Not Financial Advice: It’s hard to get a loan with bad credit. Options are limited, and borrowing is more expensive.
Here are a few ways to try getting a loan with bad credit, shared by banking/loans expert, Justin Pritchard, of About.com:
Visit Credit Unions
Credit unions may be more willing to offer you a loan with bad credit. Because they tend to be smaller than large banks, there's a better chance that they'll look at you personally - as opposed to just looking at a credit score and the loan application. If you sit across the desk from a human being, you’re more likely to get a loan with bad credit.
Try Peer to Peer Lending
Peer to peer lending services are another good option for getting a loan with bad credit. Instead of borrowing from banks (with rigid rules and higher overhead costs), you can borrow from individuals. They may be more sympathetic, but they’re not looking to lose their money.
Tap Friends & Family
Most peer to peer lending sites allow you to borrow from strangers. However, if your credit is really bad, your friends and family may be your only option. They know you, and may be willing to take a chance.
Use Collateral
If you’re having trouble getting a loan with bad credit, you may need to put up collateral. By pledging something of value, your lender knows you’re serious and has a better chance of collecting some money.
Need to boost your credit score? Bankrate offers 7 simple ways to improve your credit score.
And here are 4 strategies to pay off credit card debt fast shared by Bank of America.