Last updated March 18th, 2019
Recommended for: Emergency Installment Loan for those with credit scores 500+
|Loan Amounts||Loans from $500 to $5,000
Lenders do not typically provide loans over $1,000 to bad-credit individuals
|Required Credit Score||Any credit score can submit a request|
|Doesn't lend in||Arizona, Arkansas, Connecticut, Georgia, Maine, Massachusetts, Michigan, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia|
|Minimum Annual Income||$24000|
|Types of Income||Regular Income from full-time employment, self-employment or disability/Social Security benefits|
|Variable Rate Option||Not Available|
|APR Range||Interest rates starting at 5.99% Actual rate offered will be determined by your credit score and other factors.|
Most lenders that Bad Credit Loans works with offer repayment terms of 3 months to 36 months
|Repayment Schedule||Weekly, Bi-Weekly, Monthly|
|Credit Inquiry||Soft inquiry|
|Fees and Closing Costs||No Fees to Use Service|
|Direct Deposit||Consumer must have a valid checking account|
|Loan Purpose||Emergency Personal Loan|
|Qualifications||U.S. Citizen over the age of 18|
|Allows Military||Not Available|
|Legal Documents Required||U.S. Citizen with proof of ID|
|Number of Offers||Not Available|
|Customer Service||On Line|
What Is Required With BadCreditLoans to Qualify?
We contacted BadCreditLoans to discuss their criteria for requesting for a loan because most loan providers require a credit score of 590+ or higher and BadCreditLoans states that any credit score can submit a request.
- Must be 18 years old or older
- Proof of US citizenship including Social Security number or legal residence
- Requires a regular income: Full-time employment, self-employment, or disability or Social Security benefits allowed
- Checking account in your name
- Provide a work and home telephone number
- Requires a valid email address
They told us that some of their providers use a FICO® scoring model with a soft pull, but also consider work history and monthly income. They stated that generally borrowers must have an income of at least $2,000/month to request. The borrower may be offered a loan for higher interest than stated above by some lenders if they are a higher risk.
Bad Credit Loans
2661 N Pearl St #431
Tacoma, WA 98407
The loans can approved in under a day for up to $5,000. Here is the process:
- Complete the form on the website and your information is sent to their lenders
- If approved, a lender contacts you with an offer
- If you accept the offer you will sign the terms using an e-signature online and accept the terms and conditions of the loan
- The lender will transfer the funds to your checking account
- The repayment terms will vary, usually from 3 months to 36 months.
Make sure to read the terms and conditions very carefully before you accept any loan offer. You will want to look at all interest charges, early repayment fees, origination fees and any other fee outlined. If you are not satisfied with their loan offer, counter the offer or do not accept it, there are many other loan providers that you can research.
Although Bad Credit Loans does not make credit decisions, their lenders may do a soft credit inquiry as part of the process. Personal loan lenders in the Bad Credit Loans affiliate network may conduct a non-traditional credit check in addition to a conventional credit inquiry from the 3 major credit bureaus (Trans Union, Experian, and Equifax) to determine eligibility for a personal loan. If a borrower does not pay back a loan on time, a lender may choose to report this delinquency to one or more credit bureaus, with the end result being that credit scores could be negatively affected.