Bonsai Finance Bad Credit Reviews

Bonsai Finance Financial Terms in a Glimpse

What Bonsai Finance Offers

Bonsai primarily provides loan advice on its website, but it also offers loans for applicants with poor credit.

There’s no minimum listed credit score, and the APR is listed as 5.99%-35.99%. Fees, however, are determined by the lender.

Since it’s just the middleman, it’s up to you to choose a lender with fees and rates that suit your needs.

Apply Online

If you want to apply for a loan with this provider, you can do so via the website. To be eligible, you need to:

• Be over 18 years old
• Have an active bank account
• Provide proof of income
• Monthly payment can’t exceed 15% of your income

Bad Credit Loan

If you have a poor credit score but still need cash, you can get a bad credit loan that suits your needs. For example, Upstart is an excellent choice for debt consolidation loans.

Mr. Cooper is a better option for mortgage loans. This provider offers personal and cash advance bad credit loans.

How Bonsai Finance Works

Applying for a loan via Bonsai is quite simple, and you can complete the entire process online.

Visit the site, select the amount you want to borrow on the slider, and select ‘Request Your Loan Now’. This will launch the application system.

Application - As you go through the steps, you’ll need to provide the following information:

• Your current credit score
• Email address
• Full name and contact details
• Residential address
• Birthdate
• Driver’s license number
• Income and Employment details
• Salary and Proof of Income
• Financial information
• Social Security Number

Submit Request - Your request will be processed within 24 hours.

Accept Loan Terms - Bonsai will provide you with a list of loan offers, and you can choose the one with the most favorable terms.

Bonsai Finance Fees and Terms

Bonsai can provide access to loans ranging from $100 to $15,000, with APRs between 5.99% and 35.99%.

While it does state that there’s an origination fee, that depends on the lender you choose. You may also need to pay late fees, processing fees, etc.

Loan terms are usually between 61 days – 60 months. Your credit score can affect your rates and payment terms.

Bonsai Finance Customer Service

There’s a live chat option available on the site, activated by selecting the ‘Help’ button in the bottom-right corner of the screen.

You can also reach the team via post or by calling them directly. If you have any questions before you commit to a bad credit loan, get in touch with the service team.

Final Verdict About Bonsai Finance

If you’re looking for a direct lender or a BBB accredited provider, Bonsai might not be the best option. Trusted providers, such as Avant, have a BBB rating, while operators like CitiBank provide loans directly instead of going to a third party.

Overall, this provider isn’t a bad choice. However, depending on your needs, you might want to explore your options a little further before applying.