Sometimes you are in a situation and you need some money help. Maybe you just need some extra cash or maybe your credit cards are maxed out and you need to pay them off to avoid high interest rates. Or sometimes you need some extra money to make a major purchase or something unexpected like an accident happens. That’s when a personal loan can really help you to control the situation. You can use your loan to payoff debts, cover medical bills, or make some home improvements, or even improve your credit.
To help you find the best personal loans for people with bad credit, I researched over 21 alternative lenders that you can apply today and get a personal loan even with a bad credit. From 21 lenders that I researched, only one came out with flying colors, great reviews and happy customers.
Here is a roundup of our favorite personal loan company that we think is the best and an explanation of how and why we chose it.
24/7 Credit Loan
→ About 24/7 Credit Loan
In business since 2010 and based out of Raleigh, NC, 24/7 Credit Loan helps consumers with low credit scores receive personal loans for anywhere from $100 to $35,000 or more based on their credit history. While the company says that their service can be used by customers in all credit levels, they mostly are a good option for people with poor and no credit. According to their website, interest rates at this point are between 5.46% and 31%, with a minimum borrowing term of one year, and a maximum of six.
24/7 Credit Loan is registered with the Better Business Bureau, and appears to have a relatively good reputation, based on a wide variety of online customer reviews. Most client feedback appear to be positive, with the some of complaints referencing poor communication. However, 24/7 Credit Loan also maintains a strong online presence, and appears to answer customer questions and complaints fairly quickly.
→ How 24/7 Credit Loan Works
Unlike many other lending companies 24/7 Credit Loan is not a “middle man”. They don’t act as a “middleman” for a group other lenders (also known as “payday advance”). In other words, they help are a qualified lender that gives you a check if you are approved for a personal loan with them after filling out an application.
In order to apply for a loan through 24/7 Credit Loan, you must meet four criteria:
- At least 18 years of age,
- A citizen or permanent resident of the United States,
- Actively employed, or receiving a regular income (e.g. disability, retirement, etc.), and
- An active checking account (to receive your loan).
→ The 24/7 Credit Loan Process
To begin using 24/7 Credit Loan’s services, you’ll first need to fill out a short application, where all included information should be accurate and up to date. According to the company’s website, the details obtained during your loan approval process are 100% secure, and will remain completely private throughout.
After your application has been submitted, you will receive a notification about the result of your application and more details about the loan, like how much you can receive and what’s APR of it.
In addition, it’s important to keep in mind that fees, late payment stipulations, and renewal information is lender-specific, so if there’s something in your contract you don’t understand, this would be the best time to speak up and ask. If you choose to continue after carefully reviewing all the terms and conditions, simply e-sign the agreement, and your money should be available shortly thereafter, either electronically or by check.