To apply for a loan, you fill the form provided on the company’s site. But, not to worry, as all of your details are in good hands. This is because TRUSTe and McAfee verify and certify Credit Loan.
Submit your application, and the company sends it out to different lenders. Within a short time, you may get notified and redirected to a lender’s site. Then, the ball rolls into your court to decide whether the lender is one you want to work with or not.
You can decline an offer if you find that a particular lender is not what you want due to the offered terms. Then, you will have to wait for a new lender to take an interest in your application and make an offer.
That is the downside since you may have to wait a while for a new loan offer. So, if you are looking for emergency funds, it may not be the best option to reject a lender, especially if you have bad credit.
The company extends personal loans for bad credit between $250 and $5,000, which is not the highest sum. Still, it could give you a boost when you are cramming for cash. Once you agree to terms with a lender, you may receive the funds into your checking account within 24 hours, as long as you have provided your bank details and your bank does not delay the process.
Credit Loan understands that some of its customers are low-income earners, have bad credit, and their debt-to-income ratio is not appropriate. So, it offers reasonable interest rates. And it seems as if they have tailored their services to make things easy for low-income earners and bad credit customers.
No matter how little or high the loan you take is, the repayment schedule is excellent and favorable. Plus, you pay nothing for the services you receive from the company, which saves you some money.
- Elimination of meetings between borrower and lender
- Low-interest rates
- Easy application process
- Speedy payout time
- Excellent repayment schedule
- Cost-free service
- Relatively low loan amounts
For one, customers liked that their information was secure with the company. Then, they talked about how easy it was to apply and how fast the payout was. They said they would refer the company to anyone looking for a small loan with a quick payout time.
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In addition, customers appreciated the reasonable interest rates and the flexible repayment schedule. The service supports the improvement of credit scores by making regular reports to national credit bureaus.
So, you have narrowed down your lending companies, but what should you look out for when choosing a bad credit loan? Here, we discuss five key factors that help you work your way towards bad credit loans with guaranteed approvals.
- How Eligible You Are
No matter how much bad credit a loan company claims to accept, they often have a minimum. To make the reference easy for you, most loan companies that accept bad credit do not drop lower than 620, going by the Fair Isaac Corporation (FICO) score chart.
Other eligibility factors could come into play, like age, location, your job, how much you earn per month, and how much you owe, if any. Some lenders may be willing to work with bad credit customers. But if you have no steady income source, that could deter many lenders. And even if you do have a source of income, but it is small, they may pull out completely.