Last updated March 18th, 2019
Recommended for: Emergency Installment Loan for those with credit scores 500+
Any credit score can submit a loan request. BadCreditLoans is not a lender. They connect consumers to a lender in their network. They will attempt to find a lender based upon your credit score and ability to pay
1. Borrowing $2000 over a 12 month period will cost you around $235 a month with a total cost of credit of $2400
2. Borrowing $4000 over a 24 month period will cost you $270 a month with a total cost of credit of $5615
What's good about Bad Credit Loans?
If you have poor to bad credit and need emergency funds from $500 - $5000
What's bad about Bad Credit Loans?
We would only recommend using this loan connector if you have an emergency Be sure that you read the terms and conditions offered by the lender and that you have the ability to repay the loan in a timely manner.
|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.