US Bad Credit Loans Review
From purchasing a new home, going for higher studies, planning a wedding, or launching your business, pretty much everything requires high capital. And the problem with this is that getting your finances in order can often require a significant amount of time, hard work, and discipline. And even if you are in control of such planned expenses, there are also times when you may find yourself dealing with unexpected financial costs, like paying a hospital bill or dealing an urgent home repair bill.
And in such situations, you may find yourself completely unprepared to deal with the problem, which is often when taking out a loan from the bank can make the most sense. However, if you happen to have a bad credit score, then securing funding can often prove to be extremely difficult due to stringent eligibility requirements.
Luckily, there are different types of bad credit loans that you can apply for, and as an online lending platform, US Bad Credit Loans is dedicated to helping borrowers find and compare some of the best loan rates and terms in the market. And the best part is that their lending network is more than willing to consider your loan application, even if you happen to have a bad credit score.
What Is US Bad Credit Loans?
Many loan applicants often find themselves rejected by traditional lenders because their credit history is not up to their standards. However, the benefit of US Bad Credit Loans is that it is an online lending service that is well-known to help those grappling with bad credit scores obtain funding online. It is a free service that effectively matches borrowers with reliable and trustworthy lenders that are open to approving loans without taking into account their credit history.
And while the company doesn’t exercise any level of control over its network of over 100+ lenders, they do a fantastic job of providing you with any relevant information that you may need to make a well-informed decision on which loan provider to partner with. In this respect, one of the most impressive advantages of the service is that it offers borrowers access to both small and large loan amounts that start from as low as $50 and go up to $35,000, making it more flexible than most other companies in the business.
You are also provided with access to a wide variety of loan products like payday loans, title loans, personal loans, same-day loans, and more. Also, since the entire loan process is conducted online, you don’t have to deal with any long wait times, as you can receive a decision on your request within minutes. And if approved, you can expect the funds to be deposited into your account in as little as 24 hours.
Pros and Cons of US Bad Credit Loans
One of the biggest benefits of using US Bad Credit Loans is that the service is completely free and charges borrowers no extra costs or fees during the loan application process, which is designed to be so simple and straightforward that it should only take you a few minutes to complete.
The company also provides access to an extensive network of 100+ lenders, all of whom are open to approving borrowers with bad credit scores. Furthermore, US Bad Credit Loans facilitates fast funding, as while most lending companies would take days to disperse funds, borrowers can expect to see their approved cash deposited in their accounts within hours.
Plus, the service is also dedicated to providing its customer base with a ton of financial education resources that are meant to encourage healthier financial decisions, especially among first-time borrowers. However, the downside of using US Bad Credit Loans is that there are some loan products that may not be available in your respective state, thereby limiting your borrowing options.
On top of that, the platform is not that transparent about what lending rates and repayments terms you can expect, which can essentially make it difficult for borrowers to determine if they can actually afford a loan product in advance. And lastly, since the company is not a direct lender, this means that any issues with your loan can only be resolved directly with the lending provider that you were initially matched with.
What Kinds of Services Does US Bad Credit Loans Offer?
1. Bad Credit Loans
Bad credit loans are a form of lending that allows individuals with low credit scores or no credit to apply and be approved for funding. And since these loans are typically processed quickly, they can help you to deal with financial emergencies like unexpected medical bills, car repairs, and even debt consolidation. The only catch is that they will usually come with significantly higher interest rates, due to the increased level of risk to the lender.
2. Personal Loans
A personal loan is a form of credit that can be repaid over a set period of time with interest, usually between a few months to a few years dispersed over equated monthly installments. They also don’t typically require you to put up any form of collateral and often come with lower interest rates than credit cards, which makes them a great option for consolidating multiple credit card debts into one affordable monthly payment. However, the problem with this form of credit is that you will usually need to have a good or excellent credit score just to qualify.
3. Title Loans
Title loans are a form of short-term lending that requires borrowers to put up their vehicles as collateral, with most loan limits ranging from 25% to 50% of the car’s value. This means that you can secure up to as much as $10,000 or more, thereby making it a great option for those who may have bad credit but are in urgent need of fast funding. However, they often come with high interest rates, and should you fail to make your repayments on time, there is a high risk that the lender will repossess your vehicle.
4. Installment Loans
Installment loans allow you to borrow a lump sum of money and repay it in set increments over a period of time, usually months or years, and can also be secured using collateral or be unsecured, depending on the lender. They also come with fixed payments, which makes them ideally suited for making large purchases. However, do keep in mind that the amount of each installment will usually vary depending on several factors, like the loan amount, interest rate, and duration of the loan.
5. Payday Loans
Payday loans are basically short-term cash loans that are based on how much income you typically receive from your paycheck. As such, they tend to come with short repayment periods and usually need to be repaid in full. And while they are a viable borrowing option for those with bad credit, they can also be a risky form of lending since they often come with extremely APRs that can sometimes extend as high as 400%.
6. Cash Advances
A cash advance essentially allows you to borrow money from your credit card provider without needing to apply for a formal loan. This form of short-term lending does not usually require a credit check and typically allows you to take out between 20%-30% of the available credit limit on the card, with some providers even allowing you to take out as much as 50%. They also allow you to access funds immediately, but they usually come with transaction fees and very high annual percentage rates (APR). Plus, there usually have a limit on how much cash you can take out, which only makes them suited for dealing with small expenses.
7. Quick Loans
Quick loans can be typically processed and deposited in your account in just a few hours of submitting your application, which makes them an ideal source of funding in emergency situations. They also require very minimal documentation for approval, which makes them very accessible even for borrowers with a bad credit score. The only downside is that they often come with high interest rates, as well as low loan limits, hence why they can only be used as a one-time fix for dealing with an unexpected expense.
8. Same Day Loans
Same-day loans allow you to access the funding that you need on the same day that you apply for them. They are usually sanctioned for a short period of time and can often provide you with the cash you need to deal with urgent personal needs like car repairs, medical bills, etc. These loans are also easily accessible to those with bad credit, with the only catch being that borrowers will need to deal with higher rates of interest than most other types of personal loans.
Who Is Eligible to Get a Loan from US Bad Credit Loans?
While US Bad Credit Loans does not determine the lending criteria for each of the loan providers within its network, there are still a few basic requirements that you need to meet before submitting your application, in order to qualify. This means that you must;
- Be at least 18 years of age
- Be a US citizen with a permanent home address
- Have a steady source of income
- Have a valid bank account with an active debit card
If you are able to fulfill these requirements, then this increases your chances of receiving offers from many lenders in their network. However, you should keep in mind that different lenders will usually have their own specific lending requirements but if you happen to have a bad credit history, then don’t worry because that will not affect your ability to apply for a loan, as their lending network is open to accepting all credit types.
How Does US Bad Credit Loans Work?
#1. Submit Your Application Form Online
Applying for funding via US Bad Credit Loans is fairly straightforward, as all you need to get started is to fill in an online form that will usually only take a few minutes to complete. It will involve filling in basic personal and financial details, like your name, address, phone number, email address, bank account details, how much you want to borrow, etc.
#2. Review Your Loan Offer
Once you submit your information, you will then be presented with a list of reliable and trustworthy loan providers to choose from that have reviewed your application and considered you eligible. This will then give you a chance to compare and review their interest rates, repayment periods, and other lending terms, in order to find the one that best suits your financial situation.
#3. Accept The Loan Terms
Once you have been able to pinpoint the best loan offer, keep in mind that the lender may require you to provide extra documentation to finalize the loan. If approved, you will then be able to e-sign the loan agreement, at which point the lender will start to process your funds for deposit.
#4. Await Your Funds
In most cases, the approved funds are to be sent to your checking account via direct deposit, which means that you can expect the money to be available for withdrawal within 24 hours. However, it is important to also remember that this timeframe can sometimes vary, depending on the lender, as well as your bank’s processing times.
US Bad Credit Loans Alternatives
If you happen to have a good credit rating, then taking out a personal loan from a bank is often a good idea because if you have been a long-term customer at the bank for a while, then you may possibly qualify for a relationship discount that comes at a low interest rate. Plus, some banks even reward loyal customers with breaks on personal loans. However, keep in mind that you may need to put up some form of security like your home or car and some banking institutions may also charge you an origination fee to cover administrative costs.
2. Credit Unions
Credit unions are often a good option if you need a loan but happen to have a poor credit score. The only problem is that in order to qualify for a loan, you will usually need to meet certain eligibility criteria to become a member. For instance, some credit unions only allow people that live within a certain area or work for the same employer. However, if you are able to join a credit union, there is a chance that you may be able to secure even lower interest rates and fees compared to borrowing a loan from a bank.
3. Family and Friends
Borrowing from friends and family is a viable option if you find yourself unable to secure a loan from a financial institution, but this all depends on how trustworthy the other person considers you to be and if they are open to the idea of lending you money. On top of that, you need to consider the possible ramifications if you find yourself unable to repay the loan on time, as it could negatively affect your relationship. Plus, borrowing money this way also means that you can’t build up your credit score.
4. Pawn Shops
Pawn shops are worth considering as a last resort should you find yourself in urgent need of a few hundred dollars, have a bad credit score, and happen to have a valuable item like jewelry, or photography equipment to put up as collateral. However, the problem is they can be somewhat exploitative because they will usually facilitate a loan of about 25% to 60% of the item’s true value. Plus, they charge high interest rates, and should you default on the loan, the pawnshop can choose to resell it.
1. Can I Get a Loan from US Bad Credit Loans with No Hard Credit Check?
Yes. While most financial institutions will usually conduct hard credit checks, which can cause a drop in your credit score, the advantage of borrowing from the lenders in US Bad Credit Loans’ network is that they will usually only conduct a soft credit check, which doesn’t show up in your credit report.
2. What Is Considered Bad Credit?
If you happen to have a credit score of 550 or lower, then that can be considered a poor credit rating, which will make it extremely difficult to secure a loan from a traditional lender like a bank. However, US Bad Credit Loans doesn’t set any credit score limits, so you can still be approved with any credit score.
3. How Much Money Can I Borrow From US Bad Credit Loans’ Network?
US Bad Credit Loans’ lending network can facilitate a payday loan or installment loan up to a maximum of $5,000, but if you need to borrow a higher amount, you can extend that loan limit up to $35,000 by applying and qualifying for a personal loan.
4. Is US Bad Credit Loans Safe?
Yes. US Bad Credit Loans is a legit and safe lending service with a network that spans over 100+ lenders, which means it has a proven track record of matching lenders with borrowers. And since the website is also secured using 256-bit encryption, this means that any personal information you submit is protected and will remain confidential.
5. How Can I Quickly Improve My Credit Score?
You can significantly raise your credit score by increasing your credit accounts, always ensuring that your bills are paid on time, paying off any lingering debts, reporting any mistakes on your credit report, reducing your credit utilization rate, and strategically controlling your credit card balance, etc.
6. Should I Get a Loan From a Direct Lender or a Broker like US Bad Credit Loans?
In most cases, using a broker like US Bad Credit Loans is preferable to working with a direct lender because they will be able to help you to find and compare multiple lenders, thereby allowing you to secure a loan with the most favorable rates and terms. Plus, most of the loan providers in their network are vetted, so you can remain confident that you are choosing among reliable options.