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Your Questions and Answers

  • How does it work?
    1. Submit Your Information Securely

      We'll ask you a few questions in order for you to find a lender that meets your needs.

    2. Accept Your Loan

      If a lender chooses to work with you, you will be taken to the lender's website to review and accept your loan.

    3. Use Your Funds

      After accepting, your funds could be deposited into your account in as little as 24 hours. Money transfer times may vary between lenders and may depend on your individual financial institution.

  • Does it cost anything to find a lender?

    There is no cost to find a lender! Our service is completely free and all repayment terms are between you and the lender. If you have any questions, please contact us.

  • Can I get approved today?

    If you submit your information today, you will receive an immediate response. If approved, your funds could be in your account in as little as 24 hours. Money transfer times may vary between lenders and may depend on your individual financial institution.

  • When will my funds be available?

    Your funds will be deposited into your account in as little as 24 hours. Please note that money transfer times vary by lender and may depend on your individual financial institution.

  • What's my interest rate and when do I need to pay back the loan?

    It varies and depends on the lender. Once approved and matched with a lender, you'll be transferred to their website where you can review their terms and repayment schedule.

  • I don't have a bank account. Can I still get a loan?

    No, you need a bank account to get a loan.

  • How will I know if I'm approved?

    After your information is submitted, will we try to match you with a lender in our network. If successful, you'll be taken to an electronic signature page to complete the process.

  • Will I qualify for more than one loan at a time?

    If you already have an existing loan, you may not qualify for another one until your existing loan is paid.

  • Can I get a loan if I'm currently in bankruptcy?

    Probably not. If you are currently in bankruptcy, chances are low that you will qualify for a loan.

  • Can the lender take out money from my account without asking?

    No. No-one can withdraw money from your account without permission.

  • Can I get approved for a loan to pay child support?

    Yes. You can use your loan for whatever reason you need to. Having to pay child support will not affect loan approval.

  • I just got denied, what can I do?

    People can be denied for many reasons, including a high debt-to-income ratio, bad credit history or low credit score. However, there may be solutions if you need a loan right away and know why you were denied. You may consider a debt consolidation loan if debt is an issue. There are many other steps you can take as well that can improve your credit score and reduce your debt.

  • The form doesn't let me finish. What should I do?

    Look at your screen — if there is a message such as "required field," you need to complete the area on the form. If you do not have a bank account, you will not be able to submit your information.

Guide to Bad Credit Loans

What is a Bad Credit Loan?

Paying debts on time accounts for 35% of your FICO score, loan amounts 30%, length of credit history 15%, and new credit and types of credit used are each 10%

Having bad credit hinders more than our ability to get a credit card or a personal loan.

It can also keep us from landing our dream job or even renting an apartment.

Our creditworthiness all starts with something called a credit score.

If you have a low credit score, that means you have found yourself among the millions of others with bad credit.

To understand what bad credit is, how it's measured, and how to repair it requires an understanding of how our financial system measures credit.

This sounds like a daunting task, but we're going to walk you through it, step by step.

What is a Credit Score?

You wouldn't lend someone money if you didn't have a way to judge who they are, right?

Lenders live by that rule, so they use a scoring system to decide whether to lend you their money or not.

The standard credit score is called a FICO Score, named after the Fair Isaacs Corporation, who created the standard formula.

You are assigned a number that lenders use to quantify how risky of a borrower you are.

Credit scores typically range between 300 and 850 (the higher the score, the better).

Luckily, recent laws were put in place to ensure people can access their own credit reports every year for free.

Credit scores are made up of a variety of factors to determine how likely you are to pay back a personal loan:

- Payment history (35%): Lenders want to see whether you've paid back other loans in full and on time.

- Amounts owed (30%): Lenders may view people who carry a lot of debt as risky or less likely to pay back new loans.

- Length of credit history (15%): You'll get a higher credit score when you have more experience managing debt. Lenders like to see a long history of responsible borrowing.

-Types of credit in use (10%): This part of the equation looks at what type of credit a person has: an auto loan, credit cards, student loans, etc...

- New credit (10%): Applying for a lot of new loan applications in a short period of time is considered a greater credit risk and actually lowers credit scores.

What is Your Credit Score

27% of the US population has a credit score in the range of 750-799

How good is your credit compared to your neighbors?

As you can see from the chart, there is a broad range of credit scores in this country.

The largest section of the population (27%) has a credit rating of 750-799.

Two percent of people have credit scores below 500.

States with Highest Average Credit Score

Wisconsin and Mississippi have the Highest Average Credit Score

Wisconsin ranks highest among all states with an average credit score of 681 while Mississippi's 618 is the lowest score in the U.S.

Age and Credit Scores: The younger generation, those who are 18-24 years old, typically have the lowest average credit score by age, 643.

It should be of no surprise that those who are 55 and older have the highest average credit score by age, 693.

How Bad Credit Can Affect You: Sure, bad credit can make it harder for you to get a loan, but it affects other things too.

Scores above 750 are considered good while numbers around 550 are not.

Other Ways Bad Credit Can Hurt You

Factors Such as Mortgages and Landing a Job that are Affected by Bad Credit

Mortgages: Want a home loan?

The amount of that loan will be decided by your credit score.

So will your interest rate and how long you have to make payments for.

It's not easy to get approved for a home loan when you have a poor credit history.

Even if you get approved, you'll definitely be paying a higher interest rate because you'll be considered a risky borrower.

Renting: It's quite common for landlords to ask for a credit check before allowing you to put a deposit down.

And if your credit happens to be lackluster, you might find yourself paying a hefty deposit.

Worse than that, you might even get turned away.

Landing a Job: Nearly half of employers admit to checking the credit scores of applicants.

Even if you have poor credit, they're not supposed to decline a new hire based on that alone.

However, realistically, if you can't show that you make monthly payments on time, what will make them think you could be a responsible employee?

A poor credit score might inadvertently make a prospective employer pass you by.

Car Insurance: Even if you manage to get approved for an auto loan with poor credit, you might find it hard to lock down car insurance.


Because insurance companies have been running the data for years and found a direct correlation between low credit scores and car accidents.

Home Insurance: You might not even be able to insure your home if you have less-than-perfect credit.


Data also shows that poor credit is associated with the filing of false claims.

Water, Electricity And Gas: Utility companies can make those with bad credit put up a large deposit, whereas those with good credit might not have to pay a deposit at all.

Getting a Loan with Bad Credit

Alternative Lending Sources Exist for People with Low Credit Ratings

The best way to get a loan for a person with bad credit is to improve his or her credit score.

That will take time but we have some options for you.

Credit Unions: Many experts recommend turning to a local credit union to apply for a personal loan if you have poor credit.

Owned by their members, credit unions are non-profits that frequently pass along earnings by giving members lower fees.

They tend to look at your overall situation when considering extending you a loan, whether it be an installment loan, various short-term loans or even a bad credit loan.

Friends and Family: Instead of turning to banks, many people with less-than-stellar credit history choose to borrow money from their family and friends.

It's never fun asking for money... but it's better than walking through the revolving door of payday loans!

Believe it or not, 7% of home buyers received a loan from a friend or family member to finance their home.

And 14% of business owners last year reported hitting up friends and family for loans to help them make ends meet.

Peer-to-Peer Lenders: Peer-to-peer lending networks, like Lending Club and Prosper, are quickly becoming the most popular way to get a bad credit loan.

Borrowers on peer-to-peer lending networks allow individuals to bid for their loans with varying interest rates they feel are fair for the risk in lending to the borrower.

Online Here: At CreditLoan.com, anyone can apply for a loan from $250 to $40,000 by completing our simple form.

If you have a bank account and meet a few minimum requirements, you can qualify!

We'll match you with a financial institution so you can compare rates and terms to make sure you get the best deal.

How to Start Rebuilding with Bad Credit

There Are Many Ways to Rebuild Your Credit

Here are just a few ways to begin fixing your bad credit and improving your credit score.

Pay Bills on Time: Your credit score can start going down once you're 30 days late in making a payment.

It's a good idea to try to pay all bills within their grace period.

Focus on Your Credit Card Balances: Your credit scores are more sensitive to revolving debt (like credit cards) than to installment loans (like personal loans).

Wiping clean balances on credit cards can be more impactful than paying off mortgages, for example.

Use Credit Cards Sparingly: Even if you're paying off your credit card debt monthly, your credit score can still be tarnished if you're maxing your plastic out.

A good rule of thumb is to stay under a 10% utilization rate -- that means on a $10,000 credit line, you use only $1,000.

Consolidate Your Loans: You can be penalized for having too many accounts outstanding.

Try to consolidate much of your credit debt onto one card.

That said, you may want to keep your old cards active to maintain a healthy utilization rate.

Make small charges on these cards every other month or so.

Scrub Your Credit Reports Clean: You can get a free credit report every year at annualcreditreport.com or by calling 1-877-322-8228.

Make sure delinquent accounts you've paid off get erased from your report.

It's supposed to happen automatically, but frequently these black marks just don't get removed.

You're also going to want to double-check all the numbers on your report: credit lines, delinquencies and loan amounts can all be misreported.

For mistakes, you'll have to let both your creditor and credit agencies know of the problem.

Where Do You Stand?

25% of Americans Have Bad Credit

Bad credit is said to affect 25% of Americans.

If you have bad credit, you're not alone.

The bad news is that low credit scores can limit your ability to qualify for new loans and mortgages.

The good news is that bad credit can be fixed and poor financial habits improved.

Even with bad credit, you can still qualify for loans like the kind offered at CreditLoan.com.

We work with a network of lenders who are committed to helping people with low credit scores get access to much-needed money.

Video — Learn More

We get it, bad credit happens.

It's so common, approx 25% of Americans currently struggle with it.

And while many folks are working to improve their credit scores, or at least, prevent their credit from getting worse, the only way to do this is to truly understand how credit works.

We'll break down credit scores, what to avoid, how you can start repairing, and more in this video.