- High success-rate in matching with a lender
- Easy-to-use website
- Quick funding
As the name implies, BadCreditLoans was created specifically for borrowers with bad credit. We typically define this as borrowers with a FICO credit score below 600.
BadCreditLoans is built for people who don’t have other options. They don’t claim to have the best interest rates, network of lenders, or website. Their one claim is that they will find you a lender who can get money in your account quickly. Typically, this is going to be an installment or payday lender. As we write in our payday & installment lending section of BrightRates, these types of loans are the absolute last option for consumers because they are so costly. If utilizing a payday or installment lender, please reference with our ratings to ensure that you are working with a company that is at least transparent about its fees.
BadCreditLoans is quick and easy -o-use. They require quite a large amount of personal information, including a driver’s license id number and checking account. If you do not have a drivers license or a checking account, you will not be able to work with any of BadCreditLoans’ lenders. You will also not be able to obtain a payday, installment or personal loan if you do not have a checking account. Most of their lenders can fund within 48 hours or less.
BadCreditLoans does have personal loans for the 580-600 credit tier (and even above), so if you qualify, you will receive an interest rate below 34%. However, most people who consider their credit “bad” have a score below 580, and that means interest rates in the +100%. It’s not necessarily a knock on BadCreditLoans, as this is the only option for bad credit.
If you do qualify for better than a payday loan though (i.e. credit score above 580), we do not recommend BadCreditLoans because you can get a lower interest rates with lenders like Lending Point or even a highly rated installment loans company like OppLoans.
BadCreditLoans is a good website and fine for those specifically looking for a payday or installment lender. If you have bad credit and need a lifeline, it’s a fine option. Just please, please think of the lenders they connect you with as temporary. Download our free guide, The 8 Hour Debt Takedown, to learn how to decrease your debt payments in increase your credit score.