a loan with bad credit

a loan with bad credit

Personal Loans For People With Bad Credit Or No Credit

Bad credit or no credit makes it tough – but not impossible – to get a loan. Credit unions, home equity and peer-to-peer loans or even debt consolidation with no loan could improve your credit rating and increase your future options.

Personal Loans For People With Bad Credit Or No Credit

You may have seen it on a sign somewhere or possibly on your TV or computer screen: “No credit, no problem!” Don’t believe it. The truth is, when you need to get a personal loan and you have no credit or bad credit, there definitely is a problem. It’s not an insurmountable one, but it is a problem nonetheless.

Having poor credit makes you a high-risk customer to major banks, credit unions and other major lending institutions. Those lenders have strict standards, and they rely on credit scores when picking their borrowers and calculating loan terms. Unless lenders are assured that their loans will be repaid, they simply won’t make the loan. In addition, heightened regulations and tighter internal controls by lenders in the wake of the Great Recession make today’s lending climate a tough one for borrowers.

So when your credit is bad, you may feel like you’re at the mercy of payday lenders and other sources of financial help, sources that will only loan you money if you agree to repay it at high, or “subprime,” interest rates. These loans are fool’s gold. They often you leave more in debt than you should be. In fact, payday loans are illegal in 13 states because of their predatory terms.

To understand how your credit affects your personal loan options, the best place to start is to understand your credit score. Free credit scores are now available at several online sites.

The National Foundation for Credit Counseling says that 60% of Americans haven’t checked their score in more than a year.

Some common signs of a bad credit score include:

  • You are paying higher interest rates than you see advertised
  • You have stopped trying to pay down debt and are satisfied making minimum payments on high interest credit cards
  • You have a history of late payments for housing, utilities or other monthly bills
  • Your checking account is overdrawn on a regular basis
  • You have problems getting a lease for housing
  • Cell phone companies won’t give you a contract

All of these have a negative effect on your credit score, making it more difficult to get a loan. Don’t get sucked into a situation that sounds too good to be true. If you have bad credit and need a loan there are options available but it will take a little time and research to find the one best suited to you.

Credit unions are similar to commercial banks in terms of their services, but they are owned by their members rather than by profit-seeking shareholders. Credit unions are nonprofit institutions, meaning they pass their earnings along to their members in the form of lower fees and borrowing costs and better customer service.

A credit union – especially one affiliated with your employer or one that is community-based – may be willing to look beyond a poor credit history and make a judgment about whether it will loan you money based on your character and your promise to repay, regardless of if you have bad credit or not. Think of them in the way you would a small community bank from years ago.

Although the recent recession forced a number of smaller credit unions around the country to merge with larger ones, almost all credit unions are actively looking for borrowers. If you can afford terms that match your credit history, you are likely to find a credit union somewhere willing to work with you.

If you are thinking of asking a credit union for a personal loan, look for one with which you have something in common. For example, if you are a veteran of the armed forces, you might want to approach the Navy Federal Credit Union. If you are a teacher, there are credit unions created by and for members of that profession.

By joining a credit union, you could position yourself for much more favorable loan terms, regardless of your credit score.

The Navy Federal Credit Union caps its personal-loan annual percentage rate (APR) for members at 18% — and that holds true even if your credit score is 600 or less.

In the same credit situation, a bad-credit borrower might receive a 36% APR from another lender.

Let’s say you have a three-year, $10,000 loan. Here is the total repayment:

The chance to save more than $3,000 makes it worth looking into enrolling in a credit union.

In Shakespeare’s “Hamlet,” the character Polonius admonishes his son Laertes to be “neither a borrower, nor a lender.” While this advice is prudent when dealing with strangers, it might be even more judicious if you’re thinking about borrowing from family members or friends. Not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report.

Nevertheless, sometimes those closest to you are your best sources of funds and a family loan can benefit everyone involved. You should always treat any loan from someone you know just as if it were an important business transaction between you and a stranger. That means it should be formalized with clear documentation and legally recorded. To avoid future problems, create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.

If borrowing from a friend or relative is not possible, you can still approach someone with good credit who trusts your capacity to repay the loan and you can ask him or her to be a co-signer on a personal loan from a traditional lender. With a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment. All payment information will be recorded on both yours and your co-signer’s credit reports, so if you default on the loan, or you’re late with payments, you will severely damage your co-signer’s credit score. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.

If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Home equity is the difference between the amount your home can be sold for and your mortgage. Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home. Also, the interest you pay on a home equity loan is usually tax-deductible.

Unlike a home equity loan, which is a lump sum of cash, a HELOC acts like any other credit account. You can access money when you need to, up to the loan’s credit limit, and you must pay it back according to a predetermined schedule. In both cases, it is important to remember that tapping your home equity puts your property in jeopardy if you don’t repay the debt. But if you are disciplined and have a reliable source of income, it is an inexpensive way to borrow from a reputable lender if you have bad credit.

One of the benefits of a home equity loan or HELOC is the extended loan term (15 or 30 years). The long term will substantially lower your payment, though you will pay more in interest over that time period.

Peer-to-peer lending, also known as person-to-person lending, is a relatively new loan form, having only been around since 2005. It’s an online platform that allows you to borrow directly from another individual rather than from an institution. Potential borrowers can post a loan listing on various peer-to-peer websites, indicating the amount wanted and what it’s for. Investors review the loan listings and choose the ones they wish to fund.

Your credit score is still a factor, but since an individual investor has much greater leeway in how it is to be weighed these loans are often more readily available for people with bad credit. Lending standards are significantly more lenient and interest rates are usually lower than those offered by traditional lenders. In addition, peer-to-peer websites help evaluate risk for the lender, while verifying the lender’s credentials for the borrower.

Getting a Loan with Bad Credit

If you are among the many Americans suffering in the throes of having bad or less-than-perfect credit scores, take comfort in the fact that you are far from being alone. While it is certainly a given that getting your credit back on an even keel is a rather long and tedious voyage, especially after having been turned down for approval time after time, for those looking for assistance there are quite a few reasons to keep their hopes alive. There are plenty of resources and institutions out there willing to be cooperative and help anyone secure the funds they need, regardless of their current credit status. It just takes a little hard work, a sharp eye, and a good amount of patience in order to succeed. Not only will you get the funds you need, but you will just as likely start to rebuild or boost your credit rating in the process.

As mentioned, establishing that even keel with these lending institutions does have its consequences for those with bad credit status, since it does involve the inherent risks for the lender in cooperating with applicants with poor standings. More than likely they will have to incur higher interest rates, along with the related finance charges, and even a much longer repayment term. Yet, as common sense will dictate, if due diligence is kept in maintaining the proper repayment schedule, in full and on time, chances are the lender will eventually extend more favorable terms. As time goes by, once a reasonable amount of financial responsibility is demonstrated, the lender may present an opportunity to reduce the interest rate on the loan, and perhaps eliminate some of the prior fees associated with the loan.

Remember, that regardless of the poor credit rating, there are numerous institutions or lending agents quite adept in the somewhat complicated approval process associated with providing a loan for people with bad credit. While they are certainly willing to assist those consumers in need, it is important to realize that fulfilling the obligation is up to the consumer’s integrity and willingness to cooperate with the payment terms. If not, then the ramifications will result in seriously damaging the credit rating even further.

For people with bad credit, there are two or three types of loans available to consider. The first is the secured loan. This type is designed around the borrower placing something of value into the lending formula as a form of collateral, such as an automobile, the home, or other property or real estate in the borrower’s name. This form of security allows the lender the flexibility in claiming the collateral property should the borrower wind up defaulting on the loan.

This type of secured loan is usually viewed quite favorably within the approval process, and more than likely will yield a much lower interest rate on the loan as a result. The second option is an unsecured loan, which, as the name suggests, is certainly much harder to acquire by virtue of there being no ‘security’ for the lender to access. In addition, the unsecured loan approval will depend heavily on the applicants past and current credit history.

One more option for people with poor credit ratings is the use of a co-signer when seeking a loan. This individual will of course have to have a good credit score to be considered a viable asset to help obtaining the loan, since they will become liable for taking over the payments should the primary borrower default on the loan. However, the positive side of this arrangement is that most lenders will consider releasing the co-signer from the loan responsibility if the primary borrower keeps up a continuous and consistent record of payments on the loan over an extended period of time, and usually after the first year of exceptional repayment history.

Getting a Loan with Bad Credit? It’s Possible. Here’s How.

Let’s face it: Nobody likes to be judged. But when it comes to loans, it’s going to happen. Creditors are going to look deep into your credit history and make a decision about whether or not to lend to you. Lenders need to determine how risky it would be to lend money to a borrower. And if you’ve got bad credit, you might expect to be shown the door right away.

But don’t panic! Even if you have bad credit, it’s still possible to get a loan. Here’s how.

Know Your Credit Score and Know What It Means

Lenders know your credit score, and you should too. When you’re applying for a loan, that three-digit FICO score is going to play a big role in whether or not you’re approved. If you don’t know your FICO score, there are plenty of ways you can find it. You can sign up for a company like CreditKarma.com; you can ask your bank if they provide free credit scores; you can even request one directly from FICO themselves—though they’ll make you pay for it.

So how can you find your credit score? And once you know it, how can you improve it? Check out the OppLoans ebook Credit Workbook: The OppLoans Guide to Understanding Your Credit, Credit Report and Credit Score to learn if you have bad, fair, or good credit—and then, what you can do about it!)

Once you know your credit score, you’ll know how a lender will “judge” you. Typically, they classify borrowers according to the following categories:

(You can read about the implications of your credit score here.)

When it comes to getting a personal loan, borrowers with a credit score above 720 typically pay an 11-percent interest rate. Those with subprime credit pay almost three times as much – 29 percent! For borrowers with a credit score below 550, many traditional lenders won’t offer a loan at all.

Sound Advice: Don’t despair! Borrowers with bad credit still have options like safe installment loans and certain “no credit check loans” (or “soft credit check loans”!)

If you happen to fall into the “poor credit” category, you’ll likely find your loan application has been turned down at the bank. However, you won’t have to look far to find people, both online and on the street, advertising “quick cash” for borrowers with bad credit. Many of these are payday loans, and they are dangerous.

Payday lenders will likely give you a loan, but they’ll make you pay for it. Literally. You can expect an APR of 350 percent or more. Rates that high are how payday loans trap low income borrowers in a cycle of predatory debt. [1] So if you’re thinking about taking out a payday loan, DON’T DO IT.

Worried you might be dealing with a predatory lender? Check out the warning signs in our ebook “How to Protect Yourself From Payday Loans & Predatory Lenders“.

If Your Credit Is Bad, Build It

Here’s the truth: Bad credit can mean that you’re going to have to pay more for a loan. It’s as simple as that. However, your credit score isn’t written in stone. If your credit is currently lower than you’d like, the best thing to do is build it up before taking out a loan.

We know, it sounds daunting. Also, it’s going to take a little bit of time. But don’t worry, you can do it by following these six steps.

Sound Advice: Stay below 30 percent of your credit card limit to boost your credit score.

Consider Personal Installment Lenders

Building credit sounds great, but sometimes emergencies happen and you need funds immediately. A payday loan might be tempting, but there are better options out there.

One place to look is with personal installment lenders. A personal installment loan can used to cover emergency expenses or to consolidate higher-interest debt. These lenders consider many factors when evaluating a loan application – not just your credit score –so you’ll probably have better luck with them. Also, not to toot our own horn, but OppLoans was recently rated the number one personal lender by LendingTree based on customer reviews. Toot toot!

Secured loans are a good way for borrowers with bad credit to boost their appeal when applying for a loan. With a secured loan, a borrower offers an asset – a home or car, for instance – as collateral. It makes lenders more likely to approve a loan because they know they can take possession of the asset to cover their losses if the loan is not repaid. Just make sure you avoid short-term, high-interest title loans! They are definitely not worth the risk.

Sound Advice – Be careful when choosing collateral for a secured loan. If you default on the loan, you will lose your collateral.

Credit unions are a good option for borrowers with bad credit. They’re like banks, but when you apply for a loan, they don’t evaluate you purely on your credit score. The trick, however, is that you have to be a member, so you have to convince them to grant you membership. They look at your financial health, but they also make a decision based on factors like where you live, where you work, or where you went to school. You can search for credit unions near you through mycreditunion.gov.

Sound Advice: Professional groups often form credit unions, so try to find one through your job.

Another option for borrowers with bad credit is to get a co-signer. With a co-signer, the interest rate for the loan will be calculated based on the credit rating of the person you sign with. So find someone with good credit who trusts you to repay the loan. But be careful. That person will be equally responsible for payment, so if you fall behind, they’ll suffer for it too.

Sound Advice: Cherish your co-signer. Payment information will be recorded to both of your credit reports.

At OppLoans, we believe that you deserve better than a payday loan. That’s why we offer personal installment loans with longer terms (6-36 months) and lower rates (up to 125 percent less) than your typical payday or title loan. Plus, our customers rate us an average of 4.8 out of 5 stars on LendingTree and Google.

“How to Get a Loan with Bad Credit” (9 Personal, Home & Auto Loans)

When you think about the word “risk,” what do you picture? Do you imagine a death-defying skydiver, barreling toward Earth at terminal velocity? Or maybe an icicle-bedecked thrill-seeker, perilously perched on the side of Mt. Everest?

When banks hear the word “risk,” they see something entirely different: your bad credit score. In fact, to most creditors, a bad credit score is the scariest thing they can imagine — and something to be avoided at all costs.

As with skydivers and mountain climbers, though, there are lenders who see the benefit of a little risk, and are happy to do business with you and your low credit score. Use the navigation to see our top-rated (bad-credit savvy) providers and what it will take to qualify for your loan.

Whether it’s for an expected event or one of life’s little surprises, a personal loan can be the best solution when you’re in a tough financial spot. Luckily, there are many personal loan lenders who will be more concerned with your paycheck than your credit score.

To calculate your risk, some lenders will use your debt-to-income ratio, taking into account your usual income and current bills; others will require a minimum weekly or monthly income. The qualifications will likely vary with the size of the loan you seek, so keep in mind what you can afford.

PersonalLoans.com is our top recommendation for obtaining a loan with bad credit.

Additionally, borrowers with bad credit should come to terms with the idea that they won’t receive stellar interest rates on any loan they take out — including personal loans. That said, shop around. There are enough lenders dealing with low-credit-score consumers who may offer you something better. Start with our top three lender networks to shop multiple lenders easily.

Home Mortgage Loans for Bad Credit

While many subprime borrowers think they can’t buy a house while toting around their bad credit, that’s not actually the case. True, the interest rates you can attain for your home mortgage loan will be much less attractive than those of your good credit neighbor, but you still have options.

Ideally, you’ll want to place as large a down payment as possible. If you can afford a payment above 10%, you’ll reap the benefits of much lower fees and improved interest rates. If you can swing 20% down, even better. However, you don’t need to be rolling in cash to buy a home with bad credit. You can qualify for an FHA loan with a FICO credit score as low as 580 and put as little as 3.5% down on your home.

When researching your subprime home mortgage loan provider, make sure they offer the type of loan you want — not every lender offers every type of loan. You should also look into their credit history guidelines, as some providers will factor things like rental history and utility payments into their evaluation. Begin your search with our three favorite providers.

In many ways, an auto loan is like a small mortgage. Both loans represent a secured debt: your loan is secured by the collateral of your purchase. In the case of an auto loan, it’s your vehicle — if you default on your loan, they take your auto (and a lot of credit score points).

Because auto loans have a certain level of inherent security, plenty of lenders are willing to offer them to people with even the worst credit scores. The catch? Your income. That minimum income requirement will vary depending on the lender, the size of the loan, and, sometimes, even the make and model of the vehicle.

In general, you’ll likely need a monthly income above $1,200 to qualify for a subprime auto loan, but you should comparison shop for the best deal. You are hardly limited to your car dealership or used car trader to get your auto loan. Take a look at our expert-rated providers to start comparing.

In addition to the common personal, home, and auto loans, you may find a need for a somewhat more specialized type of loan. Both student and business loans have their own unique qualifications that may have less to do with your personal credit history than you realize.

When used carefully, a student loan can be a good way to invest in your education. Young adults with a college degree are more likely to get, and keep, a full-time job, and, on average, earn higher incomes.

This graph from the National Center for Education Statistics shows a strong relationship between a young adult’s education and his or her ability to get — and keep — a full-time job.

There are two main types of student loans: private and federal. Private loans come in many guises, often requiring collateral or a squeaky-clean credit report. Federal student loans, on the other hand, don’t care about your credit score — they usually only require proof of need, and will offer lower interest rates and more flexibility in payment terms.

The first step to qualifying for any federal student loan is to fill out your FAFSA (Free Application for Student Aid). As the name implies, your federal FAFSA should be free to file — be aware of look-alike services that charge a fee to file your forms.

Filling out your FAFSA will result in an aid offer, sometimes containing grants or scholarships, and usually rounded out with federal loans. Federal aid is offered on a first come, first served basis, so it could be beneficial to fill out your paperwork as soon as possible. At the very least, make sure to get in before the deadline for the academic year during which you’ll be enrolling (usually the spring before, but it varies by state).

Once you start a business, you enter into a realm far different from the world of personal finance to which you may be accustomed. Many of the financial options available to your business will depend largely on the type of company you form — a partnership has different tax and credit rules than an LLC, which operates differently than a corporation.

For instance, in a partnership, your business credit report could include information from your personal report, affecting the creditworthiness of your business. In an LLC or corporation, there is legal distance between your finances and that of your business. If your bad credit has affected your ability to get a business loan, try these other options for attaining capital.

To get the best results when applying for a business loan or other funding, do your research. Make sure you are current with all state and local requirements, such as attaining any necessary licensing. You should also be sure to have the more mundane trappings of a legitimate business, such as a company phone number and up-to-date business address.

It may be that even the most adventurous lender doesn’t like the risk you represent. When you’ve repeatedly applied for a personal, home, or auto loan and keep getting rejected for your bad credit, it may be time to try a different angle.

The easiest option is to find a cosigner for your loan who is willing to guarantee to the lender that you can pay back your loan — or they will. To qualify as a cosigner, they need to have a clean credit history and may need to meet income requirements.

If you can’t get a cosigner, you will need to work on fixing your credit before you can successfully get a loan. Consulting a reputable debt management company that can negotiate with your current creditors is a good way to make your monthly payments more affordable, and get back on track to good credit. Remember that rebuilding your credit is far from an overnight process, and will require a lot of patience and dedication.

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Getting Personal With Bad Credit Loans

At Bad Credit Loans, we understand that there are emergencies no one can plan for, and we aren’t limited to helping only consumers with perfect credit. Sometimes a run of bad luck comes up through no fault of your own. However, as long as you’re working, we have the resources to lend you a helping hand no matter if your credit is good or bad. We want to help inform you on making responsible lending decisions and then connect you to available lenders and financial service providers if you feel a bad credit loan would be right for you.

Bad Credit Loans Can Help

We know that it’s the people who are struggling that really need the personal loans, not those with the spotless credit histories who are paying all their bills on time. A perfect spending history simply isn’t possible for many American households, especially in times like these. No matter how well you’ve planned your budget and spending strategies, they can still be thrown off by one unexpected car repair or other emergency when already living paycheck to paycheck.

Fast, Convenient Loan Requests

Our online system makes it easier than ever to request a loan. Just fill out our fast and convenient online loan request and you can get a personal loan offer in minutes from our network of lenders and financial service providers. Your approved loan can be deposited electronically into your checking account in as fast as one business day.

With the personal loans our lenders and financial service providers offer, you will always know exactly what to expect before you are under any obligation to actually take out the loan. All the lenders and financial service providers in our network strictly follow the Truth in Lending Act, which means that you’ll receive documentation of every last detail of your loan beforehand. You’ll be able to see all applicable interest rates, possible fees, and all other information on your loan, allowing you to make an informed, responsible borrowing decision without any pressure.

The approval process for bad credit loans is very straightforward. We require that you’re a legal citizen and an adult (age 18 or older). You’ll need to provide some other basic information for the transaction to take place, such as a valid email address, working phone number, and the bank account where you’d like the money transferred. It’s that easy.

Combining a fast loan request form and approval process with an equally fast delivery system makes getting a bad credit loan easy.

While we try to connect everyone with the personal loans they want, we are especially concerned with keeping consumers requesting only the loans they need. We offer a variety of free, expertly written articles explaining every part of the loan process. You can also find articles replete with:

  • Tips on when to take out a loan
  • How to spend the funds responsibly
  • How to budget your future income in order to pay off a loan quickly

The Cost of Not Getting a Loan

Financial emergencies can strike without any warning: the car could break down, a bill may have gone unnoticed and unpaid for too long, but really, dwelling on the possibilities could last a long time. and isn’t fixing anything.

At Bad Credit Loans, we are more interested in helping you create solutions. Hoping that an emergency will just “go away” if you ignore it tends to only make things worse via late fees and other penalties. Staying pro-active keeps you informed and in control. A quick influx of much-needed funds, when used responsibly, can be exactly what you need to keep bills from getting out of hand.

Unfortunately, no matter how hardworking you are, it doesn’t protect you in an emergency. Most lenders won’t approve those who are struggling to make ends meet, but at Bad Credit Loans, that’s exactly why we offer our services: We connect you with lenders and financial service providers that are ready to help.

In today’s world, it’s become all too easy to get trapped by finances. Bad Credit Loans gives you a way out by connecting you to the assistance you need to help weather a financial emergency and get back on track quickly and responsibly.

APR – Representative Range Explanation

Bad Credit Loans isn’t a lender and doesn’t provide unsecured loans, but it refers consumers to lenders and financial service providers who may provide such loans. A personal loan from a lender or financial service provider in our network often ranges between 5.99% and 35.99%, although APRs vary according to the information that is supplied by you in your loan request. Your lender will provide you with the APR, loan fees and other terms when you are redirected to your loan agreement during the loan request process. For help with any Bad Credit Loans–related services, feel free to contact us.

The APR on a personal loan from our network of lenders and financial service providers often ranges from 5.99% to 35.99% percent depending on exactly how it is calculated by your lender or financial service provider, the duration of the loan, any loan fees incurred, late payment penalties, nonpayment fees, loan renewal actions and various other factors. Please keep in mind that the APR range and your finance charge are not one and the same. The latter will be disclosed later on in the loan request process.

Following is a representative example of a cash loan APR range:

Borrow $2,000 for 12 months with a 19.9% representative APR and a monthly repayment of $183.63 . Total repayment will be $2203.56.

Short-term cash loans are somewhat expensive when compared with other loan products. They are not recommended as a long-term financial solution, and they should only be taken out for emergency financial needs.

Important Implications to Consider

We would like to remind you that Bad Credit Loans is not a lender, and it doesn’t charge users any fees for its services. Every lender and financial service provider in the Bad Credit Loans affiliate network provides consumers with specific terms, conditions and practices prior to their acceptance of offered loans. Bad Credit Loans strongly recommends that you carefully review the terms and conditions of any loan offer that you receive. For further details about the aforementioned considerations, please see ourRates & Fees and Policy on Responsible Lending Web pages.

When you accept the terms and conditions of a particular loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time that is specified in the documents your lenders supplies you with. Additional fees/charges by your lender may apply if you are not able to repay your loan in full or if you make a late payment. Bad Credit Loans is not able to predict the amount of the penalties that you will incur as a result of nonpayment, late payment or partial payment. Bad Credit Loans has no control over knowledge of the loan details between you and the lender with whom you are working. Please refer to the nonpayment, late payment and partial payment policies detailed in your lender’s loan documents. Bad Credit Loans makes a concerted effort to work only with reputable lenders who follow Fair Debt Collection Practices.

FINANCIAL IMPLICATIONS (INTEREST AND FINANCE CHARGES)

If you are approved for a personal loan, your lender will inform you of the exact interest rate and fees attached to your loan prior to your acceptance of said loan. As stated earlier, Bad Credit Loans is not a lender and is unable to predict the exact interest rate and fees for the loan option presented to you. You are under absolutely no obligation at all to accept the loan terms that the lender presents you with.

POTENTIAL IMPACT TO CREDIT SCORE

Although Bad Credit Loans does not make credit decisions, we may do a soft credit inquiry as part of the process. Personal Loan lenders in the Bad Credit Loans affiliate network may conduct a non-traditional credit check in addition to a conventional credit inquiry from the 3 major credit bureaus (Trans Union, Experian, and Equifax) to determine your eligibility for a personal loan. If you do not pay back your loan on time your lender may choose to report this delinquency to one or more credit bureaus, with the end result being that your credit score could be negatively affected. We wholeheartedly encourage consumers to consult a credit counseling company in the event that they are experiencing credit problems.

Loan renewal policies are largely governed by state regulations. Your lender will present you with available loan renewal options prior to your acceptance of their loan offer. Please be sure to diligently read the lender’s renewal policy prior to signing the loan documents. Short-term cash loans are meant to be a short-term financial instrument. Bad Credit Loans encourages all consumers to repay their loan in full and on time in order to avoid late payment and/or nonpayment penalties. If you think there’s a possibility you could end up being unable to pay off a personal loan that you borrow, we would recommend that you explore different loan alternatives before requesting a loan through our website.

Again, Bad Credit Loans is not a lender, and moreover, it doesn’t engage in debt collection practices. Your lender’s collection practices will be clearly disclosed to you in the loan documents that you receive. Should you be unsure of the specific collection practices used by a particular lender, we strongly advise that you discuss this issue with the lender directly. Bad Credit Loans makes reasonable efforts to only work with reputable, established lenders who follow Fair Debt Collection Practices.

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BadCreditLoans.com (the “Website”) is operated by Chief LLC (the “Website Operator”), which is a limited liability company established in Nevada. By your use of this Website you consent to the laws and jurisdiction of Nevada as it relates to your use of this Website.

Legal Disclaimer: The purpose of this website is to connect potential borrowers with the lenders and financial service providers that advertise on this website. The operator of this website is neither a lender nor a broker and does not make any credit decisions. This website merely takes information from consumers and forwards it to lenders and third parties who may be able to provide the types of loans that may meet the consumers needs. For those consumers who do not qualify for a Personal Loan, we will refer you to alternative lenders and providers. This website shall not be considered an offer or solicitation for a loan. There is no guarantee that you will be approved for any type of loan. We do not charge you for the service we provide and are not a representative or agent of any lender or third party provider. We are compensated by lenders and third parties. The time it takes for money to transfer to your account will vary by lender and also depend on your individual financial institution. You may be required to fax information to your lender in order to receive a loan. This service and lenders are not available in all states. If you have any question regarding the details of your loan, you should contact your lender directly. Personal loans and other types of loans should not be considered a long term financial solution. They are means to provide short term financing to solve immediate financial needs. Lenders and third party providers may perform a credit check with one or more credit agencies. These credit checks can have an impact on your credit score. By submitting your request, you are authorizing the lenders and third party providers to independently verify the information you submitted and your credit worthiness. Nothing on this website shall constitute an offer or solicitation for a loan.

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