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Bad Credit Loans Review

Thursday, May 30th

2024 Personal Loan Reviews

Bad Credit Loans Review 2 Star Rating

Bad Credit Loans

2 Star Rating
  • 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.

Best Personal Loans

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.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

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Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

Compare Personal Loans

Select any 2 Personal Loans to compare them head to head

  • Upstart
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  • Discover
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Upstart vs SuperMoney Upstart vs Discover Upstart vs Happy Money Upstart vs SoFi Upstart vs Splash Financial Upstart vs LendingTree Upstart vs Prosper Upstart vs Bad Credit Loans Upstart vs Ace Cash Express Upstart vs Personal Loans SuperMoney vs Discover SuperMoney vs Happy Money SuperMoney vs SoFi SuperMoney vs Splash Financial SuperMoney vs LendingTree SuperMoney vs Prosper SuperMoney vs Bad Credit Loans SuperMoney vs Ace Cash Express SuperMoney vs Personal Loans Discover vs Happy Money Discover vs SoFi Discover vs Splash Financial Discover vs LendingTree Discover vs Prosper Discover vs Bad Credit Loans Discover vs Ace Cash Express Discover vs Personal Loans Happy Money vs SoFi Happy Money vs Splash Financial Happy Money vs LendingTree Happy Money vs Prosper Happy Money vs Bad Credit Loans Happy Money vs Ace Cash Express Happy Money vs Personal Loans SoFi vs Splash Financial SoFi vs LendingTree SoFi vs Prosper SoFi vs Bad Credit Loans SoFi vs Ace Cash Express SoFi vs Personal Loans Splash Financial vs LendingTree Splash Financial vs Prosper Splash Financial vs Bad Credit Loans Splash Financial vs Ace Cash Express Splash Financial vs Personal Loans LendingTree vs Prosper LendingTree vs Bad Credit Loans LendingTree vs Ace Cash Express LendingTree vs Personal Loans Prosper vs Bad Credit Loans Prosper vs Ace Cash Express Prosper vs Personal Loans Bad Credit Loans vs Ace Cash Express Bad Credit Loans vs Personal Loans Ace Cash Express vs Personal Loans
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