Badcreditloans.com Pros and Cons
- 100% free to get loan quotes
- You can compare lender options side-by-side
- Badcreditloans.com does the legwork finding applicable lenders
- You may discover options you wouldn’t have found yourself
- Many of the loans have flexible terms to make them affordable
- There are unsecured loan options
- APRs can be high for bad credit loans
- Origination fees are often high
- You don’t work with Badcreditloans.com to close the loan. You must deal with the lender you choose
What Is Badcreditloans.com?
If you have bad credit, you may think securing a loan is impossible. Badcreditloans.com makes it possible.
They are a marketplace for consumers with bad credit. They work as the ‘middleman’ between you and the lenders offering loans to bad credit borrowers.
Badcreditloans.com doesn’t write or fund the loans. They are the go-between to match you with a lender that will accept your credit as-is and give you a loan.
How Does Badcreditloans.com Work?
Like most marketplaces, you complete one application, and Badcreditloans.com sends it out to all matching lenders. You’ll receive offers from the lenders for you to compare.
When you choose a loan, you work directly with the lender – Badcreditloans.com job is done. It’s free to use the marketplace, and you are under no obligation to accept any offers sent to you via the platform.
To be completely transparent, the terms of the loans offered will be less attractive than you’d get on a standard loan marketplace.
You’ll find lower loan amounts, higher interest rates, and higher costs, but you’ll be able to secure financing even with bad credit.
What Does Badcreditloans.com Offer Consumers?
Like we said above, Badcreditloans.comis for consumers with bad credit. If you’ve been turned down for traditional loans from other lenders or lending platforms, you may find what you need on Badcreditloans.com.
Here’s what they offer.
A personal loan helps you cover unexpected expenses. If your car breaks down or you come up short for your bills one month, a personal loan may help. Personal loans don’t require collateral, and they disburse quickly.
If your credit score doesn’t qualify you for a traditional mortgage loan, such as an FHA or USDA loan, Badcreditloans.com can match you with lenders who work with borrowers with bad credit.
Like any loan, understand the terms and conditions, APR, the loan’s total cost, and ensure that you can afford the monthly payment.
Your home will be collateral if you can’t make your payments, so proceed with caution.
Covering school costs can be overwhelming, but Badcreditloans.com helps make going to school affordable.
With many financing options for consumers with less-than-perfect credit, you can get approval in as little as a few minutes and financing finalized in a matter of days.
Fast access to cash is crucial to many small businesses. Without it, many companies wouldn’t make it.
Business loans through Badcreditloans.com make it easy to get the financing you need fast.
The approval comes in a matter of minutes, and if you choose a lender offer, you could have the necessary funds for your business in a day or two.
Buying a car is expensive and traditional banks want great credit. Dealers may offer auto loans for bad credit, but with terms most people don’t like.
Badcreditloans.com helps you shop around for the best terms for your situation, helping you buy the car you need without overpaying.
Badcreditloans.com Features and Benefits
100% Free to Use
Most services charge consumers to stay in business, but Badcreditloans.com doesn’t cost consumers a dime.
You can obtain and compare as many offers as are sent to you and not pay anything. If you choose a loan and close on it, the lender pays Badcreditloans.com a small commission.
Get Connected to a Lender and Compare Options
Your application with Badcreditloans.com is just an online form. When you choose the offer from a partner lender, you deal with the lender from that point forward. Badcreditloans.com just does the ‘in between’ work of matching you with the right lender.
You can get multiple quotes from as many lenders as Badcreditloans.com finds for you, and you can compare the offers side-by-side.
It doesn’t take multiple applications or phone calls. One simple online form and a matter of a couple of hours, and you’ll have various offers to compare.
Simple Online Form
The online application is the simplest application you’ll complete. It takes only a few minutes to complete and another few minutes to receive your answer. It’s instant gratification at its finest.
Badcreditloans.com Interest Rates and Fees
Each lender sets their own rates and fees, just like they would if you shopped individually. While each lender bases their rates and fees on your qualifying factors, interest rates range from 5.99% – 35.99%. The lower your credit score is, the higher the interest rate you’ll pay.
Origination fees are another common fee lenders charge consumers with bad credit. You may find lenders charging 1% – 8% of the loan amount.
Read the fine print and know the total costs. An 8% origination fee even on a $2,000 loan is $160 and comes right out of your loan proceeds, leaving you with less cash.
How Does Badcreditloans.com Compare to Other Lenders?
#1. Badcreditloans.com vs. CashUSA
CashUSA is a marketplace like Badcreditloans.com. They offer personal loans from $500 to $10,000. They provide an answer in minutes.
Once you choose an offer, you work directly with the lender to close the loan. Most lenders send the money directly to your bank account within a couple of business days. Loan terms range from 3 to 72 months.
>> More: CashUSA Personal Loans Review
#2. Personalloans.com vs. Badcreditloans.com
Personaloans.com is another marketplace for consumers with bad credit.
The difference is Personaloans.com has options for borrowers with credit scores over 580, providing them with more attractive terms than you might find on Badcreditloans.com.
They offer loans up to $35,000 with varying APRs and fees depending on your circumstances.
>> More: Personalloans.com Review
#3. Avant Personal Loans vs. Badcreditloans.com
Avant is a personal loan lender focusing on consumers with bad credit. They focus on borrowers with credit scores of at least 600 and offer loan terms between two and five years.
Unlike the lenders in the marketplaces, Avant doesn’t charge an origination fee, and they allow you to change your due date as needed.
They only do a soft credit pull to pre-qualify you for the loan, so it doesn’t hurt to check if you qualify.
>> More: Avant Personal Loans Review
#4. Payoff vs. Badcreditloans.com
Payoff offers credit card consolidation loans to help consumers get out of debt faster, but you need at least a 640-credit score to qualify.
Their APRs range from 5.99% – 24.99% and they’ll lend between $5,000 – $40,000. Payoff will pay your creditors directly with your loan proceeds, leaving you with one loan to pay off your debts with a term of two to five years.
>> More: Payoff Personal Loans Review
Frequently Asked Questions
Is Badcreditloans.com Safe to Use?
Badcreditloans.com takes safety seriously. They use top-quality data encryption to ensure your information is safe.
That said, some consumers have complained about unwanted phone calls and emails after applying for a loan.
This isn’t unusual for any marketplace, though. You agree to send your information to other companies, and those companies try to make a sale. Due to this, Avant is a better option if you are looking for a loan.
Is Badcreditloans.com Free to Use?
Yes, Badcreditloans.com doesn’t charge consumers to find a lender. If you close on a loan, the lender pays Badcreditloans. If you don’t close on a loan, they don’t get paid, but they’ll provide you with enough offers to entice you.
How Long Does it Take to Receive My Money After Badcreditloans.com connects me with a Lender?
The timeframe to receive your money varies. On average, though, lenders send your money within a business day or two.
How long it takes to complete your loan also depends on the complexity of your situation and how fast you clear any conditions the lender has for your loan.
Is Badcreditloans.com a Direct Lender?
No, Badcreditloans.com is a marketplace, not a direct lender. They don’t underwrite the loans or fund them.
They only advertise for partner lenders, making it easier for consumers to get matched with a loan and lenders to have more access to eligible borrowers.
Bottom Line: Badcreditloans.com Review
Should you use Badcreditloans.com? If you have bad credit, you may need it. You won’t get the best APR or fees – the loan will be expensive; we won’t sugarcoat it. But, if you have bad credit, it may be your best option.
We encourage you to work on your credit, improving your score so you can refinance the debt and secure a better interest rate so you can pay the debt off faster, leaving more money in your pocket.