Tuesday, June 15th
2021 Bad Credit Loan Provider Reviews
Lending Club
- Loan: From $1,000 to $40,000
Unlike most bank-funded bad credit loans, LendingClub works through peer-to-peer investing - over $50 billion to date! That means that your money might not be available as quickly (possibly up to 4 days to be deposited). Plus, you may need to add a co-applicant to qualify for a bad credit loan; the better your credit score, the lower your fees and interest rate. While LendingClub has 5-star reviews from tens of thousands of customers, a change from an "A" to "No Rating" from the Better Business Bureau could indicate that this company's reputation is taking a hit. We think LendingClub is a good option, but we recommend keeping an eye on the fine print and any updates the BBB offers.
Bad Credit Loans
- Loan: From $500 to $10,000
Bad Credit Loans is sketchy at best. While there are several resources that work as a referral service to connect prospective borrowers with lenders, this one seems to serve only as a means of providing your information to an endless array of spam marketers. Even the BBB gives Bad Credit Loans an "F" rating, solidifying our ranking of the company as our least recommended provider of loans for people with poor credit scores.
More Bad Credit Loan Provider Reviews
The 7 Best Bad Credit Loan Providers
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.
Bad Credit Loan Provider FAQ
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!
Compare Bad Credit Loan Providers
Select any 2 Bad Credit Loan Providers to compare them head to head
Trending Bad Credit Loan News
Related Bad Credit Loan Reviews
Since you're interested in Bad Credit Loan Providers, here are some other reviews you might find interesting.
Newest Reviews
