About 30% of Americans have bad or really poor credit. This means that 30 percent of the population will have a hard time obtaining a loan or a line of credit.
What happens when someone wants to apply for a loan, but they don’t have an attractive credit score? They can always apply for a bad credit loan.
In this article, we will review BadCreditLoans and give you the information you need.
Read on get the full BadCreditLoans review.
The BadCreditLoans Overview
As the name suggests, BadCreditLoans is a service for people with bad credit. This service is for people who don’t qualify for other types of traditional loans because of their credit. Either, they get really high-interest rates, or they don’t qualify at all.
If what they’re looking for is a loan but don’t have the time to look at every site, BadCreditLoans can help folks with the shopping process.
This site provides people with all of the offers they qualify for based on the information they entered. After they have browsed through and compared all of the offers, they can make a selection.
The details will include the amount, interest rates, fees, and other repayment details.
This service is perfect for people looking for personal, home, auto, student, and business loans. BadCreditLoans welcomes most credit scores, however, their ideal candidate should be in the high 500s or up. Those who have an excellent credit score can still apply for these loans.
In order to qualify for a loan you need to meet these requirements:
- Be at least 18 years old
- United States Citizen
- Email Address
- Phone number
- Checking account
- Proof of income or employment
Without meeting all of these requirements, they cannot qualify for the loans.
Watch Out for This
Although a loan from BadCreditLoans can be a lifesaver for most people, it doesn’t come without its share of cautions.
Since these loans are for individuals with poor credit history, the interest rates and fees are quite high. If individuals don’t read the fine print carefully, they can end up paying astronomical fees.
For example, someone who takes out a $1,000 loan at the high APR of 35.99% for 36 months, they would pay a total of $643 in interest.
Some of the loans have interest rates as high as 35.99%, which for some it might be double the APR of a credit card.
Also, those with really bad credit are a lot more limited on how much they can borrow.
Before you determine if your credit is really bad, you should get a free copy of your credit report.
How to Apply for a Loan?
For those who decide BadCreditLoans is the right fit for them, they fill out the short loan request online by entering basic personal information.
BadCreditLoans will then populate a list of the options, payments, terms, and conditions so they can pick one.
BadCreditLoans Review: The Bottom Line
Now that you’ve read the BadCreditLoans review, it’s time you decide if this is a good option for you. This service is best for people with a low credit score, but anyone can apply.
However, watch out for high APRs and fees.
Want to learn how you can find the best loans online? Check out this article.