Loans for Bad Credit and Bad Credit Personal Loans

Loans for Bad Credit

Trying to find loans with bad credit is a task that is nearly impossible. After all, who can you trust? Scammers are always targeting people searching for bad credit loans, knowing bad credit personal loans will generate contact from people that are being rejected by every legitimate lender but they are still searching for a bad credit personal loan.

Here’s How the Scammer Robs You on Bad Credit Personal Loans

The pitch goes something like this. The scammer will want you to believe they have access to funds nobody else does. They will say the process to get loans for bad credit is easy. All it will require is some payment from you to process your application. They will request payment to be sent via a courier service of Western Union or MoneyGram.

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The scammer will tell you that you must act fast and that the loans for bad credit applicants will be gone soon or end soon if you don’t act fast.

The bottom line when it comes to bad credit personal loans is that people fall for this all the time. They pay up-front loan fees and then guess what, they don’t get the loan. They never were going to get the loan. It was all a scam to separate the desperate consumer from their money with a false promise.

That Being Said, There is One Source of Legitimate Bad Credit Personal Loans

One legitimate source of bad credit personal loans seems to be the peer-to-peer lending resources like Prosper or LendingClub.com. Now I have to admit I am one of those regular people that lends money on Lending Club and I have friends that have borrowed money to consolidate their debt. I’ve written a lot about LendingClub.com and how it works. You can read those articles about LendingClub and bad credit personal loans by by clicking here.

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Prosper and LendingClub are peer-to-peer lending networks as I mentioned. These networks cut out the banks and allow individuals to invest in the network who then lends out the money after screening applicants. Since banks are not involved the network is willing to take some bigger chances with people and more likely to make loans for bad credit applicants. Of course not everyone is eligible. A credit score above 620 is the lower limit of acceptance.

Check out LendingClub and see if that approach makes sense for you in your search for bad credit personal loans. You will notice there is no fee for you to apply for a loan to consolidate your debt.

Who knows, maybe you’ll be interested in becoming a lender like I am or a bad credit loan applicant like so many others have become.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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