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BadCreditLoans.com

February 19, 2018 by Leave a Comment

Bad Credit Loans review

BadCreditLoans.com

Loan matching service for those with credit scores with “bad credit,” meaning below 600.

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4.4
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Payday & Installment Loans › BadCreditLoans.com

The Good

  • 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.

 

The Bad

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.

 

The Summary

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.

 

Ratings Breakdown

Loan Amount$500-5,000

Max Length1 - 12 months

Credit Score0-600 FICO

APR Range34.99 - 699.9%

AvailabilityAll states except NY

Year Founded2010

Review Last Updated: February 19, 2018

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.