BadCreditLoans.com is a website that provides customers with options for their bad credit, ensuring that they can get a loan in times of need. Loans through this platform range from $500 to $10,000, though the website is free to access for registered users.
What is BadCreditLoans.com?
Bad credit is a problem that can happen to anyone. Sometimes, the circumstances are within their control, and the problem is more of a matter of mismanaged finances. Other times, loss of a job or being hospitalized can cause an individual to fall behind in their bills, and late payments are one of the fastest ways to drive a credit score downhill.
The creators of the BadCreditLoans.com platform wanted to make loans possible for any financial circumstance. Once the user enters their information, they will have access to multiple opportunities to get a loan for whatever they might need it for. The website’s services are completely free, and the company acts as a middle ground between the lending companies and the customer. None of the loans are actually created by BadCreditLoans.com directly.
BadCreditLoans.com has been in business since 1998, providing short-term loan opportunities ever since.
How Does BadCreditLoans.com Work?
Fill out the online form with all of the necessary contact details, which will give the user access to possible lenders.
Compare the available opportunities and choose which lender to complete the loan application with.
Check other offers on the website to see if they are worth redeeming for the user’s needs.
To ensure that anyone can get access to the support that they need, BadCreditLoans.com is available 24/7, and their website can be used for multiple loan applications whenever the user needs help.
If the user is unable to get a lender within the BadCreditLoans.com network, the inquiry for the loan is then distributed to other non-lender networks. The entire point of this process is to make it easier for consumers to get the money they need, even if it isn’t through BadCreditLoans.com.
BadCreditLoans.com Features & Benefits
While there are many platforms that offer loans for bad credit, BadCreditLoans.com has many benefits that give it some edge over the competition.
Incredible security. The creators behind this platform pride themselves on using exclusive encryption technology that protects the user’s information. This protection is common among lending websites.
Constantly available. BadCreditLoans.com provides access to consumers 24/7, ensuring that consumers can always apply for the help that they need when they need it the most.
No obligations or fees. Even though everyone visits these types of websites to procure the loan that they need, customers are not obligated to accept any lending offers. Users can simply decline the offers without having to pay for anything.
Can use loans towards anything. No matter the reason that the user requests a loan, it is up to them to decide what the funds go towards. They can use the money to consolidate debt, pay for a vacation, or anything else they might want to do.
Takes very few steps to complete. BadCreditLoans.com makes it possible to get a loan by following just three steps – filling out the form, comparing loan options, and connecting with the lender. Then, users can get the funds that they need.
Provides access to a large network of lenders. The whole point of this platform is to make it easy to connect individuals with bad credit to lenders that are willing to take a risk on them. They have a primary network of lenders that they work with, as well as a secondary group that users can use to make a good match.
Using the BadCreditLoans.com website costs nothing to consumers. They don’t even have to pay a fee when they fill out the form or connect with lenders.
The only time that users will have to pay a fee is with the interest and other costs associated with the particular lender they choose. All of those specific fees will be determined before the user procures their loan. Users will also be charged a fee if they make their loan payment late.
BadCreditLoans.com APRs, Fees, and Borrowing Terms
As stated above, users don’t have to pay any fee for the BadCreditLoans.com services when they connect with a lender. However, the lenders within the network will charge fees when the borrower uses their services, which may include interest.
Though the terms may change from one lender to the next, here’s what borrowers should know about the potential costs.
All lenders subject borrowers to interest in the form of an annual percentage rate (APR). These APRs will range from 5.99% to 35.99%.
Most loans have to be paid back within 90 days, though there’s a maximum 72-month maximum on repayment.
The rate for one borrower will not necessarily be the same for the next. While one borrower may have a high rate, another may have a low rate.
Lenders will be fully transparent about the loan’s fees, APR, and any other applicable terms before the user signs. Every borrower should read through the agreement before they are ready to collaborate.
The costs associated with an installment loan are often a lot pricier than other loan options. As far as a long-term solution to financial issues, these types of loans should be reserved for emergencies.
Eligible Credit Score Range for BadCreditLoans.com Agreements
All credit scores are accepted by BadCreditLoans.com, allowing people with good and bad credit alike to apply for a loan. Even if the user doesn’t end up qualifying for one of these loans, there are many lenders within the network that might be able to help.
Credit scores generally range from 300 to 850. The ranges for different credit levels include:
- 800 or higher: Excellent
- 700-799: Good
- 600-750: Average
- 450-599: Fair
- 449 and lower: Poor
While the credit score is important to many lenders, they may also consider the user’s FICO score instead. A FICO score ranges within the same numbers, but most lenders consider 670-739 to be good. The Vantage Score is also helpful for lenders when determining if a borrower qualifies.
Borrowing Requirements Through BadCreditLoans.com
Every lender requires something different from their borrowers, which is part of the reason that having such a broad network is beneficial. These lenders require different credit scores, minimum payments, and maximum allotments.
Before users are able to see any of this information, they have to disclose:
- How much money they want to borrow.
- Their current zip code.
- The last four digits of their Social Security Number.
- Their date of birth.
- Their name.
Additional questions may be asked by BadCreditLoans.com to further verify their identity and decide the risk associated with repayment by the borrower. Still, all of these details are necessary.
Other questions that consumers need to answer include:
- The reason they want to get a loan (debt consolidation, refinancing credit cards, etc.)
- Their address, which may include details on how long the user has lived at their current address.
- Source of income, including any self-employment or alimony.
- Total monthly gross income, which is used to determine to the total amount that the user can borrow.
Users will need to include their driver’s license number or another type of ID. Then, BadCreditLoans.com will request the user’s full Social Security Number, which will allow lenders to provide verification for their identity and to protect from fraud. It also gives them the ability to check the user’s credit report.
BadCreditLoans.com will ask consumers to disclose the type of bank account they currently have, telling them where the money will be deposited. Individuals who provide a checking account are more likely to find a lender that will provide them with the funds they’ve requested. While answering these details about the account, borrowers will also say if they get paid with a direct deposit or a paper check, though these lenders are more likely to offer a loan to individuals with direct deposit. The platform will also want to know how long the user has already been at the bank.
As the user reaches the end of their loan application, they’ll provide their routing and account number, telling the lender where to deposit the funds. Only after all of this information is provided will the potential borrower have access to the borrowing offers.
What’s the Downside?
Consumers who fill out the online form to request a loan will automatically consent to communication from any of the lending and marketing partners within their two networks. Plus, they’ll likely receive communication from other credit-related services and partners of BadCreditLoans.com.
Consumers have been fairly vocal about what they have experienced with BadCreditLoans.com. Overall, the positive reviews outweigh the negative in a much higher concentration than other lending websites, and the majority of professional reviews provide the website with greater than an 80% score.
Here are some of the ratings from top professional reviewers:
- Fortunly.com: 4 out of 5 stars.
- FinMasters.com: 8 out of 10.
- BadCredit.org: 4.6 out of 5 stars.
Of the negative reviews, customers were seemingly unhappy with the sharing of phone numbers and other contact details with their partners.
With the Better Business Bureau, BadCreditLoans.com gets an F rating. Many of the customer reviews on this website say that they constantly receive emails and calls from BadCreditLoans.com’s third-party lenders and other partners. The company has over two decades of business under their belt, and they’ve only had two complaints in the last two years, as of May 2022.
The reputation of BadCreditLoans.com is better than average, though there are some qualms that users have.
Users can send an email to email@example.com or call 800-245-5626.
The whole point of the BadCreditLoans.com platform is to establish a connection between borrowers with bad credit and lenders who are willing to give them an opportunity for financial security. The application process is fairly straightforward, giving borrowers the ability to connect with hundreds of lenders who will give them the funds that they need for an emergency or another occasion. With a broad range of opportunities, the work of BadCreditLoans.com makes it possible for anyone to get what they need when they need it.
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