Millions of Americans Struggling to Find Bad Credit Repair
Los Angeles, CA -- (ReleaseWire) -- 04/21/2011 -- In the midst of the world's current economic turmoil the smallest setback can turn into a huge disaster - especially if it strikes at a bad time. Even the most organized consumer may miss a payment or suddenly find themselves without a job and forced to live off credit. When the bills start piling up and credit ratings drop, most financial institutions shy away from lending to someone they already consider an ‘at-risk' client. Not BadCreditLoans.com, one in a new line of online financial repair sites attempting to repair consumer faith in online lending.
Once payments are missed or creditors start sending accounts to the collections department, credit scores can drop dramatically, making it difficult for well-meaning or otherwise-reputable borrowers to rebuild their line of credit.Traditional lending processes are frustrating and filled with paperwork, fees, condtions, and complicated terms that often lead to confusion when the time comes to repay the loan. This may be a holdover from banking's brick-and-mortar-only days, where a loan was generally a major lump sum for the purchase of large items, and smaller sums were handled through cash advance or payday loan services.
Designed to connect lenders with providers interested in making bad credit loans, BadCreditLoans.com is refreshingly transparent and no-nonsense about their services. After filling out the website's short form with some basic information, applicants are given a chance to repair their bad credit one small loan at a time. Amounts typically range from $200 to $1000, but depending on the applicant, different amounts may be conditionally approved. As these loans are repaid, a consumer's credit score will gradually rise to a level where traditional lenders don't shy in horror from financing more expensive loans.
As it is primarily oriented towards bad credit repair, BadCreditLoans.com also offers a number of articles on smart financial policy and personal finance, as well as information on the terms and conditions of bad credit loans, and various lending practices. Whether sites like this will significantly contribute to a decrease in overall American bad credit debt remains to be seen. For now, BadCreditLoans.com is open for business to allow customers to take care of financial needs and rebuild their credit scores at the same time.