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Bad Credit Personal Loans - Bad Credit Rating Loans - Bad Credit Loans

Updated on June 11, 2008

Got bad credit? Here are some tips on getting approved for a personal loan

You have bad credit and you need a personal loan

Because you're out of cash, you're stuck between a rock and a hard place, and once again, you're life is consumed with a financial crisis because you have bad credit.

But before I tell you how to get a personal loan when you have bad credit, I need to stick my two cents in.

I have bad credit too, so join the club. With that said, I do know a thing or two about making your credit WORSE. Taking out a personal loan when you have bad credit is a risky decision.

I know you are sitting there tellng youreself you WILL pay it off this time because you've learned your lesson. That's nice in theory, but the truth about loans for people with high credit is that they have extremely high interest rates, which make them very expensive and nearly impossible to pay off.

Plus, if you miss a payment, because you have bad credit, your penalties are through the roof. Therefore, if you take out a personal loan for people with bad credit, you are putting your already way-too-low credit score at risk.

However, if you are in a dire emergency and need a loan, here is how you go about obtaining one if your credit is bad:

1. Before you apply for any loan, make sure your utlities bills, rent, and other bills are brought to current as much as possible--- this will improve your chances of getting approved.

2. Make sure you can prove employement ( If you are unemployed, I'm pretty sure you'll probably have to get a job first, otherwise, the chances of someone giving you a loan are slim to none).

3. Compile a list of credible references that can vouche for the fact that you can and will pay your loan payments on time.

4. First try applying for regular loans, if you get rejected THEN research loans geared specifically towards people with bad credit. I would really really really take the time and research well as you will want to compare interest rates. Also beware of scams.

5. Use an interest/ interest rate loan calculator to really find out how much this bad credit loan will cost you in the long run. Check this one out.

6. Research your local laws, many states have laws which protect/ give restrictions to personal loan borrowers. Massachusettes, for example, has extremely strict personal loan/ Payday loan guidelines, regulations, and laws.

7. When all else fails, get a co-signer. If you can't get a lender to give you a loan, have someone you know and trust with good credit co-sign for you. You need to know that if you screw up paying this loan back, it will screw your co-signers credit up too. So be respectful.

Finally, Stop spending beyond your means and only borrow the amount you really really really need. If you keep going into debt, your credit will always be bad. I recommend trying to increase your income and building a savings, that way, you won't need to take out more debt which an emergency or crisis surfaces.


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    • profile image


      6 years ago

      It is not that important whether you have bad credit or not as long as you comply their qualifications that will be good enough. To find an instant loans today maybe you should rely on BBB like what I've did. I have tried applying to BBB last year and I've been approved even though i have a bad credit record. -

    • profile image


      6 years ago

    • robj profile image


      9 years ago from Indianapolis

      That was a very interesting article! I can tell you how to get loans(not payday loans) with bad credit!Fast!

    • profile image


      10 years ago

      great job, I have bad credit too and i seriously do not want to stoop this low.


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