Last updated August 15th, 2018
Recommended for: Emergency Installment Loan for those with credit scores 500+
With BadCreditLoans.com, the name does say it all. If you have bad credit and are looking for a loan ranging from $500 to $5000, BadCreditLoans specializes in connecting people with bad credit to lenders that may be able to offer them loans.
Every day, badcreditloans helps people secure the loans they need, even with less than perfect credit. While not a direct lender themselves, badcreditloans offers a unique service that allows you to access hundreds of lenders with one simple request form. Simply enter the amount you need and a few pieces of personal information, and within minutes you will know whether a lender in the badcreditloans network has a loan offer for you. The service is free to use, you can request again anytime, and it is completely up to you whether or not to accept the loan you are offered. They offer loans that can be used for anything from debt consolidation to purchasing a car.
BadCreditLoans Do Not Offer Loans In
|Massachusetts||Michigan||New Jersey||New York||North Carolina|
In Our View
Their website is very clear that consumers with any credit score can request a loan. The interest rates typically fall between 5.99% and 35.99%, although rates can be higher. This interest rate is the standard through the USA from most loan providers which is surprising for bad credit loan offers.
BadCreditLoans identifies that their lenders "do not" typically offer loans over $1,000.00 to bad credit borrows. If your credit is very poor, keep your loan request below $1,000. This is very important for most people submitting a request with this company given that their lenders offer loans up to $5,000. If you have bad credit, you may need a secured loan using collateral like your home or auto if you have equity for security.
BadCreditLoans is Not a Lender
BadCreditLoans is not the lender. They connect borrowers to hundreds of loan providers that are willing to look at higher risk loans and are not necessarily focused on a consumer’s FICO® score.
Terms and Conditions
Bad Credit Loans is not a lender; rather, we specialize in connecting borrowers with our network of bad credit lenders and financial service providers. Bad Credit Loans cannot dictate your loan terms, conditions or interest rates/fees.
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?
I would only recommend using this lender 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 $5000
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.