Lending For Bad Credit
Author: Kaitlyn Short
Lending for Bad Credit is an online marketplace of lenders that connects borrowers to lending partners. Users can fill out the Lending for Bad Credit form in two minutes or less, get qualified, review and sign their loan documents, and receive their funds as soon as the next business day.
Top Ranked Companies
The Good
- Loan Amounts
- All Credit Considered
- Encryption
Loan Amounts
The range between the possible minimum and maximum loan amounts for Lending for Bad Credit is much wider than that of other companies. While many companies’ minimum loan amount is in the thousands, loans for as little as $100 are possible through Lending for Bad Credit. And the maximum loan amount is $40,000, which is about average for the industry.
All Credit Considered
Lending for Bad Credit caters to borrowers who don’t have stellar credit, so there’s no minimum credit score to look for loans through the company.
Encryption
Lending for Bad Credit’s form is completely online, and it uses 256-bit encryption, which is one of the most secure encryption methods, to keep the information submitted secure.
The Bad
- Limited Information
- Short-Term Lending Likely
Limited Information
Because Lending for Bad Credit is a lending marketplace, rather than a lender itself, it doesn’t provide information such as lending criteria or APR ranges, which vary from lender to lender. Thus, any specifics about available loans won’t be provided until a loan is offered.
Short-Term Lending Likely
According to the Lending for Bad Credit website, most of the marketplace’s users get a short-term lending offer for between $100 and $1,000. Short-term loans generally have higher rates and shorter terms than personal loans, and the upper range of $1,000 is a far cry from the advertised possibility of receiving up to $40,000.
The Bottom Line
Lending for Bad Credit connects borrowers with lenders, specifically those who don’t have good credit.
Because Lending for Bad Credit is meant specifically for those with poor credit, there’s no minimum credit score to seek a loan through the company. This opens up doors for far more potential borrowers.
And security isn’t a concern with Lending for Bad Credit, as the company’s online form is protected with 256-bit encryption, one of the most secure encryption methods.
Lending for Bad Credit advertises possible loan amounts of $100 to $40,000, which is a wider range than many other companies offer. However, the company’s website also states that most borrowers are only offered between $100 and $1,000.
Furthermore, most of these offers are for short-term loans rather than personal loans. Short-term loans are generally not as desirable as personal loans, with higher APR and shorter terms.
Additionally, while Lending for Bad Credit connects borrowers with multiple potential lenders, it also can’t provide specifics about the loans a borrower might be offered, since the terms and conditions will vary from lender to lender.
We recommend looking at other lending marketplaces along with Lending for Bad Credit.
