How It Works

The online cash loan request form is designed to make it simple for you to enter your information in a secure manner. Once your information is submitted, we will attempt to find a lender either through our direct network of lenders or through our extended network of lenders for you that can offer a loan by showing your information to our network of lenders and to other third-party lender networks that have access to additional lenders. After you accept the terms of your loan, your lender may offer you a repayment term from 6 to 60 months. Ultimately, the repayment terms are set by your lender, and you will be able to reject or accept the loan offer presented to you. If we can’t find a loan offer for you, we may pass some limited information about you to our marketing partners so you can receive offers for credit repair, credit monitoring, debt relief, or similar services.

The loan request process is simple and takes 3 steps:

1. First you fill out the loan request form on our website. Some of the information that is required is how much money you would like to borrow, your name, and your address. Later on in the form you will be asked to provide banking, income, and various other information.

2. After your request is submitted it will be reviewed by one or more lenders and/or financial service providers in our system. If connected, you will be redirected to either a loan offer where a lender will present you with the terms of the loan offer, or a page where a lender will ask you to complete a final few steps. When you are presented with a loan offer, be sure to read & review the terms fully. Make sure you pay special attention to the loan interest rate & repayment terms prior to accepting the terms of the loan. If we can’t find a loan offer for you, we may pass some limited information about you to our marketing partners so you can receive offers for credit repair, credit monitoring, debt relief or similar services.

3. If you do agree to a lender’s terms, the funds can be deposited via ACH directly into your checking account. The amount of times it takes for the money to reach your account and clear will depend on the time of the loan approval and the speed at which your lender processes the request. It is likely that you will receive the funds in your account within 1 to 5 business days.

After the loan request process you may be redirected to the Account Center. You can log into the Account Center to view your prior loan request, submit another loan request, to change your basic information, and more. You may also be presented with other offers in the Account Center.

Personal Loan Requirements

There are some basic requirements that the lenders in our network are looking for. Please note that meeting these requirements does not necessarily guarantee you will be approved for a personal loan:

Age/ID/Residency Status

You must be 18 or older to be eligible for a personal loan. You must also have a valid Social Security number, and be a legal U.S. citizen or permanent resident.

Income

In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders may require a pay stub or other form of income verification.

Bank Account

Most lenders require a valid checking account. If you are approved for a loan, your lender will deposit your funds directly into said account.

Credit Type

Most of the lenders we work with do require that customers demonstrate a pattern of responsibility. To be considered for a loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; must not have any debt that cannot be covered by current income; and must not have any recently charged-off accounts.

Types of Personal Loans

Peer To Peer Loans

Typical Requirements

• Credit Score: 600+
• Minimum Income: $2,000 per month, must be verifiable
• Income Source: Employed or Self-Employed
• Typical Loan Range: $1,000 to $35,000

Peer-to-peer lenders connect borrowers directly to investors, rather than offering the loan themselves. A peer-to-peer or P2P loan means that you will be borrowing money directly from a person or company, rather than the bank. Peer-to-peer loans ensure that borrowers are paired with individuals looking to invest in a detailed note. Often your loan reason will be disclosed to the investors reviewing the notes available on the peer-to-peer lender system.

As the borrower, you will fill out a basic loan request form and post your desired loan amount. Investors review loan requests and approve based on their criteria.

The entire process takes place online, so you will never have to leave the comfort of your own home. Requesting a loan only takes a few minutes.

You can generally try to borrow anywhere from $1,000 to $35,000 with a peer-to-peer loan, depending on your credit type. BadCredit.com works with several peer-to-peer loan lenders and each lender has their own set of investors and terms. Peer-to-peer lenders often collect a loan origination fee of anywhere between 1% to 5% which is deducted from the loan amount given to the borrower.

Personal Installment Loans

Typical Requirements:

• Credit Score: 580+
• Minimum Income: $2,000 per month
• Income Source: Employed, Self-Employed, or Benefits
• Typical Loan Range: $1,000 to $20,000

Personal installment loans are broad range personal loans that vary by state. Each state has its own rules and regulations for personal loans, so your loan amount and rate will depend on where you live. For example, the legal loan amounts in California range from $2,500 to $20,000, with an interest rate ranging from 30% to 95%. While each state has different personal loan laws, your loan amount, APR and length of loan will depend on a variety of factors that lenders use including your credit score and repayment history.

The personal installment loan process is also quick and convenient. You can request a loan online by providing basic personal and financial information. Your lender will provide you with a loan agreement individually tailored to your financial needs. Once you accept the loan agreement, your loan will be deposited directly into your bank account. Again, review the terms of your agreement before you sign, as each lender will have their own specific repayment process.

Bank Personal Loan

Typical Requirements:

• Credit Score: 580+
• Minimum Income: $3,000 per month
• Income Source: Employed or Self-Employed
• Typical Loan Range: $1,000 to $35,000

A bank personal loan provides one-on-one local service to borrowers who would like to request a loan in person at their local bank. First by phone or in person and provide your personal information for the loan. Some banks even allow you to request a loan online as well. If you request a loan online you will likely be directed to the nearest local branch to complete the loan request process in person. If you are approved, then you will either receive the funds at the branch or they will be deposited to your bank account.

You may be eligible for a bank personal loan up to $35,000, and you can discuss the individual terms and payment options at your local branch. Most bank personal loans have fixed rates, and may provide you with money as soon as the next business day, if approved.