A Personal Loan Solution From Professionals
People with bad credit score are struggling to find good lending sources. BadCreditBear.Com provides quick financial help for customers with good and bad credit. Borrowers have free access to online loans at better rates: personal and installment loans, cash advances. We provide expert advice on responsible borrowing and lending, the risks of high-interest loans, penalty fees.
Applying for Personal Loans With Bad Credit
The online application process is fast and convenient. Fill out the request form and wait for lender’s offer within minutes. If a lender approves you, finalize the application on a lender’s website. Now the loan is on its way and will be available the next or the same day.
What Are Basic Qualifications
Applicants should be 18 years old and have US residence. Bank account details, email and income proof are required. Lenders may request any extra details by fax or regular mail.
Full Disclosure of Terms and Conditions
Our lenders abide by the rules of the Truth in Lending Act. They provide full details about fees, interest rate, and terms before giving any loan. Act responsibly to avoid debt traps. Personal loans, like cash advances, are costly.
More Than Simple Online Loans
Our main mission is to support people with problem credit history. However, we want to make sure that our customers borrow money only when they need it. We explain the process and implications of borrowing, by covering the following topics.
- – How to determine if you should apply for a loan
- – Budgeting strategies that help pay off a loan fast
- – Responsible spending plan
Types of Personal Loans
Depending on the amount and repayment terms, different loans may work better.
|Payday Loans – Cash Advance||Pay for urgent repairs, utility and medical bills and other small unforeseen expenses. Borrower must pay back the loan plus fees with the next paycheck.||Any||Apply Form|
|Installment Loans||Car repair, shift to new flat, home improvement, legal services, mortgage payments.||Bad, Fair and up||Apply Form|
|Personal Loans||New car, debt consolidation, home renovation, medical expenses, plastic surgery, small business, other large purchases.||Bad to Excellent||Apply Form|
The Annual Percentage Rate on Bad Credit Loans
Each type of personal loan has a different interest rate. The APRs depend on lender, state of residence, repayment period and credit rating. Interest rate cannot exceed state cap. Borrowers may expect similar rates as in the example below.
|Loan Type||Payday Loans||Installment Loans||Personal Loans|
|Loan Term||14 days||12 months||5 years|
|Total to Pay Back||$360||$3,804.70||$12,022.77|
Popular Scams With Personal Loans. Don’t be mislead, Stay Informed!
Scams are common in online loan business and predatory lenders are happy to gain some quick and easy money. In order to prevent scams, we are working with legit lenders, that have good reviews from clients, whose business complies with the state laws.
Check the following points to find out if a third-party service is reliable.
- – The company has a solid reputation, physical address, phone number.
- – Loan contract doesn’t have tricky terms.
- – The website is protected with SSL certificate.
These are the general tips towards avoiding scams. Our expert advice is: stay away from doubtful lenders and brokers. Let’s take a look at scams you may find while looking for online personal loans.
Guaranteed Approval Loans
People look for guaranteed approval loans when they are in money crisis. Moreover, those with bad credit hope to find lenders who will not consider credit rating, no job, no bank account. Some lenders ignore poor credit rating if the borrower has a steady income. Guaranteed loans do not exist. Focus on getting loan amount that is easy to pay off, and not on guaranteed approval.
No Credit Check Loans
Dishonest services promise no credit check loans, but they still run it. Damaged credit does not disqualify from accessing online loans. Lenders perform basic checks on each client before giving money. Credit history is a sign of borrower's financial state, but not the overriding approval factor. Our commitment is to offer truthful information to our clients. Lenders in our network check credit score. Borrower's goal is to prove the ability to make prompt monthly payments.
Instant Approval Loans
Shady companies know the need for speed when borrowers are looking for quick loans. They promise instant loans same day funding to attract customers, but this is misleading. It is not possible to lend instant loans because approval process takes time! Usually, lenders send the final decision in few hours. Loan transfer is not instant as well, but some lenders provide same day loans deposit for a costly fee.
How can I build better credit history using Personal Loans?
For people with bad credit, a personal loan might be a good way to improve creditworthiness. Here is how personal loans work for the benefit of credit score.
- – A personal loan doesn’t affect credit as much as debt influences credit cards.
- – Use personal loans to decrease an existing debt.
- – By paying installments on time, borrower builds better payment history.
- – Don’t affect credit utilization ratio.
Personal loans are available for amounts of $2,500 and more. Initially, the credit score might slightly decrease when new loan appears in the credit report, but each installment paid on time will improve it. It’s better to choose unsecured loans with low APR. Make sure that the monthly due amount fits your budget. Setup automatic re-payments to make sure you don’t miss them.
What is Responsible Borrowing?
Borrowing responsibly means using loans properly. Borrow only as much as you can afford to repay – is the rule number one! Make a budget and decide whether you need and afford a loan. Before signing the contract, create a payment schedule with the lender. Limit monthly payments to 30% of total monthly income. This way, repaying the loan will not become an impossible task, and credit score won’t decrease because of late payments.