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Lendingforbadcredit.com is an online loan aggregator that allows you to apply for a loan to many lenders by just filling in one application form. This saves you time and allows you to shop around conveniently. Lending For Bad Credit matches your profile and financial needs
Typical Loan that Lending For Bad Credit Loan Offers
The loan amount ranges from $100 to $40,000. The lenders in the network offer both short term and long term loans. You do need a minumum monthly income of $1,000 and have been with your current job for at least 4 weeks to apply.
While most of the loans offered are for medium to longer maturities, lendingforbadcredit.com does work with lenders who specialize in lending to those with really bad credit. If you fall into this category, chances are that you will be offered only very short term loans of up to $1,000.
Requirements and Qualifications
To get approved for loan from lenders, you will need to at least meet the following requirements:
Monthly Income Above $1,000 - Your gross monthly income has got to be at least $1,000 but preferably above this amount.
Current Employment has to be at least 4 weeks - This is quite an important factor. You have to be working at your current job for at least 4 weeks. So if you are unemployed, this network may not be for you.
18 Years Old - You have to be at least 18 years old to apply for a loan through Red Arrow Loans
Currently Employed or Have Steady Income - Red Arrow Loans has no minimum income criteria. But you must be currently employed or have benefits income.
Checking Account - Like all loan aggregators, you need a checking account to apply for a loan because that is how lenders will deposit your loan should you pull the trigger.
Loan Application Process
The loan application process is fairly simple. I tried filling it out and it took about 3 minutes. There are exactly 18 questions or information that you will have to fill in. After filling in all the required information (which will be sent to lenders who will lend to someone of your profile), you should receive offers from a few lenders. You should then take your time to look through the terms and conditions and if you are happy with it, you can accept the offer. The cash should be deposited into your checking account as soon as the next business day once you have accepted the offer.
These are the 18 questions or information that you will be asked to provide:
How much you would like to borrow? Purpose of the loan? Email Address, Date of Birth, How much unsecured debt you have? Estimate credit score, Employment status, How often you are paid? Monthly Income, Primary Bank Account - whether it is checking or savings account? Do You Have Direct Deposit, Address and Zip Code, Do you own your vehicle free and clear, Your military affiliation, Your Name, phone number and social security number.
I found it interesting that they do not ask for your bank account number and routing number. But you will eventually have to provide that to the lender you chose if you accept any offer.