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BadCreditLoans.com Reviews: Should You Trust This Bad Credit Loans Provider?

BadCreditLoans.com is a renowned bad credit lender found online. The company connects consumers to multiple lenders from whom they may acquire loans at favorable terms.

Reportedly, borrowers can access anything between $500 and $10,000 through the website, but whether any of the claims associated with the company are accurate is to be determined by our findings after scouring through thousands of customer reviews and other sources that cover the company. This article summarizes everything you might need to know before requesting a loan from BadCreditLoans.com.

What Can BadCreditLoans.com offer?

BadCreditLoans is an online lending service that offers short-term loans. The website offers its services free of charge and has been in the market for more than 24 years. The company was founded in 1998. Over its lifespan, it has provided short-term loans to thousands of customers who have written numerous positive reviews confirming the quality of its services.

Rather than directly providing you with the loans, the company connects you with multiple vetted lenders in your area. These lenders have to meet specific criteria to be included.

Each loan acquired through the website comes with a due date by which you must repay the loan with interest. You only need to enter your basic information to view the multiple loan offers on the platform.

How Does BadCreditLoans.com Work?

BadCreditLoans has a simplistic design that is easy to navigate. To secure a loan, you need to:

  • Complete a simple form by filling out your basic info to view available offers.
  • Pick a lender whose loan offer works best for you.

After choosing a lender, you may also review other offers to see if any other offer beats the terms of your current pick. Suppose you do not find a suitable lender match on the platform. In that case, the platform entends your request to a more extensive network comprising third-party lender networks to increase your chances of getting a favorable offer. The website’s availability is highly reliable as it serves those in critical need of a quick loan.

What are the features and benefits of BadCreditLoans.com?

To allow its services to be exceptionally high-quality, the company implements the following features and standards:

Simple Loan Application

The company puts effort into making its service highly accessible by simplifying steps from its user interface to the three-step loan acquisition process. You only need to complete a simple form, compare lender offers, and pick one that suits your needs.

24/7 Availability

Since the company’s primary purpose is to provide an option for individuals with limited options in an emergency, it offers its services round the clock.

High-end Security

The company secures your personal and financial information from the wrong hands by deploying the best internet protocols with highly secure encryption technology.

No Fees or Obligations

BadCreditLoans presents you with multiple lender options, but you have no obligation to pick any if none meets your needs. Instead, the company charges the lenders who collect interests from you. The company also exempts you from the burden of paying a fee to access any of its offers.

Choose How to Use Your Loan

Unlike traditional lending systems that require you to declare your intentions with loans upfront, BadCreditLoans doesn’t follow up on how you use the money you acquire through their platform. Whether you use it to invest or improve your lifestyle is up to you, provided you pay back as agreed upon by the lender.

Access Alternatives if You Can’t Find a Suitable Deal

BadCreditLoans specializes in providing solutions to individuals considered uncreditworthy by typical lending systems. Unlike most of its competitors, the company has two types of lender networks. The primary network consists of lenders subscribed to the service, while the second consists of external lenders. If you don’t find a suitable match in the primary network, the company extends your bid to the secondary network to ensure that you get a solution at the end of the day.

Does BadCreditLoans.com Charge Consumers?

The sole purpose of BadCreditLoans to borrowers is to provide loan acquisition options; hence, it does not charge anything directly. However, you must pay interest for loans offered to you by the lender, to the lender. You may also pay other fees depending on the offer terms you agree to. You may also be required to pay fines if you fail to repay the contract’s loan.

The lenders, however, must pay a commission to the company for every borrower they are connected with.

What are the APRs, Fees, and Borrowing Terms of BadCreditLoans.com?

As stated above, the company does not directly charge borrowers for the services provided. But the lenders may charge borrowers fees such as loan interest which may also be referred to as APR (Annual Percentage Rate). All loans acquired through the platform come with an APR ranging between 5.99% and 35.99%, depending on the offer. Lenders may propose different contract terms; hence, you might see different APRs and other expenses from other borrowers on the platform.

Typically, BadCreditLoans have a repayment period ranging from 3 to 72 months, depending on your unique agreement.

However, lenders have to declare their APRs and any other charges up front as per the platform’s rules. The early declaration enables borrowers to make informed decisions. Be cautious enough to read the fine prints not to miss critical contract terms such as fines for late repayments and any other charges.

For your good, installment loans should only be taken for emergency needs rather than a long-term investment. They are relatively expensive compared to other types of loans.

BadCreditLoans.com Range of Acceptable Credit Scores

As previously stated, BadCreditLoans has two networks of lenders, primary and secondary. The two levels enable the company to offer loans suitable for all types of bad credit borrowers, regardless of whether you have good, average, bad, or no credit score.

Credit scores are decided upon a scale of 300 to 850 points. Here is how each score is categorized as per the standard measure:

  • 800 or more: Excellent credit
  • 700 or more: Good credit
  • 600 to 750: Average credit (710 is the average credit score in the United States)
  • 450 to 600: Fair credit
  • 450 or Below: Poor credit

Some lenders may also apply the FICO or VantageScore rating scales, which slightly differ from the standard credit score. The ‘good’ rating of a FICO score scale, for instance, ranges from 670 to 739.

BadCreditLoans.com Borrowing Requirements

BadCreditLoans deals with multiple lenders, each with unique requirements concerning the amount you may borrow, minimum payments, and your credit score. However, the website demands some basic information before allowing you to view the available offers in your area.

They include:

  • Your name
  • Date of birth
  • The amount you wish to borrow($500 – $10,000)
  • Zip Code
  • Last four digits of your Social Security Number (SSN)

Expect more questions as you progress with filling the form as the company needs to verify your identity and determine the level of risk involved in lending you.

Here are some other details you might be requested to provide before accessing the available offers in your region.

Reasons for Taking Out a Loan

People take loans for reasons such as:

  • Credit card refinancing
  • Emergency needs
  • Buying expensive stuff
  • Auto repair
  • Financing business
  • Vacation
  • Rent
  • Debt relief
  • Education needs
  • Medical needs
  • Taxes
  • Mortgage

This information is only requested to determine the level of risk involved but not to dictate how you use your loan. Once you land a suitable deal, you can use the loan.

Your address

The company may also request your physical address and inquire how long you have been a resident of the address and whether you own the home you live in.

Proof of Income

Your source of income is another critical factor in determining your level of risk. People earn incomes from different sources such as employment, entrepreneurship, and retirement benefits. If you are employed, they may request your employer, the length of time you have been in the occupation, and the amount which you earn.

You will need to provide your monthly gross income, which is the initial amount you receive before deductions such as taxes.

Driver’s License /ID

Whether acquiring loans from online lenders or traditional financial systems, you must provide a legal document such as your Identification number or driver’s license.

Social Security Number (SSN)

All lenders must also request your SSN, which carries crucial information concerning your creditworthiness.

Bank Account

Once you pass the test as a viable loanee, the lender will need your bank account details to deposit the funds directly. You will have to declare whether you have a savings or checking account. Checking accounts are preferable, as the lender can automatically deduct their cash once the repayment period is due. They might also require that your income is directly deposited into the bank account you provide.

The company might also inquire how long you have used the account to confirm that you are a reliable loanee. You might need to provide your routing number and account number.

Are There Any Downsides to The Terms?

BadCreditLoans has an endless list of third parties, including lending partners and marketers. By agreeing to their terms, you agree to receive information from their third parties, which might include other viable loan offers and other credit-related services.

Word on the Market About BadCreditLoans.com

As one of the most renowned bad loans lenders, BadCreditLoans has been reviewed by numerous independent parties and customers. Compared to other brands on the market, the company has a score of about 80%. Third-party review sites such as FinMasters, Fortunly, and BadCredit have awarded the company an average of 4.5 out of 5-star ratings. These review sites have professional editorial teams that conduct rigorous market surveys to rank companies based on statistical data.

According to third parties, BadCreditLoans was satisfactory accessibility and had excellent customer support. Its website is easy to use and has self-explanatory information collection procedures that most people would find easy to follow.

However, a few concerns over sharing information such as phone numbers and emails with marketing partners. Some customers expressed discontent with how some partners called and sent advertisement emails. Regardless, the favorable loaning terms are worth the bother for most customers.

BadCreditLoans currently has an F rating from the Better Business Bureau (BBB). Throughout its 24 years in business, the company has only received two complaints, but none in the past year.

Contacting BadCreditLoans.com

BadCreditLoans was founded in 1998 and is run by Chief, L.L.C. The company does not provide any loans directly but instead provides reliable and trusted lenders. For the lenders, it offers reliable customers who have the highest chances of repaying loans, giving them the assurance they need in the risky bad credit market.

According to its official page, the company was founded on providing solutions to borrowers who may have run out of options with a bad credit record by offering its services entirely free for borrowers.

You can reach the company through any of the following contacts:

  • Email: support@badcreditloans.com or by filling this form.
  • Phone: 800-245-5626
  • Mailing Address: 2661 N Pearl St #431 Tacoma, WA 98407

Final Word

The strictness of typical brick-and-mortar financial systems has created a culture that keeps borrowers in a panic, especially when they have a bad credit score. However, online websites such as BadCreditLoans bring a balance by linking willing lenders to such borrowers while reassuring both sides of the deal.

However, you must stay true to the agreement by keeping loan repayment deadlines and paying the whole agreed amount to avoid fines and extra charges.

Today, you can easily get out of a critical financial situation with a few clicks on BadCreditLoans.com.

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