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Wednesday, June 23rd
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.
Minimum loan requirements
However, let's say that you decide to give Bad Credit Loans a try. Do you meet their minimum eligibility requirements? They are:
Might affect your credit score
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!
Lack of personal contact
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!
Failure to respond
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.
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.
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:
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!
Select any 2 Bad Credit Loan Providers to compare them head to head
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