Keep your money safe when looking into short-term loans through this established service.
BadCreditLoans.com has been helping borrowers with bad credit ever since 1998, and boasts being the “go-to” place for bad credit loans. It is free to request a loan from the website, and if you are approved but decide not to go through with a loan, there are no penalties. If you are approved and accept the loan, BadCreditLoans.com is happy to discuss the terms in as much detail as you are comfortable with, before you even sign.
|Min Loan Amount||$500|
|Max. Loan Amount||$5,000|
|Loan Term||3 to 36 months|
|Turnaround Time||Varies based on lender|
|Requirements||Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.|
- Apply at no cost and with no obligation.
- Claims to practice responsible lending.
- Private and secure.
- Loans come with high interest rates.
- Be at least 18 years old.
- Provide proof of citizenship, such as a Social Security number, or legal residency.
- Have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits.
- Have a checking account in your name.
- Provide work and home telephone numbers.
- Provide a valid email address.
How does BadCreditLoans.com work?
If you have poor credit, and are in an emergency financial situation, BadCreditLoans.com can help you get a cash loan quickly. Instead of lending you the money directly, the service finds offers from a lender, or lenders, that fits your needs.
You can request a loan on your own time, day or night. The company welcomes people with all credit scores. You can review the short-term loan offer presented without any fees or obligations.
Applying for a loan is simple. You’ll fill out the online loan request to potentially get a loan offer within minutes from the company’s network of lenders. The approved loan can be deposited into your checking account electronically, in as fast as one business day. You don’t have to worry about collateral or providing a security deposit for the loan.
State requirements vary, and you may not be eligible depending on your residence location.
Is BadCreditLoans.com legit?
Yes. BadCreditLoans.com is a legitimate online service that’s been connecting borrowers with short-term loans since 1998. Keep in mind, short-term loan laws are constantly changing as the state regulations around them shift. There are limits that restrict maximum loan amounts, interest rates and fees lenders can charge. Lawmakers often update these laws in an attempt to protect consumers, which means the laws in effect this month may differ next month. Be sure to compare lenders and rates before you sign a contract so you know you’re getting the best deal.
Is applying for a loan through BadCreditLoans.com safe?
Yes. BadCreditLoans.com uses industry-standard encryption technology to keep your personal and financial information safe when you apply online.
When you submit your information to BadCreditLoans.com, you agree to let it release that information to its network of lenders. The partner lenders and BadCreditLoans.com may contact you with promotions via email, phone or physical mail.
Four reasons to consider BadCreditLoans.com
- No approval fee. It doesn’t charge a fee to approve your application. Filling out, and submitting the application are free. The lender you work with may charge fees, so always go over the terms of the loan before signing.
- Fast approval. After you apply, you can receive approval for a loan almost immediately.
- Safe and secure. The company uses data encryption technology to make sure your information is protected.
- Quick funds. Your approved loan can be deposited into your account in as quick as one business day.
What to watch out for
While BadCreditLoans.com is a legitimate broker that connects borrowers with lenders, carefully review the terms and conditions from the lender you’re ultimately connected with.
Here’s what you should be mindful of:
- High interest rates. While BadCreditLoans.com claims that its lenders offer APRs of up to 35.99%, some payday lenders can have interest rates over 1,200%.
- Steep fees. Cash advances can add hundreds of dollars in fees to the original cost of the loan.
- Risk of debt spiral. Consider short-term loans a last resort. If you take a loan that you can’t repay, you may need to refinance or roll over the remaining amount.
- Your information may be sold as a “lead.” Brokers may sell your information to other lenders. This can result in your lead being sold well after you’ve applied with a broker.
According to the Pew Charitable Trusts, every year nearly 12 million Americans take out short term loans. Repeat borrowers are so common that companies have started to take advantage of that by introducing rewards for regular borrowing.
With any loan, it’s important that you can repay it on time. Failure to pay on time and in full can result in additional fees and damage to your credit.
What fees does BadCreditLoans.com charge?
Applying for loans through BadCreditLoans.com is free. However, the loan provider you ultimately sign with will likely charge a financing fee on top of high interest rates. You’ll have access to the complete charges of a loan before signing through a loan offer document. Along with the terms of the loan, this document lists any penalty fees and charges you might have to pay.
If you find the fees to be too high, you are under no obligation to accept the contract.
More features to know about BadCreditLoans.com
- Loan amounts and terms. You can request a loan from $500 to $5,000. Terms range from 3 to 60 months.
- Not a direct lender. BadCreditLoans.com is not a direct lender, and instead connects customers with reputable lenders within its network.
- Simple qualifications. BadCreditLoans.com keeps its qualifications minimal, so that even applicants who wouldn’t normally be approved elsewhere could get a short-term loan.
- APR. A short-term loan from one of its partner lenders typically has an APR from 5.99%. Each lender in the network differs in terms of what it offers, and will determine the interest rate on your loan based on multiple factors. You can choose the repayment plan that best meets your needs.
- E-consent. The company lets you provide electronic signatures for loan agreements, records and disclosures.
- Convenient website. The website is open and accessible to applications 24/7.
How to apply
Applying online is simple, and requires applicants to meet the following eligibility requirements:
- Be an American citizen, or a permanent resident of the US.
- Be at least 18 years of age.
- Have a source of regular income.
- Have a checking account in your name.
The application is online, and requires the following information and documentation:
- Full name, contact information, date of birth and Social Security number.
- Credit type, reason for the loan and loan amount.
- Information from a photo ID such as a driver’s license or passport.
- Bank account information.
- Employment and annual income information.