BadCreditLoans.com isn't a traditional personal loan provider. Instead, they partner with financial institutions to assist you in obtaining loans. What makes them unique is their flexible criteria process where if you have had credit problems in the past you could obtain financing.
How it works is you apply through its website, specifying the amount you want to borrow, ranging from $500 to $5,000. Once you submit the application, its network of lenders will review your qualifications and make a determination.
Bad Credit Loans maintains easy qualification requirements for you. To qualify, you must be 18 years of age or older, you have the ability to provide proof of regular income, you have a valid checking account, email address, and phone number in your name.
If approved, you could have multiple offers from different lenders. This makes it great in that you choose the loan with the best rates and the repayment term that's most beneficial for your budget.
Once you select a loan, you sign your loan documents electronically. Next, the lender will deposit your funds into your checking account through direct deposit. Timeframes on deposit vary depending on the lenders. In some cases, it could be as little as one business day after approval when you receive your funds.
Most important, you have the flexibility to use the money the way you see fit. If you need to pay an emergency bill, consolidate debt or more, you have the option to do so with Bad Credit Loans' network of personal loan lenders. Along with this BadCreditLoans.com provides the following benefits:
Opportunity to Build Your Credit
Having a lower credit score results in fewer opportunities for you to rebuild it. However, by opening a personal loan through Bad Credit Loans' partnering service, it provides you with the chance to make timely payments, thus building your credit score over time.
Choose An Amount Right For You
If you receive approval from lenders, they will allow you to choose up to a certain amount to borrow, but you don't have to finance the whole amount offered. Your goal should be to minimize the amount borrowed, as this makes it quicker for you to repay the debt in full.
Borrowing Amounts For Bad Credit Loans
Borrowing amounts vary by lenders' requirements, but generally they fall in the range from $500 to $5,000. If you have a low credit score, most lenders won't approve you for more than $1000, according to what Bad Credit Loans state on their website.
Interest Rate Ranges
The interest rate will also vary depending on your financial situation and lenders' criteria. Currently, the range is from 6.00% APR up to 35.99% APR. What you will notice is this range is similar to what you would pay with a credit card.
A great aspect about lenders who work with Bad Credit Loans is the flexible repayment terms they offer borrowers. Unlike payday loans, where you must pay it back with your next paycheck, with Bad Credit Loans' partners, your repayment term is anywhere from three to 36 months.
A Less Expensive Borrowing Option
As you can see, the flexible repayment terms and the lower interest rates mean this could be the most inexpensive borrowing option available to you-if you have a lower credit score. This makes Bad Credit Loans' lending network a better alternative to other online lenders and payday companies.
Auto Lending Available
Having bad credit can be a deterrent to you receiving financing for a newer automobile. Since having reliable wheels is essential for employment, finding lenders that are understanding of your situation is important. Luckily, Bad Credit Loans works with banks to help you find the financing you need.
Student Loan Options Available
If you need to bridge the gap between your current financial aid and what you need to pay for educational expenses, or you want to take a vocational course or class to elevate your job status, a student loan makes these opportunities possible. Bad Credit Loans' partnership with financial institutions means you could find the right match for you, ensuring you receive the funds-up to $1,500- you need for higher educational expenses.
Flexible Customer Service Hours to Assist You
One aspect of lenders to weigh carefully is their customer service availability. Bad Credit Loans has customer support available Monday through Friday from 6:00 a.m. through 7:00 p.m. PST. These flexible hours give you access to helpful support when you want to learn more about the application process.
It is important to note once you receive approval, you'll deal directly with the lender.
The biggest drawback is you won't work with Bad Credit Loans directly. Since they are only the gateway between you and their network of lenders, you won't know who you will be working with until you complete the application process. Moreover, since all lenders are not alike, it might require you to do some additional research before selecting the best one for you.
Another aspect of this to be mindful of is when you apply, lenders will receive all your information, including your contact info. This means you could become popular quickly, as lenders contact you to obtain your services. If this is something that doesn't sound appealing to you, then it's best to find a lender instead of a loan matching service like Bad Credit Loans.
Bad Credit Loans does an excellent job of keeping its criteria process simple. While it doesn't specify a minimum credit score needed, it does state it helps people who have had credit issues in the past.
Furthermore, its partnership with banks results in you receiving lower interest rates and flexible repayment terms if you receive approval. This makes receiving a personal loan through Bad Credit Loans' services a smart choice if you need an inexpensive way to rebuild your credit.