With online lending platforms like BadCreditLoans.com available, you should never resort to a predatory loan that skips the credit check and doesn’t report to the credit bureaus.
Let’s take a closer look at BadCreditLoans.com to see whether you should accept one of its loan offers.
BadCreditLoans.com is an online personal loan marketplace designed specifically for people who have poor credit. This platform gives borrowers with a shaky credit history a chance to get small, short-term, unsecured loans.
These loans could help with debt consolidation, medical expenses, paying taxes, covering car repairs, or even an emergency expense.
And, by making regular, on-time monthly payments on your bad credit loan, you can start the process of rebuilding your payment history which is a big part of a credit score.
Getting a personal loan is becoming easier with each passing year thanks to more advanced technologies and a growing number of lenders generating healthy competition. That said, being approved for a loan doesn’t necessarily mean that you’re guaranteed the best rates. And the worse your credit score is, the harder it will be for you to find a reasonable interest rate.
You can get loans starting from $500 up to $5,000, and its loan terms vary from as little as three months up to 36 months. How much you pay per month, interest payments and other details will depend on the lender you are connected with.
How Bad Credit Loans Works
Step 1 – Submit a request for your loan
Bad Credit Loans connects you with a lender that can offer you a loan that can work for you. You just need to fill out this simple online request form to get started with upto $5000. It is just like most online loan request forms with basic questions like:
- Amount requested
- Credit type
- Loan reason
- Name
- Date of birth
- Whether or not you’re on active military duty
After that, you’ll be asked a few more questions including your address, phone number, employment information like where you work, how long you’ve been employed there, and monthly gross income, and identity and bank information.
Finally, you’ll be asked to input your bank account number and routing number through which the loan will be deposited. All in all, the loan request process should only take you a few minutes.
Step 2 – Receive offers from real lenders
Since Bad Credit Loans isn’t actually a direct lender but a service, here’s the part where the lenders themselves enter the scene. Bad Credit Loans collects your information and runs it through its algorithm to find a lender with a loan that can work for you. What does this mean? Well, some lenders only offer certain types of loans.
Other lenders will only work with someone who has an excellent credit score. Still, other services cap their personal loans at a lower amount. Bad Credit Loans crunches all the data you’ve filled out on your online request form and then attempts to connect you with a lender based upon your information.
Step 3 – Peruse, review, and accept your loan terms
Now that your personalized loan offer has come in, it’s time to consider the terms available. Bad Credit Loan’s large lender network can offer you a loan with rates and terms that can work for you, but it’s up to you to make the final decision. Look at the lender’s proposal carefully and decide if it suits your circumstances. If not, you’re completely free to turn down that offer and start over to see if you can get another one.
If you only have a limited amount of disposable income right now, you might prefer to take a loan that is spread out over a longer period of time, so your monthly payments are lower. This type of loan will come with a higher interest rate, but that might be a worthwhile tradeoff for you to have a lower monthly expense. Alternatively, you might just need some cash to cover a seasonal restocking.
You know that the money will come in quickly once you start taking orders, so it’s okay for you to take out a shorter-term loan in which you pay back the money faster and for a lower APR. These are calculations you might not have made until the offer was in front of you. Now you can adjust the details you provide to include these issues and hopefully get an offer that’s better suited to your needs.
Pros & cons
PROS
- Ease of use — The loan platform is very easy to use.
- Apply once — You can apply to multiple lenders with a single application.
- Bad credit dedicated — This platform is specifically for people with bad credit.
CONS
- The loan amount — Bad Credit Loans only offers small loan amounts.
- Reputation — They have a poor rating from the Better Business Bureau.
- The process — The application process requires a considerable amount of information upfront, including your bank information.
What’s more, the service is available 24/7. So, you can submit a request and get an approval decision for a loan anytime you want or need it. Bad Credit Loans uses top of the line data encryption to keep your information safe as well. Best of all, anyone with any credit rating can submit a loan request.
Is BadCreditLoans.com For You?
Personal loans are available for borrowers with bad credit, but the loan amounts are relatively small, and the cost is high. But if you’re facing an emergency and need money fast, BadCreditLoans.com could help.
It’s not the perfect solution, but it will be much better than taking a payday loan. Those lock you into a vicious cycle with no easy exit.
Bad credit personal loans not only offer more generous terms than payday loans, but they also give you an opportunity to improve your credit. By making all your payments on time, you’ll be adding a good credit rating to your credit report, which will boost your credit score.
If you still don’t like these sorts of loans, consider asking a co-signer to help you get a personal loan with better interest rates and lower fees. Your co-signer would be responsible if you didn’t repay the loan.
For borrowers who aren’t facing an emergency, check out my credit building tips throughout this site. By improving your credit and meeting the minimum credit score mainstream lenders require you can borrow at the best rates and lowest fees.
If you’d like to get more information, or you’d like to apply for a loan, check out the BadCreditLoans.com website.
