BadCreditLoans.com Review 2021Personal Loans
- Best For: People who need money quickly, but don’t have great credit scores.
- Pros: They’ll accept all credit scores, and if they match you with a lender, you could possibly have your money the next day. If you qualify for their lowest APR, it’s a pretty good deal.
- Cons: You won’t be able to get a lot of money since the loan amounts are pretty small. The longest repayment term is 3 years, compared to the 7-year terms you could get elsewhere. If you don’t have good credit, you’ll likely wind up paying a lot in interest, making it an expensive loan option.
5.99 - 35.99%
- MINIMUM CREDIT
No minimum credit score
3 - 36 Months
- ORIGINATION FEE
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It can be hard for people with poor credit scores to find companies willing to take a chance on them when it comes to securing a personal loan
BadCreditLoans.com is a lending platform that helps those with poor credit find a lender willing to lend them money, but is it worth it?
This BadCreditLoans.com review will let you know what you can expect from this business. By giving you all the details, you can decide if you think they’re worthy of doing business with.
What Is BadCreditLoans.com?
BadCreditLoans.com is a lending platform — it won’t actually hand over any money to you. Instead, it works with an array of lenders eager to be matched up with customers who need money.
The company works with a bunch of lenders who will even issue loans to people who have bad credit.
If you’re looking for a big personal loan, you’ll want to look somewhere else. The loan amounts you can secure by connecting with lenders through BadCreditLoans.com is anywhere from $500 to $10,000.
Let’s get down to the nitty-gritty — the facts and numbers are what will help you decide whether you want to go through BadCreditLoans.com.
The APR you’ll likely get when going through BadCreditLoans.com typically frange rom 5.99% to 35.99%, depending on the lender or lenders you are matched with.
Of course, as a lending platform and not a lender, BadCreditLoans.com can’t guarantee that is the range of rates all of their lenders will offer.
If you’re offered a 5.99% rate, you’re getting a good deal for a personal loan. But the reason we gave a middle-of-the-road rating for this category instead of a better one is that 35.99% is high.
You don’t want to pay that much for a loan unless your back is truly against the wall.
It’s difficult to hand out a grade for fees because there isn’t much information about BadCreditLoans.com’s fees on their website, even under the rates and fees section.
They do state that you won’t be charged a fee for being connected with a lender. But they don’t mention any particular fees you might face — they just state the fees and rates are determined by each individual lender.
There is a surprising amount of information on BadCreditLoans.com’s website. And it’s fairly well organized and not hard to find.
They clearly spell out the rates you might expect and disclose that, as a lending platform rather than the lender, they don’t have any control over those rates. They urge you to read any contract carefully so you completely understand the loan terms that are being offered to you.
The biggest shortfall when it comes to transparency is that they don’t tell you if you can expect origination fees with most of their lenders. While they do say to be aware of fees in any contract you’re offered, it would be more helpful if they disclosed if they work with any lender who doesn’t charge origination fees.
It would also be useful if they had a section detailing what fees you might expect — like origination, late, or prepayment fees.
They are upfront about the fact that some of the lenders they may link you up with are tribal lenders. And that going through them can result in more fees and higher APRs.
A loan length of 3 to 36 months doesn’t offer much flexibility.
Even though the dollar amount of the loans is smaller than with some other lending platforms, it may still be a stretch for people to pay it off that quickly. That’s especially true if they only qualify for the 35.99% APR.
If you need money rapidly, BadCreditLoans.com can deliver on that. It will link you up with a lender quickly, and you may have your money in your account within one business day.
It’s hard to fault BadCreditLoans.com when it comes to accessibility. They make the application process easy for their prospective customers.
And since they keep their applications open to people no matter what their credit score is, they’re not nearly as exclusive when it comes to borrowers as some other sites are.
Feel free to apply, even if you have a super low credit score that has resulted in you being denied everywhere else you have applied for a loan. But here are the other criteria you should meet before you apply.
- You must be 18 years old or over.
- You’ll have to give your home and work telephone numbers.
- You must be able to prove you’re a U.S. citizen, either through legal residency or having a Social Security number.
- You must show a regular income — it can be through disability, Social Security benefits, self-employment, or regular employment.
- You need to have an email address.
- You need to have a checking account under your name.
BadCreditLoans.com offers a personal loan solution to those with bad credit. But accepting a loan with one of the lenders they pair you up with may mean some pretty high APRs.
How to Apply at BadCreditLoans.com
Don’t worry — this application process is a lot simpler and faster than you might think. You won’t need to spend an entire evening on it.
Step 1: Fill Out the Loan Request Form
You can find this form on BadCreditLoans.com’s homepage. Some of the information you’ll be asked to share includes your credit score category (excellent, good, fair, poor, or not sure), your birth date, and your reason for seeking a loan.
They’ll ask you about your reason so they can match you up with an appropriate lender. You’ll also have to share your employment, banking, and contact information.
Step 2: You May Receive an Offer
If a lender likes what they see on your request form, you may get an offer sent to you through email. Don’t forget to read every bit of the contract you are being offered.
That’s your responsibility as the borrower to understand all the repayment information.
Step 3: Accept Your Loan If You Want It
If the terms look like something you can live with, you need to accept your loan.
You’ll do that online, just as you applied online. If you decide to proceed, you’ll use an e-signature to accept it.
Step 4: Get Your Money
The money will be direct deposited into your account. It may arrive in one business day or take a little longer.
BadCreditLoans.com Consumer Reviews
Want to know what other customers have had to say about BadCreditLoans.com? We’ll look at the good and the bad to help you make an informed choice about this lending platform.
Better Business Bureau
Many people trust the ratings issued by the Better Business Bureau. Although BadCreditLoans.com has been in business for 22 years, it isn’t BBB accredited.
The score that been issued by the BBB to BadCreditLoans.com is their very lowest — an F.
Two people left reviews about the lending platform on the BBB site — both of those reviews were scathing.
John B. was worried about what the company would do with all of his sensitive information — whether they would simply dispose of it in a responsible manner or sell it to a third party. He was unable to reach a representative in a reasonable time frame to get an answer to his question.
“I have spent over three hours on hold with no ability to get a hold of a real person. This was an infuriating waste of time and money as a professional when all I wanted was a small loan to set myself for a temporary position in-between jobs,” he wrote.
Another reviewer, C.S., had a similar experience. “They do not give proper information and hang up the phone on you. I’ve been calling over and over and no one is answering now that I’m calling from a different number.”
Before you decide to shun BadCreditLoans.com based off of its BBB reviews and score, remember this is only a very small piece of the puzzle. There are many satisfied customers and this only represents a small portion of those who have utilized BadCreditLoans.com.
BadCreditLoans.com has only been reviewed by seven people on Trustpilot. Those reviews have led to a rating of 2.5 stars out of 5.
Some reviewers were pleased with their experience. One reviewer named Maggie said, “I have bad credit and was in need of a loan, luckily I found this site and was able to get help.”
Another one, Inger E., said, “Very helpful, fast, got me a loan even with bad credit.”
Bea, another reviewer, was a pleased customer. “I was really happy with the customer service and how easy it was to find a loan w/ bad credit. I will recommend this.”
Mirta Lee, one more reviewer, said, “I am very impressed with how professional, easy, and safe this loan site is … everything was simple, I got approved right away, and my information was never sold or stolen.”
The sole bad review came from someone logging in as Loca Loca, who voiced the opinion the site was a phishing scam. That reviewer based that opinion off of the fact the websites asks for banking, personal, and contact information but doesn’t guarantee a loan.
To be fair, no website can guarantee a loan without knowing more information about the person requesting it.
APR5.99 - 35.99%
Minimum CreditNo minimum score needed
BadCreditLoans.com Pros and Cons
Nothing is ever all good or all bad. Here are the upsides and downsides of this lending platform.
- Free to apply: BadCreditLoans.com doesn’t charge its customers a fee for linking them up with lenders.
- Competitive (for some): Those borrowers will be the ones with better credit histories.
- Fast: If you’re having an emergency situation that requires you to have money quickly, it’s possible through BadCreditLoans.com.
- Bad Credit OK: They don’t have strict criteria for people who need to borrow money.
- APRs Can Be High: If your poor credit means you only qualify for the costliest APR, you’ll have to cough up a lot of money for your repayment term.
- Not Transparent About Fees: There isn’t any way for you to determine what types of fees might be required until you’re offered a contract.
- Short Repayment Period: The lengthiest term you can get is three years.
- $10,000 Maximum: At best, you can land a $10,000 loan. That may not be enough for what you need it for.
- Could Affect Credit: BadCreditLoans.com says an applicant’s credit may be impacted when a lender performs a credit check.
BadCreditLoans.com Frequently Asked Questions
- How does BadCreditLoans.com make money?
It doesn’t charge potential borrowers a fee for filling out the request form. The site acknowledges that it may get money from third parties for “successful or unsuccessful product or service requests.”
- Will filling out the request form with BadCreditLoans.com hurt my credit score?
BadCreditLoans.com will only do a soft pull, if that, when it receives a request form. But, your credit score may take a dive if the lenders decide to do a hard pull on your credit report.
- Does the website offer anything other than being a middleman for personal loans?
BadCreditLoans.com also provides education. Having the right information at your fingertips can teach you some valuable lessons about handling your finances and your private data responsibly. The website does offer a news section full of articles you can use to learn more about finances.
- Who might BadCreditLoans.com share my personal information with if I fill out a loan request?
There are several businesses and entities BadCreditLoans.com may share your information with, including:
- Agents of records who work for lenders.
- The whole network of lenders the site is affiliated with.
- Any other companies that might offer you related services.
- Some other third-party marketing affiliates.
You can contact the company at 800-245-5626 to limit that sharing at any time.
- Is it possible to get the full $10,000 loan -- the maximum offered through lenders associated with BadCreditLoans.com -- even if I have bad credit?
If you have bad credit, it’s highly unlikely you’ll get a loan of that size. They state on their website that their lenders usually won’t lend more than $1,000 to borrowers who have poor credit.
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Shannon is a mother of two and an award-winning journalist and freelancer who lives in Illinois. She obtained a bachelor’s degree in English from Illinois Wesleyan University before beginning her 20-year career in newspapers. When she’s not spending time with her children, she is often pursuing her favorite hobbies — running, metal detecting, kayaking, and reading about personal finance.
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.