Bad Credit Loans Review

Wednesday, December 11th

2024 Personal Loan Reviews

Bad Credit Loans

• Refers you to lenders in their network
• Loans from $500 to $10,000
• Repayment terms from 90 days to 6 years
• "A+” rated by the BBB

Bad Credit Loans connects prospective borrowers with a vast network of lending partners, which can include banks, credit unions, even state and Tribal lenders. You can use this platform to borrow anywhere from $500 to $10,000, and repayment terms from 90 days to 6 years. Obviously that's a huge spectrum, and your loan offer will naturally depend on your individual credit profile.

Doesn't vet any of their lending partners

We aren't thrilled with the fact that Bad Credit Loans has this disclaimer: "We are not a lender and don't endorse or control any of the lenders or other providers in our network or our extended network.” In other words, they'll pass your information along to anyone who wants to pay for it, and Bad Credit Loans takes no responsibility for making sure any of those lenders are trustworthy. And they certainly don't come out and tell you anything about who those lenders are in advance, so that you can see reviews and determine if you feel comfortable taking out a loan with them. Okay, then.

Basic eligibility requirements

You have to meet some eligibility requirements to use this service to get a personal loan. You have to be at least 18 years old, have regular income and a checking account in your name, and be willing to provide home and work phone numbers plus a valid email address.

You could get unrelated marketing offers

When you fill out how much you'd like to borrow, Bad Credit Loans gets right down to it, asking for your zip code, last 4 digits of your SSN, and your date of birth. Hit the continue button, and you're giving them consent to send you marketing communications for loans and "credit-related products like debt relief, credit repair, banking, and credit-monitoring”. They'll also look up whether or not you have an existing account with their affiliated websites, but they don't tell you what sites those might be.

They ask for your banking info upfront

We also don't love that, as part of the process of even getting an initial personal loan offer, Bad Credit Loans requires applicants to provide not only their full SSN but also their bank routing number and account number. We get that eventually everyone has to provide those details to get loan proceeds, but asking for it before even making an offer feels like a sleazy way to grab some really sensitive data before providing anything of value. But, if you decide to bite the bullet and give Bad Credit Loans all of that information, they promise to match you with "up to 5” loan offers from partners in their network.

Reviews are outdated and not universally positive

Bad Credit Loans is "A+” rated by the Better Business Bureau, with no complaints filed there over the last three years. But, feedback for this company is relatively limited, with just a dozen or so ratings on Trustpilot (with the most "recent” dating back to 2022) and 30 or so reviews on various financial blogs and websites. And, most of those reviews are fairly average, with some showing appreciation for being able to use this service to get a personal loan, with others complaining about high interest rates or the depth of the information collected prior to receiving a loan offer.

Not really worth your time

So, let's recap. Bad Credit Loans has a large lender network, but they don't come out and tell you who they work with. You won't be able to borrow as much here as with other options on our list, with a max loan of just $10,000. And, you'll have to provide your most sensitive financial information just to fill out the preliminary inquiry. But, Bad Credit Loans' "A+” from the Better Business Bureau and some "good enough” reviews are enough to keep this service off the bottom of the barrel, coming in with a mediocre-rating from us.