenders, the website also doubles as a valuable resource hub for everything credit-related. Namely, the platform has numerous post entries where it explains the various types of loans you can apply for, as well as an extensive list of articles about loan scams.
So, is badcreditloans.com legit?
Most definitely, yes! Namely, with over 20 years of experience, it’s safe to say that the brand won’t scam you out of your money or anything of the sort. In fact, the platform may even help you evade and spot shady deals and scams with its vast repository of knowledge concerning loans.
These are the primary financial products available on the website. For starters, these are considered unsecured loans. Meaning, you don’t have to provide collateral as is the case with most other mortgage or auto loans. That said, the lack of collateral entails higher fees and interest rates, which is industry standard.
Personal bad credit loans that you get online have a wide variety of uses, such as debt consolidation, credit repairs, medical expenses, business ventures, travel expenses, buying a car, covering future expenses, and so on.
For instance, as much as 85.5% of newly purchased vehicles in the US were financed in 2020.
As previously stated, there’s no minimum credit score and personal loans range from $500 to $10,000. Though, keep in mind that you might not get approved for the highest loan amount if you have severely poor credit (below 500 FICO). In addition to that, the maximum loan amount depends solely on the lender.
Interest Rates and Fees
If you’ve read our other loan reviews, then you already know that these virtual marketplaces are not the ones that set interest rates and loan fees. Rather, these amounts are determined by the participating lenders found on said platforms.
In essence, most BadCreditLoans.com customer reviews claim that the typical interest rates range from 5.99% to 35.99%, and the poorer your credit score, the higher your rates will be. This is why you should always look to repair your credit as much as possible before applying for a loan.
Also, it’s worth noting that lenders on this platform tend to charge rather high origination fees. Namely, 8% on average.
So, for example, let’s say you’re granted a loan of $1,000 and the origination fee is 8%. That means you’ll get $920 in total, which is $1,000 minus the 8% (in this case, $80).
Fortunately, there are no registration fees when it comes to the website and you can freely use the vast collection of resources and articles at your disposal.
Is BadcreditLoans.com safe?
Very much so. In fact, the only thing you have to look out for is whom you decide to partner with. And not because of getting scammed, but rather due to the high interest rates some potential lenders will offer you.
Hence, always study a loan deal thoroughly before signing anything. This includes checking for late fees (penalties), interest rates, and what repayment options are available (if any); to name but a few.
In essence, this will depend on your chosen lender. So take your time and browse all the available offers and consult with a professional if you don’t understand the intricate terminology of your contract.
Qualifying for a Loan
To be eligible for a loan on the platform, you have to pass the following criteria:
- Be at least 18 years of age
- Have legal residency, a Social Security number, or other proof of citizenship
- Provide proof of regular income (self-employment, full-time employment, Social Security, or disability benefits)
- Have your own checking account
- Provide your phone number and a valid email address.
Support and Safety
Don’t get alarmed if you find BadCreditLoans.com scam reports online. These negative reviews are often made by people who did NOT read the terms of their loan agreement carefully and now have an ax to grind, which is usually manifested by venting on online forums.
In fact, the platform has a fairly decent customer support system in place and you can contact the company either by phone or via email if you have any questions concerning the website.
What’s more, some lenders even have live chat options, which is great if you’re in a hurry and need answers ASAP. However, the quality of customer service will vary from lender to lender, so keep that in mind.
And as far as cyber security goes, the platform uses the latest SSL encryption technology to make sure your personal info is both safe and secure. Better yet, the website enforces strict security measures that are in compliance with US law.
After all, as most reviews on BadCreditLoans.com point out, borrowers have to disclose extremely sensitive personal info to a large number of lenders and other 3rd parties.
All things considered, BadCreditLoans.com is a safe and legitimate option for people with low credit scores that are looking for fast financing with relatively agreeable rates (depends on individual lenders).
Pros & Cons
- Highly specialized platform for people with bad credit
- Generally positive client experiences
- Flexible loans in terms of repayment
- Loans that can help you improve your credit score
- Low BBB rating
- High APR (35.99%)
- Small loan amounts (in some cases, the maximum amount you can get is only $1,000)
Is BadCreditLoans.com legitimate?
Yes, we can safely say that BadCreditLoans.com is a legitimate service considering its 20+ years of industry experience. And as is the case with most merchant platforms, BadCreditLoans is NOT a direct lender. Iit merely connects you with lenders on its market. As a result, the loan terms depend solely on them and not BadCreditLoans.
Is Upstart a legitimate loan company?
Yes, Upstart is also a superb option for those looking to borrow money with less-than-ideal credit. In general, it offers better loan terms and more generous loan amounts than most other merchant platforms.
Which loan company is best for bad credit?
Both Upstart and BadCreditLoans.com are great options for people with bad credit. PersonalLoans.com is yet another platform that offers quick and agreeable terms.
Namely, the term “best” depends on your own criteria and personal preferences — what you might consider ideal may not be prefereable for others. This is why it’s always best to research a potential lender before signing anything even if you get stellar recommendations from others.
How can I get 5000 dollars with bad credit?
The fastest way to get a $5,000 loan is by checking different loan offers on various loan platforms. In fact, with some lenders, you can get as much as $10,000 the same (or following) day, which cannot be said for some traditional lenders such as banks.
BadCreditLoans.com is one such platform that offers fast and easy loans without collateral.
That said, always do your due diligence and look for BadCreditLoans.com reviews, such as this one, to make sure you’re dealing with a legit and reputable brand.