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Bad Credit
Lenders | Top Companies: This Week's Reviews |
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| Services Offered:
Bad credit lenders |
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| Company Overview:
Abacus Credit was started in 1998. Their credit card
approvals are instant, and their loan approvals
generally only take 24-48 hours, and close within 30
days. They do all contact through email so that
everything is in writing, making it safer for them and
the consumer. They also serve about 50,000 bad credit
customers every year. |
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| Our Review:
Abacus Credit is always going to be one of our favorite
bad credit lenders. Their website is really easy to use
and very simply designed, and their products are
described well so that consumers have no question about
what they’re getting. Customer service is available on
demand, and very professional, which is nice. |
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| User Review:
Abacus credit is one of the bad credit lenders that I
learned about in my credit counseling course that I
took. After filing bankruptcy, I needed some way to get
back on top, and they helped me out with a bad credit
card. I’m grateful to them for giving me a chance to
redeem myself. |
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| Services Offered:
Bad credit lenders |
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| Company Overview:
In 2003, Credit Axis was established to offer lending
solutions for all credit types. They work with over 80
bad credit lenders and creditors, and have loans for all
types of needs. Their website even has an entire section
on government funding information, and their loans are
popular for credit consolidation, student loans, bad
credit repair, and more. |
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| Our Review:
Credit Axis has a great service. Bad credit lenders are
hard to come by, and with so many consumers with bad
credit, it’s nice to know that there are solutions for
those who are trying to rebuild. This website is very
easy to get around, the forms are simple to fill out,
and customer service is right there waiting whenever
they are needed. |
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| User Review:
Credit Axis wasn’t my first choice of lenders. However,
bad credit beggars can’t be choosers, so I decided to
give them a shot. I was impressed with their services,
and I’m glad that I decided to give them a chance after
all, because I’m back on track financially, and it’s all
thanks to them. |
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| Services Offered:
Bad credit lenders |
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| Company Overview:
Founded in 2007, First Plus Platinum specifically works
with bad credit customers and their credit needs. The
company helps thousands of consumers each year, and
operates online-only. They offer a customer service
phone number for their card holders and current
customers, though. |
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| Our Review:
First Plus Platinum is one of many bad credit lenders
that work specifically with credit cards. They have
specially designed programs just for bad credit
consumers, which is great. They also have a very well
designed website and top rate customer service, which
makes customers feel better about their situation since
they are treated like regular customers. |
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| User Review: I
got a credit card from First Plus Platinum with a $5,000
credit line, and all I had to do was fill out the
application. I didn’t think it would be that easy to get
a credit card with my bad credit, but they proved me
wrong, and I’m glad that they did. I’m working my way
back to having good credit now. |
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| Services Offered:
Bad credit lenders |
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| Company Overview:
Bank of Internet is an online-only lender that began in
1999. Like any traditional bank, they are FDIC insured,
but they have better rates on their products since they
only operate online. They have over $1 billion in
assets, and serve customers around the country from
their West Coast headquarters. |
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| Our Review:
Bank of Internet is an amazing company. First, they
operate online-only, which allows them to give customers
lower rates and better products. Second, they operate
just like any other bank, including having great
customer service and a very professional website. All in
all, this is a good company to consider for bad credit
financing. |
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| User Review:
I thought that a company like Bank of Internet would
only work with customers that had good credit. However,
I found their bad credit lending program, and I figured
I’d give it a shot. Now I have a bad credit card, and I
was able to get an auto loan too, which were both
surprises to me. I’m so grateful I found them, though. |
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Other Top Companies for
Bad Credit Lenders : |
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Beware “Too Good to be True” Bad Credit Lenders: |
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If your credit
score is only 350 or 400, and someone tells you that you
can have a credit card with a $5,000 limit with an
interest rate of 9.9%, you should question it. In
knowing that you have bad credit, you should expect bad
credit lenders to charge you higher interest or offer
lower credit lines. If they don’t, you should be very
careful in accepting their offers. Make sure that the
company is legitimate, first of all, so that you’re not
getting ripped off. Never send money to bad credit
lenders that say they’ll issue you a card once your
money is received. These are usually scams. There are
some credit cards that charge fees to customers with bad
credit, but the legitimate companies will take the fees
and tack them onto your credit card balance, not make
you send them cash first. Even so, you shouldn’t work
with these companies, either. After all, what good is a
credit card with a $500 limit when you are required to
pay an annual fee of $99, a one-time acceptance fee of
$150, and so on? By the time the fees are charged to the
card, you’re left with $100 or $200 of credit to use,
and end up paying more than the card is worth. Back to
the bad credit lenders that are too good to be true,
though. Let’s face it. People with bad credit are
desperate to get approved for that emergency credit card
or other card that will help rebuild their credit. Bad
credit lenders know this, as do many professional scam
artists. They will take advantage of that desperation,
often charging you much more than you should pay for a
credit card, or entice you with a deal that sounds too
good to be true. It usually is, so you should always
beware. Read the fine print, check all the terms and
conditions, and make sure that you can account for any
fees, charges, or interest rates to make sure that a bad
credit lender is really offering you a legitimate deal.
Even when you are desperate for that approval, it is
sometimes a better option to wait until a more
reasonable credit card offer comes along. If you have
bad credit, you should expect to have lower credit lines
and slightly higher interest rates. However, you need to
be able to realize what is acceptable based on your
financial situation and which cards are scams or just
plain not worth the money.
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