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      July 2, 2020

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Upstart vs Bad Credit Loans

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To help you find the Bad Credit Loans, TopConsumerReviews.com provides you with an in-depth comparison of Upstart and Bad Credit Loans.

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If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

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Best Reviews

2020

Bad Credit Loan Reviews

5 stars
Upstart

UPSTART

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Loan:

From $1,000 to $50,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award Founded by former-Google employees, Upstart wants to make credit affordable to borrowers while reducing risk for banks. Although Upstart targets a specific demographic - recent college grads and young professionals - they earn our top rating for bad credit loans. Why? It's the only lender in our review that looks far beyond your actual credit score when deciding if you're eligible to borrow money. Do you have a degree, in a solid field of study? Do you have a strong work history? How many years of credit are on your record? Upstart takes all of this into account, making it more likely that you'll qualify.

Your minimum credit requirements to be eligible for an Upstart bad credit loan depend on where you live. Generally speaking, you'll need a minimum Vantage or FICO score of 580. In some states, that minimum score is 620. However, if you don't have a sufficient credit history to produce a FICO score, you can still apply for funding through Upstart - which you probably won't find with many other lenders.

Upstart also takes into consideration your debt-to-income (DTI) ratio, and you can't have any bankruptcies or accounts in collections/delinquent currently on your credit report.

The online application takes just 5 minutes, but expect to answer more in-depth questions about your employment and educational background. A "soft pull" of your credit history will be done, to verify your credit score and information. If your application is approved and you accept your loan terms, you could have your loan money deposited by the next business day. (Please note that if you live in Iowa or West Virginia, you aren't eligible for a bad credit loan through Upstart.)

Loans are available in amounts ranging from $1,000 to $50,000. All of the loans offered have a fixed-rate APR, no matter the amount borrowed. According to Upstart, the average 3-year loan funded through them will have an APR of 21%. That's not a bargain, but we're pretty sure it's a lower interest rate than what you're currently paying on your credit card(s). Although we couldn't find this detailed on the Upstart site, our research indicates that you should also expect origination fees when your bad credit loan is funded. Those fees could represent up to 8% of your total loan amount, so be sure to read the fine print before you accept your funding.

On the other hand, there are no fees for paying off your loan early or for making extra payments. (And that's usually a smart idea!)

Upstart has a phenomenal reputation. The Better Business Bureau continues to give this lender an "A+" rating and accreditation. And, over nearly 6,000 independently-verified client reviews, Upstart earned a 4.9 out of 5 stars. We were especially encouraged to see reviews from repeat customers - it's always a plus to see that people like a business enough to come back for more, especially in an industry that can be as tricky as loans/finance.

If you have not-so-great credit (or no credit history at all) and want a lender that will look at the whole picture of your life, start with Upstart. There's no other institution that takes your education and earning potential into consideration when deciding if you qualify to borrow money. Upstart is trustworthy and efficient, and they easily earned our highest recommendation among providers of bad credit loans.

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1 star
Bad Credit Loans

BAD CREDIT LOANS

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Loan:

From $500 to $10,000

You might think with a name like Bad Credit Loans, this provider would be the perfect source of money for people with less-than-awesome credit. However, looking at the reputation of this service, we think the "bad" might be referring to the service you can expect!

First off, it's important to understand that Bad Credit Loans doesn't actually lend money, which isn't uncommon. There are lots of funding sources that serve as referral partners, connecting you with banks and other resources to get the money you need. But, from what we found, providing your information to Bad Credit Loans is not likely to do much more than qualify you for endless spam from not-very-reputable companies hoping to get you to do business with them.

However, let's say that you decide to give Bad Credit Loans a try. Do you meet their minimum eligibility requirements? They are:

  • Provide a valid email address, work and home telephone numbers
  • Have a checking account in your own name
  • Provide proof of citizenship (SSN, etc.) or legal residency
  • Be at least 18 years old
  • Have regular income, either from disability, Social Security benefits, full-time employment or self-employment

The next step is to fill out their online form. You'll have to enter information about how much you'd like to borrow, your income source (including your employer's name and phone number) ,bank account number and even your Social Security number (so that potential lenders can verify your identity). You'll also have to enter your mobile phone number - and in the fine print, it says that by doing so, you're consenting to receiving texts, calls and voicemails from various marketing partners. Plus, further on in the fine print, it says that by entering your SSN, you're consenting to both "soft" and "hard" pulls on your credit - and hard pulls can bring your credit score down even further!

When we called the toll-free number for Bad Credit Loans, we got a computerized voice recording telling us about their products and services, and directing us to their website to begin the application process. We're not sure about you, but to us it's less than reassuring to call a lending referral service and only get a robot!

If only that were the only cause for concern with this service. Unfortunately, that's just the beginning. Bad Credit Loans, despite being in business for over 20 years, earned the lowest possible rating from the Better Business Bureau. Contributing to this company's "F" rating was their failure to respond to most of the complaints filed against them. You can probably guess what those complaints were: failure to connect customers with real lenders, an abundance of spam, and concerns about the safety of their identifying information.

You would probably have a hard time finding a source of bad credit loans that's worse than this service. Bad Credit Loans shouldn't be entrusted with your personal details, let alone with your financial needs.

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Continued from above

Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

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