LendingPoint vs OneMain Financial

If your credit's in rough shape, you're far from alone-more than 70 million Americans are in the same boat. "Bad credit" basically refers to your credit score, which is like a report card for how you've handled borrowing and payments - and on the FICO scale, a 620 or lower puts you in the poor range. That number can affect everything from whether you're approved for a loan to the interest rates you're offered, so it's worth understanding where you stand.

By now you've probably realized that getting a loan with bad credit can feel like a carnival game - it looks simple until you step up to play. Some lenders do focus on borrowers with shaky histories, but the tradeoff is what are often called "bad credit loans" with higher rates and less friendly terms. It's essentially paying extra for a turn at the booth. Before you jump in, compare offers and read the fine print, because fees and penalties can sneak up on you.

A low credit score often comes from a mix of habits and hard breaks. Missed payments, defaults, or bankruptcy weigh heavily, and carrying balances near your limits - or having little credit history to show - doesn't help. Life happens, and a job loss, medical bills, or plain bad luck can make on-time payments tough. Frequent hard inquiries when you apply for several accounts at once can chip away at your score too.

Traditional banks often aren't much help when you're looking for a loan with bad credit - they tend to see you as too risky to approve. Shopping online, however, opens doors to smaller lenders, credit unions, and peer-to-peer marketplaces that serve borrowers with imperfect credit. Many let you prequalify with only a soft credit check, so you can compare offers side by side before you commit.

Be careful - not every lender is looking out for you. The last thing you want is to get snared by a shady outfit that buries the ugly terms in microscopic fine print. Take a moment to compare offers, read the disclosures closely, and walk away if anything feels off, because a fair deal won't depend on tricks you can't see.

If you're ready to get your finances back under control and rebuild your credit in the process, we totally get it. But taking out a loan of any kind can be stressful, so you want to make sure you choose the best lender. To help you out (and keep you from signing up for a service that might not be totally honest), we've put together some factors that can help you pick the best loan provider out there:

• Transparency. The best bad credit loan lenders will have clear and easily located terms, rates, and details for their loans. If you feel like it's hard to find the details for your lender, you might want to stay away. You're already going to be working with higher interest rates and more risk than the average person with good credit, so you should only go with a loan servicer that's 100% transparent about the process and costs.
• Customer service. It's nerve-wracking to apply for a loan, we know. So make sure that you choose a bad credit loan platform that offers reassurance and helpful customer service. That way, if you need assistance along the way, you know you can trust your loan servicer to have your back.
• Ease of use. Getting a loan is hard enough without the website making the process more stressful than it needs to be. Make sure you choose a bad credit loan site that offers easy applications and a helpful user interface. Everything from the first application to the processing and payment windows should be simple and easy to navigate.
• Reputation. Finally, make sure that you check out your chosen bad credit loan provider on verified third-party review sites. Has it been well-rated by other customers who are in similar situations to yours? Does it have a top score from the Better Business Bureau, so you know you can trust the site? Make sure your chosen lender has a reputation for supporting its clients throughout the lifetime of their loans.

Everyone deserves to have their finances under control, even if their credit score isn't where they'd like it to be. So, if you're ready to take the next step to improve your credit or just get your feet back under you, we've got your back. Top Consumer Reviews has researched and ranked the most well-known bad credit loan services on the market. Soon, your low credit score will just be a bad memory: you're going in the right direction, and now you can be smart and safe about where you borrow money. You've got this!